Global Graphene Battery Market Size is Projected to Reach USD 957 million by 2030

Author:
Straits Research

Date
02/19/2024

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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.

Report Scope

­Graphene batteries have emerged as the world's quickest energy storage technology. The commercialization of graphene to improve batteries in recent years and give highly efficient energy storage solutions is driving the global graphene battery market. Graphene is an excellent material for high-capacity energy storage because it is a good conductor, is incredibly light and flexible, and has a vast surface area. Ongoing research and development (R&D) efforts are underway to develop unique and enhanced products, such as graphene-based supercapacitors and lithium-sulfur batteries. Graphene-based batteries are anticipated to gain popularity during the projection period because of their rapid charging capacity, higher charge cycles, effectiveness in high temperatures, and extended charge retention time. The market is likely to attract significant financial investments due to its high expected return on investment.

Competitive Landscape

The Top 10 players in the global graphene battery market are 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.

Rise in Sales of Electric Vehicles to Drive the Global Graphene Battery Market

According to Straits Research, “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).”  The electric car section of the automobile industry is expanding rapidly. Increased sales of electric vehicles have significantly increased the demand for batteries with high storage and capacity. Automobile manufacturers involved in producing electric vehicles such as cars, bicycles, scooters, and bikes concentrated on providing vehicles with enhanced range and reduced charging time. The graphene battery technology can store and distribute energy for a longer duration. Graphene batteries are fast gaining favor in the automobile sector because they allow electric vehicles to go longer distances and require less charging time. Graphene batteries can be charged more quickly than lithium-ion batteries and are safer and less likely to explode.

Increasing Government Investments in R&D to Provide Opportunities for the Global Graphene Battery Market

Several R&D endeavors characterize the graphene battery market to develop enhanced goods such as high storage graphene supercapacitors, moldable graphene batteries, and graphene-based solar cell panels. Energy storage technologies such as batteries and capacitors that can keep up with the present rate of electronic component evolution have been challenging to create on the market. Thus, graphene application advancements will expand the worldwide graphene battery market by introducing new energy storage options with high charge and discharge rates that are cost-effective.

Regional Insights

Based on region, the global graphene battery market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue contributor and is estimated to grow a CAGR of 30.3%. Due to the vast majority of graphene manufacturing businesses, Europe holds the largest market share. In addition, it has the fastest-growing market for batteries, characterized by the presence of many battery manufacturers, which adds to the growth of graphene-based batteries. In addition, the European electronics market is developing rapidly, creating a need for fuel-efficient graphene batteries for electronic products such as power tools and portable devices. It is anticipated that strong sales of electric vehicles in the European market and above-average growth in Germany, the Netherlands, France, and Sweden will complement market expansion. Europe dominates all other areas in the electronic and electric car market. General Motors, Fiat, Ford, and other German automakers, are investing in graphene-based Li-ion batteries for their electric and hybrid vehicles. The German electronics sector is one of the world's most robust and R&D-intensive industries. In light of this, the graphene battery sector of the global electronics market is anticipated to expand more.

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%. Rapid industrialization and the development of electric vehicles and industrial robots are driving the expansion of the Asia-Pacific graphene battery market. The governments of developing nations are supporting the adoption of electric vehicles through various measures designed to reduce air pollution. Seven Asian-Pacific cities, for instance, have implemented foot scooter plans that incorporate the sharing of free-floating electric foot scooters. This strategy is growing swiftly in other regions of this region, fueling the expansion of the graphene battery industry. Countries in the Asia-Pacific region, including China, India, Japan, and Australia, have established CO2 emission regulations and are likely to use nonconventional energy sources. To fulfill the ever-increasing demand for battery capacity and endurance, this aims to produce batteries with high storage density and eco-friendly energy storage systems. The Beijing-based company Dongxu Optoelectronics has introduced G-King battery packs that can be recharged in minutes. The adoption of fuel-efficient electric vehicles and the ever-increasing need for technological advances in portable devices is anticipated to stimulate the expansion of the entire industry. In addition, the government is undertaking several programs to shift consumer preference from gasoline to electric or hybrid vehicles. This project is anticipated to accelerate graphene-based battery development and innovation.

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