New York City, NY, 12 September, 2019/24 Market Reports:
24 Market Reports has estimated for the stretchable electronics market to grow at a CAGR of 122% between the forecast period of 2015 and 2023. IMR has also projected the growth rate to reach USD 413.20 million in 2023. Stretchable electronics is a technology which combines rigid or flexible electronic devices with stretchable substrates. These are also deposited on stretchable materials like silicon on polyurethanes, which are also used in rigid printed board circuit manufacturing process. In terms of stretchability and mechanical performance, stretchable electronics mimic the human skin and flesh.
To achieve a robust and reliable product the standard printed circuit board manufacturing steps and liquid injection moulding techniques are been used. In the form of wearable devices and smart textiles along with medical and health-monitoring applications the stretchable electronics, which happens to be an advanced form of electronics has just started penetrating the market. In the upcoming years, it may also be used in defence and industrial applications.
Market Overview
Over the next few years, the increasing competition from the non-stretchable electronics products segment along with the complexity of the value chain is likely to hinder the growth of the market. Process integration and manufacturability are also factors that are likely to inhibit the growth of the market.
The lack of awareness among people is another reason for the steady growth of the market. However, the new avenues for global stretchable electronics market may be offered by the emergence of new functionalities and applications paired with integration into multiple products.
Increased investments in the market and the increased demand for electronic products may propel the growth of the market. Rising demand for light-weight products and environmentally friendly technology is further anticipated for the growth of the market.
The low-cost manufacturing and the growing needs for high-performance devices are the factors driving the growth of the market. Alongside, the need for low power consumption devices is rising this may fuel the growth of the stretchable electronics market extensively.
Geographical Segmentation
Over the forecast period, it is projected for the Asia Pacific market to witness significant growth. However, with the widespread application of new technology North America is expected to exhibit high growth. Owing to the developments in Eastern Europe the region is anticipated to witness increased growth opportunities.
