The global graphene battery market is evaluated at US$11.065 million in the year 2021 and is projected to grow at a CAGR of 17.19% during the forecast period.
The graphene battery is built similarly to traditional batteries, using an electrolyte solution and two electrodes to allow ion transport. The composition of both or any one of the electrodes is the primary distinction between solid-state batteries and graphene batteries. The cathode is where the graphene battery changes, although the anode can also use carbon allotropes. Graphene is utilized in graphene batteries to enhance the benefits already existing in conventional materials used in traditional batteries, as well as to help overcome limits in the batteries, resulting in improved battery performance or longevity. The advantages of graphene batteries are their lightness, durability, chemical inertness, extended lifespan, and suitability for high-capacity energy storage.
Electric drones, electric vehicles, and other electrical gadgets can all benefit from graphene batteries. Electronics, automotive, industrial robots, and aerospace and military sectors are among the businesses that use graphene batteries.
Increasing investment due to the favorable properties to drive the market growth
Graphene is a good material for high-capacity energy storage because it is an efficient conductor, is incredibly lightweight, and has a huge surface area. Continuous R&D operations are underway to create new and better products, such as graphene-based supercapacitors and Lithium-sulfur batteries. Due to properties such as rapid charging capacity, higher charge cycles, efficacy at high temperatures, and prolonged hold charge duration, graphene-based batteries are predicted to gain popularity throughout the projection period. Because of the high return on investment, the market is expected to see a surge in financial investments.
In April 2021, Graphene Manufacturing Group (GMG), located in Australia, has announced a collaboration with the Australian Institute for Bioengineering and Nanotechnology (“AIBN”) at the University of Queensland to create graphene aluminum-ion batteries. GMG has now released preliminary performance data for the patent-pending surface perforation of graphene in aluminum-ion batteries developed by the Company and the University of Queensland, which was tested in coin cells. GMG will use technology developed at UQ to produce commercial battery prototypes for watches, phones, laptops, electric cars, and grid storage as part of a newly announced deal.
Rising application in the automotive industry to incline market size.
The increasing number of potential applications of graphene batteries in the automotive industry is expected to drive the graphene battery market demand in the near future. The graphene battery market is expected to expand due to increasing urbanization and industrialization in emerging economies throughout the globe over the projected period. The growing demand for graphene batteries for electric vehicles in advanced countries such as Europe and North America is expected to propel the graphene battery market forward. As reported by International Energy Agency, electric vehicle sales surpassed 2.1 million globally in 2019, surpassing 2018 – already a record year – to bring the total number of electric vehicles on the road to 7.2 million. 1 In 2019, electric cars accounted for 2.6 percent of worldwide car sales and roughly 1% of global car stock, representing a 40 percent growth year over year.
NanoXplore, a graphene manufacturer, April 2021, announced the formation of VoltaXplore Inc., a joint venture with Martinrea International to create graphene-enhanced electric vehicle (EV) batteries. A VoltaXplore demonstration facility for the research and manufacture of graphene-enhanced electric vehicle batteries is set to debut in Montreal, Canada, within the next year. According to the companies, a successful demonstration of increased battery performance utilizing graphene, as well as good customer feedback, will strengthen the business case for building a battery manufacturing plant in Canada.
Inclining the adoption of lithium-ion batteries to offer additional avenues for growth.
Graphene is an ideal substrate for anchoring lithium battery anode and cathode materials, allowing for high energy and density, flexibility, stretchability, fast charging, and long-lasting batteries. Graphene has the potential to help create supercapacitors with the energy density of batteries that can be recharged in seconds, because of its extraordinary quantum capacitance and outstanding electrical and mechanical characteristics. Lithium-ion battery adoption is projected to grow, boosting market share. Market sales were boosted by factors such as an increase in electric car sales, high capacity, and extended endurance.
Vaulta, a new battery case business based in Australia, in February 2021, announced that it is collaborating with Quickstep, the country's largest independent aerospace advanced composites manufacturer, to create better technologies for renewables, manned and unmanned drones, and electric aircraft. The two Australian companies have signed a memorandum of understanding to combine Vaulta's graphene-enhanced cell casing technology with Quickstep's manufacturing capability and market reach as the company looks to expand its presence in the fast-growing market of electric-powered land and air vehicles. The two businesses will collaborate extensively on a combined proposal for Australian Defense.
High cost and lack of awareness to restrict the market growth.
The increased cost of graphene electrode material, on the other hand, is a key stumbling block to the graphene battery market's expansion. Another problem limiting the graphene battery market's growth is a lack of understanding of its technical potential.
Europe and Asia Pacific region to holds a notable share.
Because the bulk of graphene materials providers are situated in Europe, Europe currently leads the graphene battery industry in terms of graphene manufacturing. The graphene battery industry in the Asia Pacific is expected to overtake that of Europe in the near future, thanks to rising sales of electric cars and the expansion of the aerospace business, which includes tiny satellites such as Nanosat and Cubesat, as well as USVs and UAVs. The graphene battery industry in North America is expected to expand considerably as customers become more environmentally conscious and government incentives increase.
|Market size value in 2021||US$11.065 million|
|Growth Rate||CAGR of 17.19% during the forecast period|
|Forecast Unit (Value)||USD Million|
|Segments covered||End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Graphene 3D Lab, Graphenano, Cambridge Nanosystems Ltd, Graphene NanoChem PLC, Graphenea S.A., SanDisk Corporation, Cabot Corporation, NanoXplore, G6 Materials Corp., Real Graphene USA|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of global graphene battery market?
A1. Graphene Battery Market was valued at US$11.065 million in 2021.
Q2. What are the growth prospects for the graphene battery market?
A2. The global graphene battery market is projected to grow at a CAGR of 17.19% over the forecast period.
Q3. How is the global graphene battery market segmented?
A3. The graphene battery market has been segmented by end-user industry and geography.
Q4. What factors are anticipated to drive the graphene battery market growth?
A4. The increasing number of potential applications of graphene batteries in the automotive industry is expected to drive the graphene battery market demand in the near future.
Q5. Which region holds the largest market share in the graphene battery market?
A5. Europe and Asia Pacific region holds a notable share in the graphene battery market.
Graphene 3D Lab
Cambridge Nanosystems Ltd
Graphene NanoChem PLC
G6 Materials Corp.
Real Graphene USA
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