Market Insights —
Stretchable electronics or elastic circuits involve the use of incredibly advanced technology for the development of electronic circuits by embedding them on stretchable compound materials to give them interesting flexibility. Market Research Future has thoroughly examined the nascent market which is anticipated to grow exponentially during the forecast period from 2017 to 2023. The global stretchable electronics market is growing at a truly staggering CAGR of 64% during the assessment period. The growth of the market at the predicted rate is expected to yield a value of USD 763 Mn by the end of 2023.
A number of leading market players are actively developing Stretchable Electronic Market products and the race for leading position in the market is driving competition as well as the growth of the global stretchable electronics market. An interesting example of stretchable electronics is the My UV PAtch developed by La Roche Posay for mainstream consumers. The My UV Patch has a near field communication antenna as well as a microchip which sends wireless signals in addition to photosensitive dyes that change color upon exposure to light.
Several driving factors are pushing the market forward at a rapid pace. The increasing demand for inexpensive materials in the production of solar cells as well as the presence of a consumer electronics industry which is flourishing. The growing demand and awareness with regards to wearable devices are also driving market growth.
There is a lack of innovative techniques for the simplification of complex circuits and the high cost presently associated with the development of stretchable tech is likely to deter market growth. However, ongoing R&D and increased investments in stretchable electronics are expected to drive the market as products develop, and the technology becomes more sophisticated for various industrial applications in the coming years.
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DuPont (U.S), Apple Inc, (U.S.), MC10 (U.S), 3M (U.S), Adidas AG (Germany), Physical Optics Corporation (U.S), BodyMedia (U.S), Cambrios (U.S) Koninklijke Philips N.V (Netherlands), PARC (U.S), and PowerFilm (U.S) are among the leading international market players that have made an impact in the global stretchable electronics market. MRFR has identified their competitive strategies, as well as their respective market positions in the global market.
Segments of the global stretchable electronics market have been identified on the basis of component, application, and region. Components of stretchable electronics have been segmented into batteries, circuits, electric-active polymers, stretchable conductors, stretchable light emitting diodes, photovoltaic, and stretchable energy harvesters. The stretchable sensors segment is further segmented into stretchable pressure sensors, stretchable temperature sensors, and stretchable strain sensors. Other sub-segmentations have been included in the report.
Applications of stretchable electronics can be found in consumer electronics, automotive electronics, textiles, telecom, healthcare, and aerospace & defense. Consumer electronics have been further divided to include mobile devices, wearable devices, and others.
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The key regions in the global stretchable electronics market report include Asia Pacific, Europe, North America, and the Rest of the World. The presence of leading competitors and developers of stretchable electronics technology in North America is expected to boost the region into a leadership role. The U.S and Canada are the leading country markets in the region and the growing demand from the healthcare sector is expected to drive the North American market. Meanwhile, Europe is growing rapidly with several developed country level markets leading growth due to the rapidly growing awareness of stretchable electronics and the resulting consumer demand. The Asia Pacific is another significant market due to the presence of a massive consumer electronics industry in the region as well as a high number of semiconductor manufacturers which drive the global market.
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