Thin film battery market is set to cross the billion-dollar benchmark by 2024, with a targeted industry valuation of USD 1.8 billion. Reportedly, the overall thin film battery industry share was worth USD 200 million in 2015. The huge growth that this business is anticipated to witness can be credited to its myriad applications across a wide range of sectors including medical devices, wearable electronics, consumer products, smart cards, sensors, and RFID. Banking and government institutes are the two major sectors witnessing a noticeable adoption of these batteries. The rising need for security to combat the fraud risks and the growing trend of miniaturization is further providing a significant impetus to the global thin film battery market.
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Driven by the security demands, smart cards have become one of the prominent revenue contributors to the global thin film battery industry share. In 2015, this application segment was worth USD 10 million and is expected to exhibit a remarkable surge over the coming years. As per the estimates, thin film battery market size from smart card application is expected to surpass USD 130 million by 2024. The growth can also be credited to the increasing adoption of smart cards across a wide range of sectors such as transportation, medical, IT, and BFSI.
Over the recent years, RFID thin film battery industry has also gained a prominent significance with its wide spectrum of applications in logistics, material management, and inventory control. Despite occupying a minor share of 7% of the overall market in 2015, the RFID applications are slated to witness commendable gains over the coming seven years.
The expanding wearable devices market is further influencing the overall thin film battery industry share. In 2015, the thin film battery market share from wearable devices application was worth USD 80 million. The rapidly growing trend of IoT is certain to create a pool of opportunities for this industry over the years ahead. In this regard, Asia Pacific is one of the prominent regions substantially contributing to the global share with a commendable adoption rate of wearable devices. In addition, the surging demand for battery-based vehicles and economic development of the region will further push the APAC growth.
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As per reliable estimates, approximately 95% of the credit cards would be deployed with EMV chip by 2018. This fact is poised to massively drive the U.S. thin film battery market share. Reportedly, the region registered a valuation of USD 70 million in 2015. European market will also witness lucrative gains over the coming years with U.K. and Germany driving the regional demand. The technological advancements pertaining to the medical devices will drive Europe thin film battery market share.
Industry participants are heavily investing in R&D activities to expand their product portfolio in terms of the technological advancements and the smart consumer demands. Key players in this market include Excellatron, ST Microelectronics, NEC Corporation, Jenax, Enfucell Oy, Imprint Energy, BrightVolt Inc, FlexEl, PowerId, Cymbet Corporation, and Thinfilm.
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