The global stretchable electronics market is expected to exhibit a stellar 64% CAGR over the forecast period from 2017 to 2023, according to the latest research report released by Market Research Future (MRFR). The global stretchable electronics market is mainly driven by the growing demand for stretchable energy storage devices and wearable electronics in the healthcare sector, according to the report.
Stretchable Electronics Market solar PV units and batteries are likely to be the most recognizable application of stretchable electronics technology in the energy generation sector over the forecast period. Numerous companies around the world have come up with stretchable battery devices that can store energy without the physical deformations affecting their performance. This is likely to be a major driver for the stretchable electronics market over the forecast period, as stretchable batteries are expected to be a leading end use application for stretchable electronics market.
The healthcare sector is also likely to be a major consumer of stretchable electronics market technology in the coming years due to the growing research in wearable sensors that can monitor diseases such as diabetes or cardiovascular conditions and alert the user in case of emergency. Developments in stretchable electronics have resulted in the creation of artificial skin that can monitor various parameters within the body, though the development is at an early stage.
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stretchable electronics market comprises a technology of the future rather than the present and are likely to take on an important role in the global solar power generation, energy storage, healthcare, textiles, and consumer electronics industries over the forecast period and beyond.
Leading players in the global stretchable electronics market include MC10, Physical Optics Corporation, BodyMedia, DuPont, 3M, Adidas AG, Apple Inc., Koninklijke Philips N.V., PowerFilm, Cambrios, and PARC.
Research institutions are also likely to be vital to the global stretchable electronics market over the forecast period due to the strong role of research and development in the global stretchable electronics market at present. In August 2018, researchers at the University of California, San Diego developed a stretchable electronic patch that can measure respiration, heart activity, brain activity, and various other parameters within the human body. The patch was created by stacking multiple flexible circuits on top of each other, a method commonly in use in the stretchable electronics market.
The global stretchable electronics market is differentiated by component, application, and region.
By component, the global stretchable electronics market is segmented into batteries, circuits, electro-active polymers, stretchable conductors, stretchable light emitting diodes, stretchable sensors, stretchable energy harvesters, and photovoltaic. The stretchable sensors segment is sub-segmented into stretchable strain sensors, stretchable pressure sensors, and stretchable temperature sensors. Furthermore, the stretchable energy harvesters segment is further subdivided into stretchable solar cells, piezoelectric energy harvesters, and thermoelectric energy harvesters.
On the basis of application, the global stretchable electronics market is segmented into consumer electronics products, automotive electronics, aerospace & defense, healthcare, textiles, and telecom. Furthermore, the consumer electronics products segment is further categorized as mobile devices, wearable devices, and others.
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North America is likely to be the major regional market for stretchable electronics technology over the forecast period due to the strong presence of the technological foundation required for advanced research and development in the stretchable electronics field in the region. Many leading players in the global stretchable electronics market are situated in the U.S., which further drives the share of North America in the global stretchable electronics market. The U.S. and Canada are likely to be among the leading regional markets for stretchable electronics technology over the forecast period.
Asia Pacific is likely to exhibit the fastest growth in the global stretchable electronics market over the forecast period due to the presence of leading semiconductor and electronics market players in Japan, South Korea, China, and Taiwan, among others. Asia Pacific has emerged as a leading manufacturer of consumer electronics and other electronic components in recent years, leading to the development of a strong research base in the region. This could provide vital impetus to the global stretchable electronics market over the forecast period.
Europe is also likely to retain a major share in the global stretchable electronics market over the forecast period, led by the UK, Germany, and France.
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