Graphene Battery Market Outlook: Growing trend of Electric Vehicles to build a profitable industry roadmap
The growing trends of portable electronic devices and increasing electric vehicle demand will proliferate the graphene battery market growth in the coming years. According to Global Market Insights, Inc. “Graphene battery market size is estimated to witness a CAGR of 20% over the period of 2016-2024.” Graphene products are regarded as low emission versions and hence are being widely adopted to promote a green environment. Moreover, its advantages such as effectiveness in high temperatures, increased charge cycles, quick charging capacity, and extended charge holding capacity will enhance the graphene battery industry outlook over the coming years.
Europe Graphene Battery Market size, by application, (USD Million), (2014 – 2024)
Stringent regulatory norms to curb emissions and carbon footprint have positively influenced the graphene battery industry share. Batteries constitutes of lead and cadmium which releases pollutants in the environment. In this regard, in 2008, the U.S. EPA established the National Emission Standard for Hazardous Air Pollutants (NESHAP) to regulate the emissions during the battery manufacturing process. Furthermore, implementation of these strict norms to limit automobile emissions will also boost hybrid and electric vehicles demand.
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Graphene battery is one of the fastest energy storing solutions available, globally. Moreover, graphene has higher heat resistance with improved recharging efficiency making them a safer option for electric vehicles. Graphene is poised to change the future of batteries with 10x faster charging and making it more reliable, efficient, and strong.
Based on technology, the graphene battery market is segmented into Lithium Ion, Lead Acid, Lithium Sulfur, and Supercapacitors. Supercapacitors are overtaking the market due to its superior charging abilities and greater shelf life. Moreover, mobile manufactures are also widely adopting the supercapacitors for increasing operating battery life, which in turn is fueling the supercapacitors graphene battery industry share.
The beneficial properties of graphene are making it a promising material for a multitude of applications. The versatile use of graphene batteries in Automotive, Aerospace & Defense, Healthcare, Electronics, and Industrial Robotics industries has generated significant growth opportunities in graphene battery market. Aerospace & defense applications are likely to observe considerable growth with increased defense expenditure in developed nations.
Below are the key insights in terms of technology, applications, and regions pertaining to the global graphene battery industry trends.
- Graphene battery industry share from supercapacitors is anticipated to register a CAGR of 25% over the period of 2016-2024.
- Lithium ion battery segment worth USD 9 million in 2015, is projected to witness a significant growth, owing to its increasing adoption in healthcare and automobiles industry.
- UK is foreseen to witness a booming growth at over 20% over 2016-2024.
- Graphene battery industry share in healthcare sector is estimated to exceed USD 25 million by 2024. The business growth is favored by increasing emphasis on portable medical devices.
- Industrial robotics application will witness an annual growth rate of 10% over 2016-2024.
- Japan graphene battery market size is predicted to grow at over 25% over the period of 2016-2024. The growth can be attributed to increasing adoption of electric vehicles for public transport.
Taking into consideration the regional outlook, Asia Pacific market is set to grow significantly, subjected to heavy gains from Japan and China graphene battery market. China will observe considerable boost in manufacturing and production capacity, surpassing 2000 tons of graphene annually from 2016. Favorable government initiatives and introduction of strict regulations on the use of bio-hazardous batteries will bring positive impact on the growth of global graphene battery market. Increasing adoption of electric vehicles in the U.S. will drive the North America graphene battery industry revenue. Norway graphene battery market share will witness heavy gains as more than 20% of automobiles in Norway are hybrid or electric vehicles.
The notable industry players of graphene battery market worldwide are Cabot Corporation, XG Sciences, Inc., SiNode Systems, Inc., NanoXplore Group Inc., Graphenano, Graphene NonoChem, Graphene 3D Lab, Cambridge Nanosystems, etc. Cost-effective products and shorter delivery lead time will be the key business strategies adopted by the market participants over the coming years.
Author Name : Ojaswita Kutepatil