Thin Film Battery Market to reach $6.5 Bn by 2032

Thin Film Battery Market size is poised to exceed USD 6.5 billion by 2032, according to the recent research report by Global Market Insights Inc.
 

The longer lifecycle of thin film batteries is working as a key driver behind industry growth. The long lifespan of these batteries makes them ideal for devices that have extensive operating times, including wireless sensors, RFID tags, medical devices, smart cards, consumer electronics, and other applications. 
 

Surging adoption of portable electronics to impel demand for rechargeable batteries

The rechargeable thin film battery market accounted for 35% share in 2022. These batteries are used extensively in portable and flexible electronics owing to their excellent battery performance, low self-discharge rate and a thin profile. Growing requirement of portable electronic devices such as laptops, notebook computers, smartwatches and smartphones among others, is fostering the demand for these batteries. 
 

Rising usage of medical devices to augment application segment expansion

The medical thin film battery industry size is slated to witness a growth rate of more than 40% by 2032. The market revenues are fueled by the rising use of medical devices such as biosensors, transcutaneous electrical nerve stimulation (TENS), drug patches, patient monitoring devices, diagnostic devices and other wearable medical devices globally. Several world governments are making heavy investments towards their healthcare infrastructure, creating novel demand for advanced medical devices, supplementing further business expansion. According to India’s National Investment and Facilitation Agency, the country’s medical device market will amass USD 50 billion by 2030. 
 

Browse key industry insights spread across 150 pages with 253 market data tables & 21 figures & charts from the report, “Thin Film Battery Market Size - By Product (Rechargeable, Non-Rechargeable), By Application (Wearable Devices, Medical, Smart Cards, Consumer Products), & Forecast, 2023 - 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/thin-film-battery-market
 

Increasing espousal of medical devices to strengthen North America industry

The North America thin film battery market captured 30% of the overall business share in 2022. Rising necessity of medical devices and portable electronics, fueled by growing interest remote working and increasing disposable income, has escalated the demand for thin film batteries. Countries across the region are also making strong investments towards their healthcare infrastructure to make it pandemic proof in the future. This is creating a re-invigorated demand for advanced medical devices and thin film batteries by extension.
 

As per the US International Trade Administration, Canada’s medical devices sector was valued at more than USD 6.5 billion in 2022 with projections expecting it to report CAGR over 2% by 2026. 
 

Investment rounds to define the industry’s competitive landscape for thin film battery industry

Some major thin film battery manufacturers are BrightVolt Solid State Batteries, Prieto Battery Inc, ITEN, Ion Storage Systems, Imprint Energy, Jenax Inc., Johnson Energy Storage, Inc., Ilika Ltd., STMicroelectronics, and Enfucell Flexible Electronics LTD, among others. Many of these players are increasingly turning to raising investments to scale their R&D initiatives and bring forth new product innovations.