Graphene has been touted as a ‘wonder material’ due to its extraordinary properties like high electrical and thermal conductivity, flexibility, and durability. Graphene batteries utilize graphene as an anode material to significantly improve battery performance characteristics compared to current lithium-ion batteries. Graphene anodes allow batteries to charge much faster and enable devices to work longer without needing recharge. The global graphene battery market enjoys high demand from consumer electronics and electric vehicles industries due to growing focus on enhancing battery capacities and life.
The graphene batteries market is estimated to be valued at USD 196.22 Bn in 2024 and is expected to reach USD 889.5 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 24.1% from 2024 to 2031.
Key Takeaways
Key players operating in the graphene battery market include Sony, Samsung SDI, LG Chem, Nanyang Technological University, Cambridge University, and Huawei. Graphene batteries deliver higher storage density, faster charging ability, and improved safety than conventional lithium-ion batteries.
Technological advancements are ongoing to develop graphene-based composite materials and optimize battery production techniques to realize full commercial potential of graphene batteries.
Growing demand for small, powerful and durable batteries from consumer electronics and electric vehicles is a major factor spurring Graphene Batteries Market growth. Smartphones, tablets, wearables and other compact devices require high energy density batteries for extended operation without frequent recharging. Graphene battery technology is very suitable to fulfill these requirements.
Market Trends
Improvements in graphene production techniques are making commercial scale manufacturing feasible. Large companies are partnering with graphene producers and battery startups to develop and test graphene batteries.
Increased research funding from governments aims to accelerate development of graphene battery technology. Successful fabrication of high-performance graphene batteries can help drive innovation across a broad range of energy storage applications.
Market Opportunities
Electric vehicles present a massive market opportunity for graphene batteries. With significantly higher driving ranges compared to current EV batteries, graphene batteries have the potential to accelerate global e-mobility transition.
stationery energy storage markets like power tools, solar panels also offer sizable growth opportunities. Graphene batteries enable compact, long-lasting and safe energy storage solutions ideal for these applications.
Impact of COVID-19 on Graphene Batteries Market Growth
The COVID-19 pandemic has impacted the graphene batteries market significantly. During the initial lockdown phases, production facilities were shut down which disrupted the supply chain. There was a slowdown in R&D activities and new product development projects as well. Assembly and manufacturing of graphene batteries also witnessed delays. However, with gradual lifting of lockdowns, the market is recovering slowly. Many battery and EV manufacturers are accelerating their plans to introduce graphene batteries to meet the growing demand from EVs and consumer electronics sectors. The demand for high-performance batteries is increasing due to more people working from home and online education during the pandemic. This has boosted the sale of portable consumer devices driving the need for better performing batteries. In the post-COVID period, graphene battery manufacturers need to ramp up production, focus on new product innovations, and create strategic partnerships to cater to the rising battery requirements across various end-use industries.
Graphene batteries market in terms of value
The graphene batteries market in terms of value is currently concentrated in Asia Pacific region led by countries like China, South Korea and Japan. This is due to the large production base of battery and consumer electronics products in these countries. China dominates the global supply chain for batteries and holds a major share of graphene production as well. Countries in Europe and North America are also actively funding R&D for graphene batteries. However, the fastest growing market for graphene batteries is expected to be in North America. Considerable investments are flowing for battery R&D and manufacturing plants are coming up in the US and Canada to support the booming EV industry. Government initiatives are promoting domestic battery production and use of advanced battery technologies like graphene. The growing adoption of EVs and requirements of battery-powered consumer devices will drive high demand for graphene batteries in the coming years in the North American market.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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