Thin Film Battery Market Expected to Reach $2.5 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Thin Film Battery Market," The thin film battery market was valued at $0.4 billion in 2022, and is estimated to reach $2.5 billion by 2032, growing at a CAGR of 19.8% from 2023 to 2032.

Thin film batteries are advanced energy storage devices that employ thin layers of different materials to store and provide electrical energy. They consist of electrodes, electrolytes, and protective coatings, which are deposited onto a substrate using thin film deposition methods. The key advantage of these batteries is their ability to rapidly charge and discharge, which greatly improves user convenience by reducing the time spent on recharging.

Thin film battery’s ability to rapidly charge and discharge energy enables increased productivity by reducing the time required for recharging intervals. This is particularly valuable in applications such as wireless sensors, remote monitoring systems, and industrial equipment, where uninterrupted operation is crucial.

Thin film batteries offer a compelling solution for portable electronic devices such as smartphones, smartwatches, fitness trackers, and portable medical devices. Thin film batteries offer a significant advantage in terms of compactness and weight compared to traditional batteries. This advantage allows manufacturers to create smaller and lighter devices without sacrificing power capacity. As a result, consumers can enjoy sleek and comfortable designs with enhanced portability. Additionally, the high energy density of thin film batteries enables longer device runtime, reducing the need for frequent recharging and enhancing user convenience.

The healthcare sector has embraced portable and wearable medical devices, ranging from glucose monitors and insulin pumps to smart patches and implantable sensors. These devices require compact and lightweight power sources that can seamlessly integrate into the human body or be worn comfortably. The consumer electronics market continually seeks to develop smaller and more portable devices, such as smartphones, smartwatches, and fitness trackers.

These devices rely on efficient power sources to provide extended battery life and enhanced functionality. Thin film batteries offer a higher energy density in consumer electronics compared to traditional batteries, allowing for longer usage time in compact designs. Moreover, their flexibility enables integration into unconventional form factors, leading to the development of innovative and user-friendly devices.

On the basis of chargeability, the disposable segment was the fastest-growing segment of the thin film battery market forecast in 2032. Thin film disposable batteries are a specific type of battery that offers several advantageous features. They are characterized by their lightweight design, flexibility, and convenient disposability. These batteries are composed of thin layers of electrode materials, along with a separator, all enclosed within a thin film package. Their primary application is to provide power to portable electronic devices, including calculators, small toys, and wearable gadgets. The thin and flexible nature of these batteries allows for seamless integration into compact and lightweight devices, further enhancing their usability.

On the basis of voltage, the Above 3V segment was the fastest-growing segment of the thin film battery market in 2022. Thin film batteries with a voltage exceeding 3V offer several advantages over other flexible battery options. They provide superior power, have an extended lifespan, and offer enhanced safety features. The advancements made in thin-film lithium-ion battery technology have opened up a wide range of possibilities for their use, especially in the manufacturing of sleeker and more compact portable electronic devices. This is primarily because these batteries can operate efficiently with a significantly reduced thickness, making them an ideal choice for such devices.

On the basis of application, the others segment which includes autonomous sensors, smart packaging, and others was the fastest-growing segment of the thin film battery market analysis in 2022. Wireless sensor networks (WSNs) make use of autonomous sensors, which are deployed in large quantities. These sensors are interconnected and communicate wirelessly to collect and transmit data. To ensure their continuous operation, individual sensors within the network can be powered by thin film batteries.

These batteries, integrated into the sensor's design, provide a reliable and independent source of energy. This capability proves especially advantageous for environmental monitoring sensors, such as those used for weather or air quality monitoring, as they can function autonomously without requiring a constant power connection.

By region, the Asia-Pacific was the fastest-growing region in the thin film battery market growth in 2022. Thin film batteries are small and flexible energy storage devices that have attracted considerable interest in the Asia-Pacific region due to their numerous applications. Within the healthcare sector, thin film batteries have proven to be invaluable for medical devices like smart patches, drug delivery systems, and implantable devices. By providing a compact and dependable power source, these batteries enable uninterrupted monitoring and precise drug administration, enhancing the overall efficiency of healthcare practices.

The major players operating in the global thin film battery market include Angstrom Engineering Inc., Enfucell, Excellatron, Front Edge Technology, Inc., Imprint Energy, LG Chem, Molex, NEC Corporation, Soleras Advanced Coatings, and STMicroelectronics.

Key Market Insights

• By chargeability, the rechargeable segment was the highest revenue contributor to the thin film battery market share in 2022.
• By voltage, the below 1.5V segment was the highest revenue contributor and accounted for almost half of the market share to the market in 2022.
• By application, the wearable devices segment was the highest revenue contributor to the market, in 2022, with a CAGR of 19.4%.
• By region, North America was the highest revenue contributor, in 2022 followed by the Asia-Pacific region.