Zhejiang Securities: Domestic and international electronic skin technology is accelerating its iteration, with a focus on technological convergence and industrialization progress.

Zheshang Securities released a research report stating that electronic skin is a wearable flexible bionic tactile sensor, which is key to achieving “embodied intelligence” in humanoid robots. Currently, electronic skin manufacturers are dominated by overseas markets, while domestic companies are accelerating technological iterations. According to PwC, in 2024, the top five global manufacturers—Interlink, Novasentis, Tekscan, JDI, Baumer, and Fraba—will collectively hold over 40% of the market share. Domestic companies are rapidly progressing in technological updates and global capacity deployment, which is expected to continue increasing their market share and secure a position in subsequent industrialization processes.

Zheshang Securities’ main points are as follows:

Structure: Electrodes, dielectric materials, active functional layers, flexible substrates

Technical pathways: Divided into piezoresistive, capacitive, piezoelectric, triboelectric, and thermoelectric types. Currently, electronic skin is in the early stages of industrialization, with no converged technical route; piezoresistive solutions are the mainstream sensing approach.

Industry chain: Upstream raw materials and high-end component manufacturing equipment still rely on imports; midstream electronic skin manufacturers are dominated by overseas markets, with domestic localization expected to improve; downstream sectors include healthcare (45%), robotics (25%), and human-machine interaction (22%).

Market potential: In 2024, the global electronic skin market (including healthcare, consumer electronics, and other downstream sectors) is estimated at approximately $6.3 billion. By 2034, the global market is projected to reach $31.06 billion, with a compound annual growth rate of 17.3% from 2024 to 2034.

The first year of mass production for humanoid robots, with expanding coverage and functions of electronic skin

Coverage expansion: In humanoid robots, electronic skin will initially cover larger areas of dexterous hands, and gradually extend to the robot body itself, increasing the coverage of individual units.

Functionality expansion: Future humanoid robots will focus on improving complex object manipulation capabilities. Electronic skin must meet requirements for true flexibility, full surface coverage, and higher force perception dimensions. Performance is expected to continue improving. Multi-function integration, low cost, and large-area fabrication are key to industrialization.

Currently, electronic skin accounts for about 10% of the value in humanoid robots. As humanoid robots enter mass production, the electronic skin market is expected to grow rapidly. According to the Gaogong Robotics Industry Research Institute’s forecasts for 2030 and 2035, the market space for electronic skin in humanoid robots could reach 15 billion yuan by 2035.

Continuous recommendations: Hanwei Technology, Fulaixin Materials, Keli Sensors, Donghua Testing, Jinghua New Materials, Riyi Electronics, and others, with attention to Daimai Co., Ltd. and Nanshan Zhishang.

Risk warnings: Industrialization progress below expectations, worsening industry competition landscape, application scenario technology adaptation risks