According to a new report published by Allied Market Research, titled, “Graphene Battery Market by Type, Connectivity Technology, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027” the global graphene battery industrysize was $48.8 million in 2019 and is projected to reach $398.6 million by 2027, to register a CAGR of 31.2% during the forecast period.Europe is expected to be the leading contributor to the global graphene battery market, followed by North America and Asia-Pacific.
Graphene batteries form an upcoming way out in the field of energy storage solution for various industry verticals. Graphene-based batteries consist of graphene material being used as electrode material for different battery types such as lithium ion, lead acid, and lithium sulfur. Few layer and nano platelets graphene material have recently enabled the dramatic improvement of portable electronics and electric vehicles by providing better means to store electricity.
Rise in sales of electric vehicles majorly drives the growth of the graphene battery market, owing to extended range for long distance travel and lesser charging time. Moreover, the development in the portable electronics market is expected to boost the graphene battery industry growth. Furthermore, increase in government investments in R&D are expected to provide lucrative growth opportunities. However, lack of awareness of graphene technology, and incapability of market for in-commercialization process of graphene battery are expected to hinder the growth of the graphene battery market.
Graphene is an excellent substrate for anchoring lithium battery anode and cathode materials to create high energy & density, flexible, stretchable, quick charging, and long-lasting batteries. Owing to its remarkable quantum capacitance and excellent electrical and mechanical properties, calculations show that graphene has the potential to help realize supercapacitors with the energy density of batteries that can be recharged in seconds. Lithium ion batteries contributed the maximum in terms of revenue to the market. Factors such as increase in sales of electric vehicles, high capacity, and long endurance contributed to the market sales. However, between 2019 and 2027, supercapacitors are expected to grow at a faster rate, in comparison to other battery types. The low energy density of current supercapacitors is the main obstacle to realize the full commercial potential of this technology. Charge storage in supercapacitors is limited to the surfaces and is thus controlled by their respective specific surface area, pore size, and pore size distribution. Nano structuring has become a general strategy for improving the energy density of electrode material and graphene as a Nano platelet turns out to be an excellent material for supercapacitors.
By region, the graphene battery market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The analysis had identified that Europe contributed maximum revenue in 2019. Between 2019 and 2027, the graphene battery market in Asia-Pacificis expected to grow at a faster rate as compared to other regions. Factors such as stable graphene production, developments in electric vehicle industry, propellingelectronics industry, and increased defense budgets in countries such as China, Japan, and India contribute to the market growth in Asia-Pacific.
Key Findings Of The Study
In 2019, the Li-ion segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 30.50% during the forecast period.
The automotive segment accounted for more than 45.0% of the graphene battery market share in 2019.
The supercapacitors segment witness highest growth rate during the forecast period.
UK wasthe major shareholder in the Europe graphene battery market, accounting for approximately 40.0% share in 2019.
The key players profiled in the report include Cabot Corporation, Cambridge Nanosystems Ltd., G6 Materials Corp., Graphenano S.L., Graphene NanoChem plc, Graphenea S.A., NanoXplore Inc., Real Graphene USA, Vorbeck Materials Corp., and XG Sciences, Inc.Market players have adopted various strategies such as product launch, collaboration & partnership, and acquisition, to expand their foothold in the graphene battery market.