The latest kind of electronics to do the rounds, organic electronics, have ushered in an era of sustainable technology. There has been growth in the number of appeals for pollution-free and renewable energy sources, due to the rise in popularity of photovoltaic (PV) technology. PV has witnessed significant demand over the past few years, to combat the current energy crisis across several industry verticals. In such a scenario, the use of organic electronics and solar cells created from organic polymers has proven more cost-effective and economical as compared to the expensive crystalline silicon used in electronics and cells. Further technological advancements in material science are expected to bring about more widespread acceptance of the technology.
The organic electronics manufactured by several leading industry players are earning approval from all quarters, owing to their potential low cost in comparison with traditional inorganic electronics. The advancements made in organic and polymer chemistry along with the need for more efficient electronics as well as solar cells has given a real push to the organic electronics industry. The global organic electronics market is estimated to reach a figure of $79.6 billion by the year 2020. According to analysts at Allied Market Research, this figure will be reached through a projected CAGR of 29.5% during the period 2015–2020.
ePlants with organic electric circuits gain limelight
The industry for organic electronics has employed several experiments after careful research of material science and organic chemistry in electronic circuits. The concept of ePlants, or electronic plants, provides a bioelectronics platform for electronic interfacing with plants. The simple mechanism includes a mechanism for designing electronic devices and circuits in vivo, with the internal structure and physiology of plants as a template. The mechanism allows the flow of energy by making use of the natural processes of plants.
For instance, scientists at the University of Linköping in Sweden have created ePlants with roses. These electronically altered plants are developed with the intention of capturing energy through photosynthesis. This eventually creates a clean source of power for everyday life. The entire project aims to tap the natural processes of plants and allows electric current to pass through it. The roses are altered with a material that was designed organically by the university researchers themselves. The material is easily adaptable to conditions within the plant, due to its water-soluble conjugated oligomer, which polymerizes within the plant body. The rose then exhibits long-range conducting wires and supercapacitors along the length of the stem.
This progressive project taps the ability of plants to store energy and is a promising endeavor to produce energy from them. “Our findings open pathways for autonomous energy systems, distributed electronics, and new e-Plant device concepts manufactured in living plants,” says the report published by the University’s team of researchers.
Lucrative market stats encourage investments in organic electronics
Even though the entire industry was in a nascent stage in the last few years, the market has projected an exponential growth in the years that followed. The rapid progress in the growth in widespread acceptance of organic and sustainable electronics has improved its standing in various geographical markets. The entire industry has a prominent presence in the developed nations of Europe. In terms of both size and growth exhibited by the market, the rise in demand in the European market has ensured a CAGR of 35.9%. It is estimated that the market will reach a value of $9.6 billion by the year 2020.
However, it is the developing economies from the Asia-Pacific region that are expected to emerge as lucrative investment pockets in the future. The entire region is responsible for nearly 63.5% of the revenue-generation in the global organic electronics market. Since emerging nations, such as India, China, and Japan are together home to almost three-fourths of the global electronics manufacturing industry, the market for organic electronics is also touted to grow.
A large number of competitors engaged in the organic electronics market are quick in catching on trends in the electronics industry and improving their product offerings. Whether it is the organic components within displays, ORFID, OLED lighting, or PVs, the use of organic electronics is poised to gain eventual momentum in the long run. Competitors are innovating their product designs and ensuring better energy efficiency through constant product development.
As a part of market dominance strategies, players have also branched out in various regional markets and have also taken advantage of local government incentives. Regulations and other such policies that promote the application of organic electronics have ensured the rapid progress of the industry. What is expected to push the organic electronics market forward is the rate of technological advancements being made in this specific sector. Overall, the entire market is poised for magnanimous growth in the immediate future.
This article was contributed by Mufassira Fathima. Fathima is a senior content writer at Allied Market Research. She is a keen observer of market trends and dynamics of a large number of industry verticals. Mufassira reads, researches, and writes articles about key industry insights and developments, after close collaboration with research analysts.
