According to Global Market Insights, Inc. “Graphene battery market size is estimated to witness a CAGR of 20% over the period of 2016-2024.” Graphene products are regarded as low emission versions and hence are being widely adopted to promote a green environment. Moreover, its advantages such as effectiveness in high temperatures, increased charge cycles, quick charging capacity, and extended charge holding capacity will enhance the graphene battery industry outlook over the coming years.
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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Based on the technological trends, graphene battery market is classified into lead acid, lithium ion, supercapacitor, and lithium sulfur. Lithium ion graphene battery industry, worth USD 9 million in 2015, is expected to grow notably over the coming years. This battery is extensively used in the automotive and healthcare sectors, resulting in low emission & energy conservation. Electronic devices such as tablets, mobiles, and laptops also make optimum use of this technology to reduce energy consumption.
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.
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.
The notable industry players of graphene battery market worldwide are Cabot Corporation, XG Sciences, Inc., SiNode Systems, Inc., NanoXplore Group Inc., Graphenano, Graphene NonoChem, 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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