The global Flexible Electronics & Circuit Market is anticipated to experience significant expansion, according to a latest market research analysis named "Flexible Electronics & Circuit Market with COVID-19 Impact Analysis" by MarketsandMarketsTM. The Flexible Electronics & Circuit Market is expected to rise from an estimated USD 31.9 billion in 2021 to an anticipated USD 48.5 billion by 2026, indicating an impressive compound yearly growth rate (CAGR) of 8.8% throughout the forecast period. This growth trend is due to a number of factors, including the rising use of flexible electronic components in consumer electronics applications like screens and printed sensors.
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The spike in demand for consumer electronics devices is a key factor fueling the market for flexible electronics and circuits to expand rapidly. Manufacturers are turning to flexible electronic components and circuits to fulfil the expanding expectations of consumers who are demanding more compact, lightweight, and versatile electronic devices. These adaptable options allow for the creation of cutting-edge and compact designs for gadgets like tablets, wearables, and smartphones. This trend emphasises the crucial role that consumer electronics play in igniting the market's expansion and is supported by the desire for improved functionality and portability. Consequently, in response to the shifting demands of today's tech-savvy customers, demand for flexible electronics and circuits is anticipated to continue increasing.
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By application, OLED lighting segment is expected to record the highest CAGR during the forecast period
According to application, the OLED lighting market is anticipated to develop at the highest rate over the forecast period. This increase is being fueled by the automobile industry's growing adoption of flexible OLED lighting solutions, particularly by well-known automakers like General Motors, Tesla, and Audi. It is also projected that the existence of significant players in the lighting solutions industry, such as Acuity Brands, LG Display, and OSRAM, will stimulate the flexible electronics market for OLED lighting. These advancements portend a bright future for the application of flexible OLED lighting, improving car aesthetics while also fostering the expansion of the flexible electronics market.
By vertical, automotive is projected to grow at highest CAGR during forecast period
Within the flexible electronics market, the automotive industry is anticipated to experience the highest compound annual growth rate (CAGR) during the period of forecasting. The extensive use of flexible displays, including both LCD and OLED technologies, as well as the incorporation of OLED lighting panels in cars, are the main factors for this increase. Global demand for flexible lighting solutions is rising, especially from well-known automakers like Ford, General Motors, Nissan, Toyota, BMW, and Audi who are becoming more aware of how valuable these technologies are for improving vehicle design and functionality.
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By region, APAC Flexible electronics & circuit market estimated to grow at highest CAGR throughout the forecast period
The Asia-Pacific (APAC) region has taken the lead in the global market for flexible electronics. This dominance is owed to the existence of important participants in the flexible electronics ecosystem, including titans of the market like Konica Minolta Inc., LG Corp., Panasonic Corporation, and Samsung Group. The rise of the flexible electronics industry in APAC has been primarily fueled by these market leaders, who have amassed sizable market shares. From 2021 to 2026, the flexible electronics industry is expected to grow at the greatest compound annual growth rate (CAGR) in North America. This increase is mostly caused by the growth of high-tech businesses with a focus on flexible electronics for military applications. The development of specific research centres focusing on the improvement of flexible and printed electronics in several US states, which are renowned for their creative prowess, highlights North America's expanding importance in this dynamic industry.
Samsung Group (South Korea), LG Corp. (South Korea), Panasonic Corporation (Japan), The 3M Company (US), Konica Minolta Inc. (Japan), First Solar, Inc. (US), E Ink Holdings (Taiwan), PragmatIC Printing Ltd. (UK), Blue Spark Technologies, Inc. (US), and BrightVolt Technologies (US), are some of the key players in the flexible electronics & circuit market.
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