Organic Electronics Market Size To Surpass $160.37 Billion By 2027: Precedence Research
- Semiconductor led the global market accounting for more than half of the total market value in 2019 and expected to grow at the fastest rate over the forthcoming years
- Organic semiconductors are non-metallic materials that offer semiconducting properties
Image for representation (pic credit-ceth ksu)
The organic electronics market will surpass $160.37 billion by 2027 as per a report by Precedence Research. The global organic electronics market size was valued at $33.99 billion in 2019 said the research. Semiconductor led the global market accounting for more than half of the total market value in 2019 and expected to grow at the fastest rate over the forthcoming years.
Organic semiconductors are non-metallic materials that offer semiconducting properties. These semiconductors have several advantages as compared to inorganic semiconductors such as mechanical flexibility, lightweight, and low cost; thereby offering opportunity to develop devices using low cost fabrication techniques
The report added,” Rise in awareness for sustainable development and as organic semiconductors are biodegradable; thus, are increasingly preferred over their counterparts, thereby, increasing the organic electronic market demand. The dielectric material creates demand and opportunities for various applications in consumer electronics, automotive, digital signage, medical and security.”
Portable solar cells, advanced smartphone displays
As per the report, with the introduction to portable solar cells, advanced smartphone displays, and coloured light source have prominently increased the demand for organic electronics over the forthcoming years.
Growth in adoption for renewable energy sources and generation technologies has led to the increase in demand for advanced battery technology that uses organic electronics because of its advanced features. Potential applications of organic electronics include environmental health, national security, Information Technology (IT), and biomedical research. Hence, the above mentioned factors influence the market growth positively over the coming years.
The report stated, “Favourable government policies related to the adoption of low energy consumption devices and renewable generation is likely to impetus the market growth. However, lack of robustness and compatibility with the organic electronic products projected to hinder the growth of the product over the analysis timeframe.”
North America showed prominent growth
The report said that North America showed prominent growth in the global organic electronics market in 2019 because of being a prior adopter of advanced technologies such as AI, machine learning, and IoT. It also said that the Asia Pacific being the largest market for consumer electronics exhibits rapid growth rate over the forthcoming years.
Dielectric materials have gained significant importance over the past few years owing to their increasing demand and opportunity in applications like automotive, consumer electronics among others. Display application captured significant market share in the global market in 2019 because of rising demand for advanced display technologies in various application
In terms of region, North America is prominent revenue contributor to the global organic electronics industry because of significant demand for advanced display technologies in the region like digital signage . It also has prominent growth in demand for advanced battery technology over the past few years because of the advent of battery-powered vehicles. The government has imposed stringent norms for the adoption of electric and battery-powered vehicles that in turn boost the demand for high-power batteries and thus the market growth for organic electronics.
The report added, “On the contrary, the Asia Pacific exhibits lucrative growth over the forecast timeframe owing to significant surge in the demand for advanced consumer electronic products over the past few decades. Prime factors attributed to the significant growth in the consumer electronic products are rise in disposable income along with the increase in purchasing power of consumers.”
Among other Asian countries, China emerged as the front-runner in terms of technology adoption and large consumer base for electronics industry. The availability of low cost of raw materials along with labour significantly decreases the overall manufacturing cost of the electronic products that accounts for the prime factor towards the growth of the country.