The global graphene battery market size was valued at USD 82 million in 2021 and is estimated to reach an expected value of USD 957 million by 2030, registering a CAGR of 31.4% during the forecast period (2022 – 2030). globally, graphene batteries have become the quickest energy-storing options. The commercialization of graphene to improve batteries and provide highly effective energy storage solutions in recent years has propelled the global graphene battery market.
Graphene is an excellent material for high-capacity energy storage since it is a good conductor, incredibly light, highly flexible, and has a vast surface area. Research and development (R&D) initiatives are ongoing to create new and enhanced products, such as lithium-sulfur batteries and supercapacitors based on graphene. Due to characteristics including quick charging capacity, enhanced charge cycles, effectiveness in high temperatures, and extended hold-charge length, graphene-based batteries are predicted to become more widely used during the projection period. Due to the market's excellent return on investment, substantial financial investments are expected.
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The Rise in Sales of Electric Vehicles
The electric vehicle is a fast-growing segment in the automobile industry. The rise in the sales of electric vehicles has significantly pushed the demand for high storage and high-capacity batteries. Automobile giants producing electric vehicles, such as cars, bicycles, scooters, and bikes, are focused on offering vehicles with increased range and decreased charging time. Graphene battery technology can store and distribute energy for a more extended period. Graphene batteries are rapidly gaining popularity in the automobile industry as they allow electric vehicles to have an increased range of long-distance traveling and lesser charging time. Graphene batteries can charge at a faster rate as compared to a standard lithium-ion battery and are safer and not prone to explosions.
Thriving Portable Electronics Market
Portable electronics are a booming industry. Portable electronics comprise a wide range of products such as smartphones, laptops, walky-talkies, portable chargers, and various communication devices. Increased energy storing capacity in a small battery volume majorly drives the adoption of graphene batteries in the portable electronics market. In addition, graphene batteries do not exhibit a memory effect, a phenomenon in which charging a battery multiple times lowers its maximum energy potential. The flexible nature of graphene has induced the commercialization of moldable batteries for portable electronic gadgets such as smartphones, tablets, power electronic devices, laptops, kindle readers, and overboard, which is not farfetched.
Lack of Awareness of Graphene Technology
Graphene-based batteries are still under the R&D phase owing to their versatile properties; and proper induction of these properties, making them ideal batteries. The energy storage solution industry still lacks awareness about the use of graphene in batteries. Thus, the versatile properties of graphene has not been fully incorporated into batteries. This factor is expected to lose its impact during the forecast period due to the technological advancements in this industry. In addition, companies have made efforts to increase awareness about the potential uses of graphene batteries in new industry verticals such as automobile, portable electronics industries, and the power& energy sector. For instance, graphene battery was not very popular in the energy sector; however, there is ongoing research on their application in solar cells.
Increasing Government Investments in R&D
The graphene battery market witnesses several R&D activities, endeavoring to develop improved products such as high storage graphene supercapacitors, Moldable graphene batteries, graphene-based solar cell panels, and more. There have been struggles in the market to develop energy storage solutions such as batteries and capacitors that can keep up with the current rate of electronic component evolution. Graphene application developments will grow the global graphene battery market with new possibilities for energy storage, high charge, and discharge rates cost-effectively.
The global graphene battery market is segmented by battery type, industry, and region.
Based on battery type, the global graphene battery market is segmented into Li-ion batteries, Li-sulfur batteries, supercapacitors, and lead-acid batteries. The Li-ion batteries segment was the highest contributor to the market and is estimated to grow at a CAGR of 30.7% during the forecast period. Numerous graphene manufacturers have focused on research and development activities for developing high-quality graphene (single to few-layered), which is used as an electrode material in graphene Li-ion batteries. For instance, Vorbeck Materials launched a lightweight, flexible graphene-enhanced battery power source, which can be attached to a bag strap for a mobile charging station. The adoption of graphene in Li-ion batteries is expected to ensure outstanding thermal conductivity, high electron mobility, good chemical stability, and excellent mechanical properties. Graphene electrodes increase the battery's capacity and prolong the life of batteries. Using a graphene-powered Li-ion battery is anticipated to eliminate storage capacity issues and durability. In addition, the thriving portable electronics market is expected to boost the growth of the graphene-based Li-ion battery market in developing countries such as China, India, Taiwan, and Singapore.
The supercapacitors segment is the second largest. The adoption of graphene in supercapacitors is expected to ensure high storage capacity and reduce the time for complete charging or discharging. Graphene supercapacitors offer promising applications for the automotive and electronics industries. Graphene-based supercapacitor provides an energy density that exceeds commercially available supercapacitors and is equivalent to nickel metal hydride batteries. The use of graphene-powered supercapacitors is anticipated to eliminate the issues about storage capacity and durability. In addition, increasing utilization of electric vehicles and portable electronics are expected to foster the growth of graphene supercapacitors in developing countries such as China, India, Taiwan, and Singapore.
