The flexible electronics market is expected to grow from $23.92 billion in 2018 to reach $40.37 billion by 2023, at a compound annual growth rate (CAGR) of 11% between 2018 and 2023, according to ReportLinker (www.reportlinker.com). Flexible electronic devices are easy to assemble being light in weight and portable, adds the research group.
This has resulted in the growing adoption of flexible electronic devices for solar power harnessing, healthcare, and consumer electronics application, which collectively drive market growth. The widespread use of rigid electronic devices is hindering the growth of the flexible electronics market to a large extent. Samsung Group (South Korea), LG Group (South Korea), and Solar Frontier (Japan) are some of the prominent players in the flexible electronics market
OLED lighting and flexible batteries are expected to demonstrate rapid growth in the flexible electronics market during the forecast period, says ReportLinker.
Flexible OLED lighting solutions are expected to be increasingly adopted for automotive applications as they are easy to integrate, provide improved luminosity, and offer optimization in saving space and cost.
The growing interest in flexible OLED lighting from major automobile manufacturers is also expected to boost this high rate of adoption, adds ReportLinker. Flexible batteries are also expected to be rapidly adopted for consumer, healthcare, and industrial applications. Improvements such as rechargeability will aid longer operational times in various applications.