Graphene Battery Market will be driven by increasing trends of portable electronic devices and growing electric vehicle demand. Global Market share from supercapacitors will witness substantial growth during forecast period. Supercapacitors possess superior charging abilities and greater shelf life, making them commercially viable product for investors and customers. Cellphone manufacturers are increasingly adopting supercapacitors as it increases the operating life of the product.
Graphene battery market share from healthcare applications is anticipated to surpass USD 25 million by 2024 subject to growing portable medical devices demand. Increasing emphasis on portable medical devices in developed economies will favorably impact the business growth. According to Global Market Insights, Inc. “Graphene battery market is estimated to witness 20% CAGR till 2024.” Graphene products are regarded as low emission versions and hence are being widely adopted to promote a green environment. Moreover, its advantages such as effectiveness in high temperatures, increased charge cycles, quick charging capacity, and extended charge holding capacity will enhance the graphene battery industry outlook over the coming years.
Based on the technological trends, graphene battery market is classified into lead acid, lithium ion, supercapacitor, and lithium sulfur. Lithium ion graphene battery industry, worth USD 9 million in 2015, is expected to grow notably over the coming years. This battery is extensively used in the automotive and healthcare sectors, resulting in low emission & energy conservation. Electronic devices such as tablets, mobiles, and laptops also make optimum use of this technology to reduce energy consumption.
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U.S. graphene battery market size was valued at over USD 3 million in 2015 and is likely to register a strong growth subject to availability of high quality product at affordable prices. Adoption of electric vehicles in the U.S. increased from over 5000 in 2011 to over 70,000 in 2015 owing to increasing government subsidies and growing customer awareness.
China graphene battery industry revenue, estimated at USD 1 million in 2015, is forecast to hit USD 10 million by 2024. The growth can be attributed to the substantial increase in the expansion of graphene battery production capacity. Effective supply chain management activities along with rising consumer awareness toward environmental protection will push graphene battery market size in Japan.
Strict government regulations to curb carbon footprint has stimulated the graphene battery market share, with these products classified as low emission versions. In 2008, the U.S. EPA introduced the National Emission Standard for Hazardous Air Pollutants (NESHAP) to regulate the battery manufacturing process. NESHAP section 112(c)(3) lists battery manufacturing area to be regulation pursuant as it involves use of lead and cadmium.
Increasing electric vehicle demand and portable electronic device penetration trends will drive the global graphene battery market size. Graphene has higher heat resistance with improved recharging efficiency when compared with conventional material including lithium ion making them a safer option for electric vehicles. Strict regulatory trends over carbon footprint and emission norms have had a positive impact. In 2008, the U.S. EPA introduced the National Emission Standard for Hazardous Air Pollutants to regulate the battery manufacturing process. NESHAP section 112(c)(3) lists battery manufacturing area to be regulation pursuant as it involves use of lead and cadmium.