Graphene Battery Market

Graphene Battery Market Size, Share, Growth (2023-2028)

Graphene battery market is expected to have a market size of USD 365.4 billion by 2028, and the market grow at a CAGR of 30.5% during the forecast period.

Graphene Battery Market Overview

The newly emerging technology in Graphene batteries will allow increased electrode density and faster cycle time and also has a longer battery life. With the advancing technology, graphene batteries are becoming more acceptable than their graphite predecessors. Many forms of graphene batteries are available. Enhancement to the already existing benefits obtained from the traditional material is observed. The high conductivity and well-ordered structure are crucial in the provision of the improvement against the regular graphene predecessors.

GRAPHENE BATTERY MARKET REPORT COVERAGE:

Graphene Battery Market Drivers

Significant increase in the sale of electric vehicles and portable electronic products

The environmental concern is increased among the people, and shifting toward clean energy solutions is observed. This increases the demand for graphene batteries as there are eco-friendly alternatives that are made from sustainable materials. The sale of electric vehicles increased with promotions and incentives given by the government. The government is making people adopt vehicles that use renewable energy as a source. The development of new and advanced technologies in the market for the graphene battery led to an improvement in the sale of the product. Improved technologies include a long-life span and fast charging. Portable and electric vehicles are the more efficient for consumers. These drive the graphene battery market growth.Rise in the adoption of non-conventional energy resources.The rise in the adoption of non-conventional energy resources fuels the graphene battery market demand. The advantages of the graphene battery make it more adaptable for users. It includes higher energy density so that small spaces can store more energy. Many countries are looking to reduce their carbon footprint, which results in more advancements in energy storage solutions that can store renewable energy resources and discharge them when needed.

Graphene Battery Market Restraints

Some major restraints of the graphene battery market are the high cost of raw materials to provide high-quality graphene and low awareness about the technology. The market is less commercialized than the traditional battery market and acts as one of the key restraints in the market. The complexity of product manufacturing demands high costs. The high investment and time-consuming manufacturing process of the graphene batteries makes the supply of the product into the market at a low quantity. Sometimes result in insufficient production and causes a loss of market users to a great extent. The safety of graphene batteries is still a concern with respect to the flammability and explosive nature of the battery. The potential toxicity of the graphene material, surrounded by the many regulatory and environmental issues, hinders the market adoption by the users. The graphene batteries are in the development phase and are still under research and development. Being in a growing phase, the market is not very popular, and graphene batteries are less aware in the energy sector. This could be a limiting factor for the market to increase its market volume in terms of user number and market revenue.

Graphene Battery Market Opportunities

Increase in investment activities in the research and development in the graphene battery market to future improve the efficiency and performance of the battery. These developments also reduce the cost of the graphene battery market. New innovations will also make the way for the graphene battery market to explore new opportunities. The graphene battery market manufacturers and companies in other industries can make collaborations and partnerships, leading to a new opportunity for the market to increase the market volume. One such example is a collaboration with the electric vehicle automotive industry. The increased demand for electric vehicles also continues for the coming years, and the graphene market can expect to develop a new market growth strategy in accordance with the growing demand. The emerging markets provide a market expansion opportunity for the graphene battery market.

COVID-19 Impact on the Graphene Battery Market

The COVID-19 pandemic had both positive and negative impacts on the graphene battery market. The disruption in the manufacturing process, temporary shutdown of the operations, delay in the projects, disruption of the supply chain, and improper supply and demand statistics are the negative impact on the market. The positive side of the market caused due to the pandemic is the increased demand for renewable energy resources and products that use these resources. Keeping in mind the occurrence of the future crisis made many countries look into the reduction solutions for the carbon footprint. This accelerated the demand for renewable energy and its solutions like graphene batteries. An increase in the opportunities for the market is seen post-pandemic.

Key developments in the market

•             In 2023, an amount of KRW (South Korean Won) 7.2 trillion was invested in the construction of battery manufacturing in Arizona by LG Chem. This would increase the production of the EV and ESS battery in North America.

•             In 2021, GMG received funding amount of AUD 3.6 million from the Australian government for assisting the company in the development of graphene products.

Graphene Battery Market Segmentation

By Type

•             Li-ion

•             Li-Sulfur

•             Supercapacitors

•             Lead-acid

The Li-ion batteries category is expected to have a high share of the graphene battery market. From 2019 the same trend is expected to continue in the market. The wide application in various portable electronic devices and electric vehicles increases the market size. The advantages include the long shelf life, high energy density, and low self-discharge compared to the other categories of batteries.

By Application

•             Automotive

•             Electronics

•             Energy

•             Aerospace & Defense

•             Industrial Robotics

•             Healthcare

In the application segment, the automotive category is expected to have a high share of the graphene battery market. The benefits of graphene batteries will make its wider application in electric vehicles (EVs) and hybrid electric vehicles (HEVs). Thermal stability and high electric conductivity are the key features that make the graphene battery application in the automotive industry. Many luxuries automotive brands like Tesla, BMW, etc., use graphene batteries in their automobiles.

Graphene Battery Market Regional Analysis

•             North America

•             Europe

•             Asia Pacific

•             Latin America

•             Middle East & Africa

Europe accounts for the major share of other regions in the graphene battery market. The presence of the major graphene manufacturing companies in this region is a driving factor for the market. Asia-Pacific region is the second largest market share holder in terms of revenue and will continue to increase the market size during the forecast period. An increase in the adoption of the regulations on carbon emissions and a rise in the awareness of renewable energy resources among the people is a positive factor to the market growth.

Graphene Battery Market Key Players

•             Cabot Corporation

•             Cambridge Nanosystems Ltd.

•             G6 Materials Corp.

•             Graphenano S.L.

•             GrapheneNanoChemplc

•             Graphenea S.A.

•             NanoXplore Inc.

•             Real Graphene USA

•             Vorbeck Materials Corp.

•             XG Sciences, Inc