The global printed electronics market is projected to grow from USD 9.9 billion in 2021 to USD 23.0billion by 2026; it is expected to grow at a CAGR of 18.3% from 2021 to 2026. The key factors fueling the growth of this market include increased demand for printed electronic products in automotive & transportation, growth of the consumer electronics industry, increased adoption of IoT by end-use industries, and significant cost advantages offered by printed electronics.
Driver: Significant cost
advantages offered by printed electronics
The manufacturing costs of
printed electronics are lower than traditional electronics due to improved and
cost-efficient manufacturing technologies used for the mass production of
displays, photovoltaic cells, and sensors. Thin, lightweight, and
environment-friendly printed electronics can be produced using low-cost
printing processes. They can be fabricated at a very low cost by layering thin
stacks of electronic components, semiconductors, and barriers on substrates.
The use of polymeric (carbon-based) materials and the employment of high-volume,
low-cost printing techniques enable the production of lightweight, robust, and
cost-effective electronic components. The use of flexible materials and thin
layers results in the development of flexible devices and opens the possibility
of roll-to-roll (R2R) manufacturing of printed electronic devices. According to
a report published on the scalable printing of nanoscale electronics and
sensors by the Carnegie Mellon University (US) in February 2018, the cost of
manufacturing printed electronics is 10 to 100 times less than the
manufacturing cost of silicon-based sensors.
The use of R2R printing also
increases the cost benefits associated with printed electronics. Gravure
printing, offset printing, and flexographic printing come under R2R printing,
usually used for high-volume production of photovoltaic cells, flat-panel
displays, and solid-state lighting devices. The R2R process offers a
significant reduction in fabrication costs than traditional fabrication
methods. It is used for the production of solar panels, batteries, and
displays. The R2R process is also used for manufacturing nanoscale solar cells
and photonic crystals.
Restraint: High investment cost
When it comes to new
technologies, cost reduction is often a strong driver of R&D efforts. However,
the cost of new materials and equipment for printed electronicsresearch is very
high. Manufacturers thus need a huge focus on R&D to create value beyond
cost reduction, such as thinner, lightweight, robust, and flexible products.
Decisions regarding investments in certain technologies will be ruled by their
material properties. The development of new technologies also needs precision
machinery and trained personnel, adding to the overall costs. The high
investment involved is thus a restraint for the printed electronics market.
Opportunity: Smart packaging to
create lucrative growth opportunities for printed electronics
Smart packaging is gaining
prominence worldwide. It is expected to quickly replace the traditional
packaging, as it enables shipment tracking and quality control of the packaged
products. Smart packaging generally uses near-field communication (NFC) and
radiofrequency identification (RFID) technologies to connect manufacturers with
their customers and confirm the authenticity of different products such as
wines and perfumes. Rewritable chips can be used as labels for smart packaging
and are expected to replace the traditional bar code labeling system. For
instance, YUNI Beauty (US), a shower sheet manufacturer, uses smart packaging
with NFC tags to provide product details to customers.
Smart packaging uses printed
electronics as they are thin, lightweight, efficient, and robust. Packaging
with integrated electronics opens new communication channels between the real
and the digital worlds. This is expected to help companies focus on individual
customers and personalize their customer service delivery. In the smart
packaging application, printed sensors are used to assess, secure, and measure
the temperature of packaged products and provide real-time updates about the
origin, transportation, and condition of products.
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Conductive inks on cartons and
NFC chips are also used in pharmacy packages and compliance cards to connect to
smartphone apps using IoT. In the healthcare sector, smart packaging equipped
with NFC and smart labels is witnessing increased demand as it informs patients
about their medicine dosages. It also provides a call to action information on
packages so that patients can contact their chemists and doctors if required.
Thus, the growth opportunities for printed electronics with respect to smart
packaging are high.
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