According to a recent study from market research firm Global Market Insights, the Graphene Battery Market is set to grow from its current market value of more than $15 million to over $97 million by 2024, gaining remarkable traction over the 2020 to 2024 period.
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.
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.
Graphene battery market size in the healthcare sector is expected to hit USD 25 million by 2024, owing to the rising preference for portable medical instruments. Electronics application, which contributed over 30% of the overall revenue in 2015, are projected to make notable contributions toward the overall returns on sales.
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.
U.S. graphene battery industry, which had accumulated a revenue of USD 3 million in 2015, is anticipated to display a robust growth in the future. Easy availability of the product at reasonable costs coupled with the elevated demand for electric vehicles will drive the revenue.
UK graphene battery market, estimated at USD 2 million in 2015, is anticipated to register significant gains over the next few years. Strict norms subject to the usage of batteries causing environmental pollution will propel the business space. Norway graphene battery industry is also projected to experience a hefty growth pertaining to beneficial regulations favoring the massive utilization of green technologies.
China graphene battery industry revenue, estimated at USD 1 million in 2015, is forecast to hit USD 10 million by 2024. The growth can be attributed to the substantial increase in the expansion of graphene battery production capacity. Effective supply chain management activities along with rising consumer awareness toward environmental protection will push graphene battery market size in Japan.
The notable industry players of graphene battery market worldwide are Cabot Corporation, XG Sciences, Inc., SiNode Systems, Inc., NanoXplore Group Inc., Graphenano, Graphene NanoChem, 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.
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