Graphene Battery Market share forecast to grow at 20% CAGR from 2016 to 2024

The technology report “Graphene Battery Market Size By Technology (Lithium Ion, Lithium Sulfur, Supercapacitors, Lead Acid), By Application (Automotive, Electronics, Aerospace & Defense, Industrial Robotics, Healthcare), Industry Analysis Report, Regional Outlook (U.S., Canada, Norway, France, Spain, UK, Australia, China, Japan, South Korea, UAE, Saudi Arabia, South Africa, Brazil Argentina), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024”, by Global Market Insights, Inc. says Graphene Battery Market size will exceed USD 97 million by 2023; driven by increasing demand of electric vehicles.

Increasing electric vehicle demand and portable electronic device penetration trends will drive the global graphene battery market size. Graphene has higher heat resistance with improved recharging efficiency when compared with conventional material including lithium ion making them a safer option for electric vehicles.

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Strict regulatory trends over carbon footprint and emission norms have had a positive impact. In 2008, the U.S. EPA introduced the National Emission Standard for Hazardous Air Pollutants to regulate the battery manufacturing process. NESHAP section 112(c)(3) lists battery manufacturing area to be regulation pursuant as it involves use of lead and cadmium.

Lithium ion graphene battery market size was valued over USD 9 million for 2015. Mobile phones, laptops and tablet phones are notable adoption areas contributing to segment growth. In 2015, over 60% of adult population in the U.S. had at least one portable electronic device compared to over 30% in 2011.

Graphene battery market share from supercapacitors is set to witness growth over 25% between 2016 to 2024. Superior charging abilities and greater shelf life are some of the features which may positively impact the industry landscape. Growing supercapacitor demand from mobile phone applications owing to its high operating life may favor the business growth.

Europe witnessed substantial increase in the sales of electric vehicles over the past four years. In 2015, more than 150,000 electric vehicles were sold in Europe, up from 70,000 electric vehicles in 2014. Norway registered a record sale of more than 34,000 electric cars in 2016, and is predicted to witness sales of more than 60,000 electric cars in 2017, favorably impacting the graphene battery market.

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Graphene battery market share from healthcare applications is anticipated to surpass USD 25 million by 2024 subject to growing portable medical devices demand. Increasing emphasis on portable medical devices in developed economies will favorably impact the business growth.

U.S. graphene battery market size was valued at over USD 3 million in 2015 and is likely to register a strong growth subject to availability of high quality product at affordable prices. Adoption of electric vehicles in the U.S. increased from over 5000 in 2011 to over 70,000 in 2015 owing to increasing government subsidies and growing customer awareness.

For Europe, UK is predicted to witness a robust growth of over 20% by 2024. The Government enacted the EU Battery Directive in 2008, introducing strict regulations on the use of batteries with bio-hazardous content, propelling the industry landscape.

China graphene battery market size is predicted to surpass USD 10 million by 2024. The region is likely to experience significant increase in manufacturing capacity upwards of 2,000 tons of graphene annually from 2016.

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