The Quantum Dots market is anticipated to grow at CAGR 18.44% and reach a market size worth US$10.843 billion by the end of 2026. The market was valued at US$3.316 billion in 2019. The prime region driving the growth in this market is the rising adoption of Quantum Dots in the consumer electronics and healthcare sector for display, laser, and medical devices. Quantum dots are artificial nanoparticles having semi-conductor properties. They are so micro that size of one dot range in between 2 to 10 nanometers. However, their size significantly influences their wavelength of light emission. In addition to their size, their shape, structure, and composition also affect their light emission capabilities. This technology is widely used in electronics, imaging, information storage, sensing devices, and others. they have the capability of churning a large number of nanocrystals in small batches, about certain parameters making them widely preferable throughout the electronic, military, healthcare, and telecommunication industry.
Consumer Electronics Segment of the Market Has Huge Growth Potential For Quantum Dots During the Forecasted Period
Based on End-Users Industry, the Quantum Dot market is segmented into telecommunication, consumer electronics, healthcare, military and defense, and others. the consumer electronic industry is anticipated to provide huge growth potential for the quantum dot market during the next five years. Consumer Electronics, such as televisions, employ quantum dots for better light emission and viewer experience. The consumer electronic industry is anticipated to grow at a CAGR of 3.8% in the next 5 years (Source: FMI). The prime reasons leading to this growth are surging disposable incomes, especially among developing countries, and the growing adoption of technologically advanced devices. Quantum dot technology enhances customer experience and increases product satisfaction. Quantum Dot TV, for instance, is an advanced LED backlight LCD TV but with better color and hence picture experience as compared to a normal LCD TV, due to the presence of Quantum Dot technology. While general LED TVs emit white light, quantum dot technology-based TV emits blue and is capable of creating red and green lights, making it superior to LEDs. Moreover, quantum dot TV sets do not require overhauling of the LCD fabrication process.
Technological advancement and technological awareness play a crucial role in the development of this market. broachers, advertisements, and other market techniques can significantly boost the market by educating the targeted audience and customers. The healthcare segment is anticipated to increase the employment of Quantum Dots technology during the forecasted period. Technological up-gradation in the industry for better diagnosis of diseases and more successful treatment can provide a great opportunity for the quantum dot market in the sector.
OLED Technology Gives a Tough Competition to Qled Technology, Which Constraints the Market Growth of Quantum Dot Technology
One of the main factors that have the potential to hinder the market growth of the Quantum Dots industry is the availability of substitutes that have the capability to outperform the Quantum Dots technology. OLED technology is a substitute for QLED technology that can be used in televisions and other consumer electronics. OLED stands for Organic Light Emitting Diode while QLED is an abbreviation of Quantum Dots Light Emitting Diode. QLED has an advantage over OLED technology as it has the capability to deliver a full range of colors, even at the peak brightness of the device. OLED technology compromises with the colors when at full brightness, as it loses 30% colors. However, OLED beats QLED technology when it comes to the availability of raw materials. OLED technology employs very thin sheets made of glass, plastic, and other materials, which are easily available and accessible. These sheets are sandwiched in between electrodes and are convenient to produce. Quantum Dots employ elements that pose a barrier to its market size.
Based on raw materials, the market for Quantum Dots is segmented into Cadmium, Silica, Graphene, and Lead Sulfide. Cadmium and Silica are majorly used in the production of quantum dots. However, these materials pose a great threat to technology. The non-availability of Silica in pure form, despite being the 2nd most abundant element on the surface of Earth, increases the cost of Quantum Dots. The other major element used is Cadmium and is highly toxic and is listed in the European Restriction of Hazardous Substance Derivatives. An alternative to these elements is carbon nanodots. However, carbon nanodots emit less light, in comparison with Silica and Cadmium.
The Asia Pacific Region Is Predicted to Hold a Considerable Market Growth Potential During the Forecasted Period
Based on geography, the analysis report divides the Quantum Dots market as North American region, south American region, European region, the Middle East and African region, and the Asia Pacific region. As per the analysis, the report forecast that the Asia Pacific region would be growing at an exponential rate during the forecasted period, and have a significant share of the market. The prime reason attributable to the growth would be surging consumer electronics and healthcare sector owing to rising population and government intervention, respectively. The Asia Pacific region has witnessed a surge in disposable income in the past few years and is expected to show good trends during the forecasted period. This has given rise to an increase in demand for consumer electronics, especially smart devices such as smartphones and smartwatches. The growing demand for consumer electronics will significantly increase the market potential of quantum dots. Further, research and development in the industry will help deal with raw material hindrance. The growing healthcare sector will also provide huge market growth opportunities. The North American region will hold a dominating position while the European and Middle East region will grow at noteworthy rates.
The analytics report also provides a detailed coronavirus impact on the overall industry growth. The report notes that the pandemic has positively impacted the market with greater employment of Quantum Dots technology in the healthcare sector.