The graphene sensors Market was valued at US$162.473 million in 2020 and is expected to grow at a CAGR of 32.12% over the forecast period to reach a total market size of US$1142.008 million in 2027.
Graphene is a two-dimensional material made of carbon atoms. It is 200 times stronger than steel but is still lightweight and transparent. Graphene is so dense that it does not even let the smallest helium atom pass through it. Graphene is used widely in biosensors and diagnostics as it enhances the surface loading of desired biomolecules, excellent conductivity, and the electrode surface. It also enables the sensors to be smaller and lighter providing endless design possibilities. In comparison to traditional sensors, graphene sensors are quick and less expensive and can even detect small changes. The market for graphene sensors is driven by the increasing awareness about health and the increasing use of nanotechnology in various industry verticals. Also, the various technological innovations and developments in relation to nanotechnology will also support the growth of the market.
Consumer electronics industry to show substantial growth in the end-user segment
Consumer electronics is estimated to be a significant end-user industry for graphene sensors. This industry uses graphene for various applications, including unbreakable touchscreens, transistors, supercharged batteries, optical electronics, printed electronics, and conductive inks, among others. The industry has been continuously making significant progress, which is expected to drive the demand for the graphene sensors market rapidly. The growing production of cellular phones, portable computing devices, gaming systems, and other personal electronic devices drives the demand for electronic components, which is thus expected to boost the demand for graphene sensors. Major developments in various countries around the world are expected to boost the consumer electronics sector, thus, driving the growth of the graphene sensors market. For instance, India is expected to have growth in its digital economy along with the growth of the electronics system design and manufacturing (ESDM) sector. Adding to that, the production of electronics in India is also expected to increase rapidly. All these possibilities have been predicted due to government initiatives like Make in India and the National Policy of Electronics, as well as the government's moves to lower import dependence and boost exports and manufacturing, which is expected to drive the electronics industry as a whole. Germany has the largest electronic industry in Europe. Furthermore, according to the German Electrical and Electronic Manufacturers' Association, in December 2021, the electro and digital industry sales in Germany accounted for EUR 18.1 billion, witnessing an annual growth rate of 8.5% compared to December 2020.? Thus, this growth in the electronics industry, especially consumer electronics, is projected to drive substantial growth in the graphene sensors market due to a subsequent increase in demand.
Asia Pacific to hold significant shares of the market
The Asia-Pacific region is estimated to hold a significant share of the graphene sensors market. Due to rapid industrialization and the growth of graphene-based application patents in the region, the graphene sensors market is anticipated to witness high growth. China is known to have one of the largest production bases for electronics and offers tight competition to the existing upstream producers, such as South Korea, Singapore, and Taiwan, which is expected to drive the demand for graphene sensors in the region. According to the International Air Transport Association, India is expected to become the third-largest aviation market globally by 2027. The country is projected to have a demand for 2,100 aircraft over the next two decades, amounting to a value of over USD 290 billion in sales. ?Due to these factors, the demand for graphene from the aerospace sector is expected to rise. According to the Stockholm International Peace Research Institute, China allocated an estimated value of USD 293 billion to its military in 2021, an increase of 4.7% compared to 2020. This growth is thus expected to drive the demand for these sensors in the defence sector. Further, several lined-up projects in the region are further projected to propel the demand for graphene sensors. For instance, the Photovolt Ukushima Solar PV Park, which is a 480 MW solar PV power project planned in Nagasaki, Japan is currently in the permitting stage. Post the completion of the construction, the project is expected to get commissioned by July 2023. Thus, all these factors are expected to drive substantial growth for graphene sensors in the regional market.
The outbreak of the COVID-19 pandemic severely impacted the graphene sensors market. the subsequent lockdowns caused the production facilities to halt their work, causing a disruption in the supply chain. Further, with restrictions on air travel and the decline in the automotive, the market witnessed a severe decline in demand. However, with the increasing sales of consumer electronics due to work-from-home policies and ease of restrictions, the market is expected to grow again.
Frequently Asked Questions (FAQs)
Q1. What will be the graphene sensors market size by 2027?
A1. The graphene sensors market is projected to reach a total market size of US$1142.008 million by 2027.
Q2. What is the size of the global graphene sensors market?
A2. Graphene Sensors Market was valued at US$162.473 million in 2020.
Q3. What are the growth prospects for the graphene sensors market?
A3. The global graphene sensors market is projected to grow at a CAGR of 32.12% during the forecast period.
Q4. Which region holds the largest share of the graphene sensors market?
A4. The Asia-Pacific region is estimated to hold a significant share of the graphene sensors market due to rapid industrialization and the growth of graphene-based application patents in the region.
Q5. What factors are anticipated to drive the graphene sensors market growth?
A5. The graphene sensors market growth is driven by the increasing awareness about health and the increasing use of nanotechnology in various industry verticals.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Driver
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GRAPHENE SENSORS MARKET, BY PRODUCT TYPE
5.3. Optical Sensors
5.4. Temperature Sensors
6. GRAPHENE SENSORS MARKET, BY END-USER INDUSTRY
6.3. Consumer Electronics
6.4. Aerospace and Defense
7. GRAPHENE SENSORS MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.5. Middle East and Africa (MEA)
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Nanomedical Diagnostics
9.2. Graphene Frontiers
9.3. Merck KGaA
9.5. Applied Graphene Materials plc.
9.7. ACS Material
9.8. Haydale Limited
9.9. Applied Nanotech, Inc. (ANI)
Applied Graphene Materials plc.
Applied Nanotech, Inc. (ANI)
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