Thin film battery market demand from backup power is anticipated to register a CAGR of 20% over the period of 2016-2024. Moreover, medical device applications will witness heavy gains, owing to increasing adoption of throw-away medical equipment. Backup power is another lucrative area of application where thin film battery finds immense application, owing to increasing demand for uninterrupted power supply and rapid growth of wireless communication system.
Global Thin Film Battery Market is expected to grow at over 25% CAGR to surpass USD 1 billion by 2024. Shift in consumer lifestyle owing to the adoption of wearable electronic devices will propel the industry growth. Increased energy storage devices coupled with emerging demand for compact battery will complement the industry growth. Rising adoption of EMV chips and other smart cards in various applications to improve security will propel the business growth.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Ruag Ammotech
- BAE Systems
- Federal Premium Ammunition
- General Dynamics Corporation
- Global Ordnance
- Hornady Manufacturing
- Nammo AS
- Nexter Munition
- Olin Corporation
- Orbital ATK Inc.
- Poongsan Corporation
- Remington Arms Company
• Growing demand for portable and flexible electronic devices
• Increasing adoption of smart cards and RFID
• Strict government norms towards security
• Longer cycle life
• Low self-discharge rate
Light weight and compact are the major factors that makes its adoption favorable for wearable electronics generating a revenue over USD 80 million in 2015. Growing demand for small energy storage device will deliver considerable industry growth. Substantial growth will be witnessed in medical device applications subject to growing demand disposable equipment. Thin film battery has its applications in information security, banking, transportation and healthcare. Thin film battery market from backup power is predicted to grow over 20% with increasing demand for continuous power supply and rapid development of wireless communication devices. Ability to enhance transparency throughout the supply chain will offer significant growth to thin fil battery market in RFID.
Asia Pacific thin film battery industry is anticipated to witness significant growth due to heavy regional demand for wearable devices and increase in per-capita income in countries such as China, South Korea, and Japan. China thin film battery market size is estimated to surpass USD 100 million in coming seven years.
US thin film battery market worth USD 70 million in 2015, is anticipated to witness heavy gains due to increasing adoption of EVM chip card technology. By 2018, over 95% of credit cards would be enabled with EMV chip which will create huge opportunities for regional growth. Furthermore, Brazil thin film battery market will also witness promising growth, owing to increasing implementation of EVM chips to minimize payment scams.
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