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Quantum Dots Market Report 2024: Size, Share, Growth, Trends, Competitive Analysis, Forecast to 2033
Quantum Dots Market Report
According to The Business Research Company's, the quantum dots market size has grown rapidly in recent years. It will grow from $4.02 billion in 2023 to $4.63 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to environmental benefits, demand for flexible electronics, growing demand in security applications, rising consumer electronics market, and expansion of the automotive display market.
The quantum dots market size is expected to see rapid growth in the next few years. It will grow to $8.17 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to the increasing adoption of displays, rising demand for high-quality imaging, growing use of solar cells, expansion in healthcare applications, and shift towards miniaturization. Major trends in the forecast period include advancements in nanotechnology, demand for energy-efficient lighting, investment in research and development, regulatory support for nanotechnology, and emerging opportunities in quantum computing.
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Market Drivers and Trends:
The rising automobile industry is expected to propel the growth of the quantum dots market going forward. The automotive industry encompasses the design, manufacturing, and sale of vehicles, including cars, trucks, and motorcycles, along with associated parts, components, and services. The automotive industry is expanding due to increasing global demand for personal and commercial vehicles, advancements in electric and autonomous vehicle technologies, and economic growth in emerging markets. Quantum dots are used in the automotive industry to enhance the color quality, efficiency, and durability of display systems, providing vibrant and energy-efficient lighting solutions for vehicle interiors and exterior lighting. For instance, in March 2022, according to a study released by the European Automobile Manufacturers Association, a Belgium-based standard group, in April 2022, 79.1 million automobiles were produced globally in 2021, rising 1.3% from the previous year. Therefore, the rising automotive industry is driving the growth of the quantum dots market.
Major companies operating in the quantum dots market are developing innovative technologies, such as QD-OLED technology, to enhance display performance in consumer electronics. QD-OLED technology combines quantum dots with OLED displays, enhancing color accuracy, brightness, and energy efficiency by using quantum dots as emissive materials. For instance, in January 2022, Sony Group Corporation, a Japan-based electronics company, launched its first Quantum Dot OLED (QD-OLED) smart TV, the Bravia XR A95K, which features a 65-inch screen. This TV marks a significant advancement in OLED display capabilities by combining quantum dots with traditional OLED technology to enhance brightness and color richness. The A95K also comes with a unique stand that can sit both in front and behind the TV, allowing for flexibility in placement. These models cater to different consumer needs, from high-end performance to budget-friendly options, ensuring a wide range of choices for various viewing experiences.
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Major Key Players of the Market:
Samsung Electronics Co., Thermo Fisher Scientific Inc., BOE Technology Group Co. Ltd., LG Display Co. Ltd., AUO Corporation, ams-OSRAM International GmbH, Hansol Chemical Co. Ltd., SHOEI CHEMICAL INC., Quantum Solutions Inc., Nanosys Inc., American Elements, Sigma-Aldrich Corp., MicroVision Inc., InVisage Technologies Inc., Nanoco Group Plc, Ocean Nanotech LLC, Qauantum Materials Corp., UbiQD Inc., Altairnano, Life Technologies, Ultra Nano Tec, TCL China Star Optoelectronics Technology Co. Ltd.
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