By industry, the global graphene battery market is segmented into automotive, electronics, energy, aerospace & defense, industrial robotics, and healthcare. The automotive segment was the highest contributor to the market and is estimated to grow at a CAGR of 33.3% during the forecast period. Graphene and electric vehicle manufacturers are conducting research for graphene-powered automotive Li-ion batteries. The adoption of graphene batteries in automotive vehicles is expected to ensure exceptional storage capacity, charging speed, and high durability. The graphene-based EV battery architecture is a flexible technology solution that caters to different capacities, voltages, and Amp hour requirements. Moreover, graphene does not have the memory effect—a phenomenon in which charging a battery multiple times lowers its maximum energy potential.
The electronics segment is the second largest. The adoption of graphene batteries in portable electronic products is expected to ensure maximum recharge speed and efficient batteries. Standard Li-ion battery technology allows a certain number of recharge cycles before the battery starts to degrade and becomes redundant. Graphene battery technology overcomes this limitation in terms of charging and discharging cycles. Thus, the adoption of graphene batteries in electronic gadgets is expected to experience tremendous growth owing to such advantages over1 conventional batteries.
Based on region the global graphene battery market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Europe was the highest revenue contributor and is estimated to grow a CAGR of 30.3%. Europe procures the highest market share due to the presence of most graphene manufacturing companies in the region. Moreover, it possesses the highest growing market for batteries, characterized by the presence of many battery manufacturers, which in turn contributes to the growth of the graphene-based battery market. In addition, the pace of development in the European electronics market is very high, demanding fuel-efficient graphene batteries for electronic products such as power tools and portable gadgets. Strong sales of electric vehicles in the European market and above-average growth in Germany, the Netherlands, France, Denmark, and Sweden are expected to supplement the market growth. The UK possesses Europe's most prominent manufacturers pursuing research for graphene-based batteries. The major graphene manufacturing companies in the UK are the world's largest producers and suppliers of high-quality, functionalized graphene to produce conductive and multifunctional high-quality graphene electrode material for batteries. Cambridge Nanosystems, a UK-based company, delivers high-quality graphene through its unique one-step production process for the electrode material of batteries. Europe dominates other regions in the electronics and electric vehicle market. German companies such as General Motors, Fiat, and Ford are investing in graphene-based Li-ion batteries for their electric and hybrid vehicles. The German electronics industry is one of the strongest and most R&D-intensive industries. Therefore, further growth is expected in the sector of graphene batteries in the electronics market.
Asia-Pacific is the second largest region. It is estimated to reach an expected value of USD 330 million by 2030, registering a CAGR of 31.4%. The growth of the Asia-Pacific graphene battery market is led by the rapid industrialization and development of electric vehicles and industrial robotics. The governments of developing countries are taking various initiatives to curb air pollution by promoting the use of electric vehicles. For instance, about seven Asian-Pacific cities have initiated foot scooter schemes that include sharing free-floating electric foot scooters. This scheme is rapidly flourishing in other parts of this region, thereby fueling the growth of the graphene battery market. Asia Pacific countries, such as China, India, Japan, and Australia, have adopted CO2 emission regulations and are expected to adopt non-conventional energy resources. This aims to develop batteries with high storage density and eco-friendly energy storage devices to meet the ever-increasing demand for capacity and durability of batteries. Dongxu Optoelectronics, a Beijing-based company, launched graphene-based G-King battery packs, which can be charged within a few minutes. The adoption of fuel-efficient electric vehicles and the ever-increasing demand for advancements in portable electronics are expected to boost the growth of the overall market. In addition, the government is taking several initiatives to switch consumers' interests from petrol to electric or hybrid cars. This initiative is expected to increase the pace of developments and advancements in graphene-based batteries. The rise in per capita income in developing countries, including India and China, has increased the demand for energy storage units with high capacity and durability for different industrial applications.
North America is the third largest region. North America is projected to witness an increase in graphene battery demand, mainly driven by the expansion of the automotive market and a rise in sales of electric vehicles. The surge in environmental consciousness in the North American automotive market has increased the sales of electric vehicles utilizing fuel-efficient and eco-friendly graphene-based batteries. In addition, the ever-expanding aerospace & defense market in this region contributes to the growth of the graphene-based battery market owing to its applications in UAVs, USVs, satellites, rovers, and portable communication devices. Manufacturers such as XG Sciences, SiNode Systems, and Graphene 3D Labs have adopted the standards to manufacture graphene-based batteries, which are eco-friendly, highly efficient, and have high storage capacity and durability. Major graphene manufacturing companies collaborate with electric vehicle manufacturing companies to develop silicon–graphene anode materials for automotive Li-ion battery cells. Due to environmental concerns, the automotive segment dominates the North American graphene market, adopting electric vehicles and energy storage devices with efficient and eco-friendly graphene batteries. Major electric vehicle manufacturing companies have invested in graphene-based batteries and supercapacitors for their products. In addition, North America accounts for the largest market share in the world for wearable electronics, which require graphene batteries possessing excellent mechanical and electrical properties, thus increasing the graphene battery market. More investment in North America will strengthen the overall graphene battery production.