Graphene Battery Market to See Exponential Growth by 2022
Graphene Battery Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $115 million by 2022, registering a CAGR of 38.4% during the period 2014-2022. The automotive industry is estimated to dominate the market throughout the analysis period. Geographically, Europe is expected to be the leading market in 2016, with a revenue contribution of around 38%.
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Graphene is an excellent substrate for anchoring lithium battery anode and cathode materials to generate high energy & density, flexible, stretchable, quick charging, and long-lasting batteries. The lithium-ion batteries segment would account for over 70% of the overall market revenue in 2016, as these would be the most suited graphene-based batteries for electric vehicles, industrial robots, and portable electronics. In addition, lithium-sulphur batteries are projected to grow at a CAGR of 34.7% during the forecast period. The growth would be driven by the growing demand for lightweight and long-lasting batteries with reduced decay during charge cycles.
Among the various user industries, automotive industry is projected to maintain its lead throughout the analysis period, due to rise in sales of electric vehicles and new technology adoption for vehicles starter batteries. The booming electric vehicle market driven by strict emission standards, reduction in battery prices, government initiatives and increasing consumer awareness would significantly drive the graphene battery market. The projected increasing demand of graphene-based lithium-ion batteries for electric vehicles in the developed economies of North America and Europe as well developing countries such as China would boost the market growth.
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Presently, Europe dominates the market is terms of graphene production, as majority of graphene material suppliers are located in this region. Europe would account for majority of market revenue in 2016, and is expected to maintain its dominance till 2020. Asia-Pacific would surpass the European market by 2021 to emerge as the market leader. This would be attributable to rise in sales of electric vehicles, and growth of aerospace market, which includes UAVs, USV, and small satellites such as Cubesat and Nanosat in the region.
The fundamental properties of Graphene make it a promising material for a multitude of applications. Graphene has accumulated great interest for supercapacitors and batteries because of its very high surface area. Graphene market is small but fast growing and the key companies will be collaborating with other companies, mainly battery manufactures and integrators, to compete in the market, stated Bhawna Kohli, Manager Research at AMR. She further added that, Graphene finds its main application in automotive, electronics, aerospace & defense and industrial robotics. Graphene based batteries have a potential future as Graphene electrodes will find application in the progress of other battery chemistries. For example, an aluminum-ion battery was recently developed that can be fully charged in under one minute because of the ultrafast ion intercalation into 3D Graphene foams.
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Asia-Pacific is projected to be the fastest growing region throughout the analysis period, with China being the dominant market. The growth of the market in the region would be fueled by factors such as increase in defense budget, rise in sales of electric vehicles, improvement in healthcare infrastructures, and growth in expenditures in emerging markets (such as India, Japan, and China) to adopt non-conventional sources of energy. Technological advancements for low cost and high-quality graphene electrode material in these nations offer lucrative opportunity for the graphene battery market growth.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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