The Global Stretchable Conductive Material Market is expected to reach USD 3.4 billion by 2025 at a CAGR of 25.7%, according to a new report by Research, Inc. The rising demand for stretchable conductive material due to rise in the use of renewable solar energy and biomedical is expected to propel industry expansion over the forecast period.
Rising concerns regarding the release of toxic effluents into the environment are expected to result in increased installations of solar power grid in the renewable sector. In addition, stringent environmental regulations on carbon emissions from the power grids are expected to stimulate the demand for highly effective photovoltaics in the solar power cells.
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Increasing solar power grid installations by various key players including UniEnergy Technologies; RedT; Red Flow; and Primus Power as a result of rising demand for photovoltaics in the renewable power grid industries are expected to promote the market growth over the forecast period. Upgrade of technology coupled with cost reduction and volume maximization is expected to drive the product demand over the forecast period.
In terms of volume, photovoltaics accounted for 32.48% of the overall share in 2016 and is expected to witness substantial growth owing to increasing urban population and government support to promote infrastructure development in countries such as the U.S., China, India, Singapore, and Thailand.
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Further key findings from the report suggest:
- Photovoltaics is expected to witness significant growth, registering a CAGR of 26.4% from 2017 to 2025, as a result of increasing adoption in the solar power cell industry. The increased adoption of these materials in the solar cells is anticipated to fuel the demand.
- Asia Pacific was the dominant market and accounted for 32.83% of the global stretchable conductive material in 2016. The new establishing of various solar power grid, especially in U.S., China and Japan is expected to fuel photovoltaics demand in the forecast years.
- Key participants dominating the stretchable conductive material industry include Dupont and Co., 3M, Chasm Technologies, U.S. Research Nanomaterials, Rajasthan Electric Industries, Advanced Nano Products, Applied Nanotech, Indium Corporation, Vorbeck Materials, Textronics, Minco, Dycotec Materials.
- Stretchable conductive material players are adopting numerous strategies, such as new product developments, and research, to strengthen their foothold in international markets and increase market penetration.