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Graphene is considered a wonder material. Its attributes are astonishing. Graphene, a carbon compound, is made up of a sheet of carbon atoms stuck together in a honeycomb lattice-like pattern. The structure and chemical properties make it a good conductor of electricity and heat. It is also astonishingly lightweight, has inert chemical properties, and can stretch over a large surface area. In addition, it is considered eco-friendly. The possible uses of graphene are limitless, especially in the energy and energy storage industry. Graphene significantly improves regular batteries due to its properties. It improves the battery performance, reduces charging time, increases the energy output, and improves the battery's longevity.
Based on product type, the graphene battery market is primarily segmented into lithium-ion, lithium-sulfur, graphene supercapacitor, and others such as metal-air, lithium–titanate, lead-acid. All graphene-enhanced batteries have good properties, such as being lightweight, durable, etc., but the lithium-ion type battery is in high demand due to the growing positive consumer sentiment. That is the reason it dominates the market in this segment. In addition, the use of lithium-ion batteries is increasing globally. It is being used in automotive, consumer electronics, as well as industrial applications. The electric vehicles industry is also going to help boost the market.
Based on application, the graphene battery market is segmented into consumer electronics, automotive, industrial, power, others (aerospace, defense, marine, medical). The automotive segment is expected to be dominant in the forecast period. The electric car is expected to be in high demand. The usage of electric vehicles is rising, owing to the growing environment-friendly sentiment, hence, contributing to the boost in the market. These factors will lead to estimated growth in the graphene battery market.
There has been an increase in the demand for electric vehicles, and it is expected to maintain its rise in the forecast period. The manufacturers are ready to rely on these favorable sentiments. Electric vehicle production is expected to rise, leading to positive growth of the graphene battery market. The consumer electronics sector is another area where the graphene battery market is expected to flourish. Furthermore, governments are increasing the research and development funding in the graphene market globally, leading to a positive boost in the market.
Despite all of its beneficial properties and the immensely diverse prospects for its application, there is little knowledge about graphene and its uses among the general populace. A lack of proper publicity and representation leads to consumers being unaware of the benefits of graphene-enhanced batteries. Another restraining factor is the proper application of graphene. Even though the theoretical knowledge about graphene and its properties is available, the application is slow, hence, hampering the market's growth. These factors might stagnate the graphene battery market.
Key Market Driver -
Increased Usage in Electric Vehicles and Consumer Electronics Will Augment Demand.
Key Market Restraint -
Lack of Awareness About Graphene to Hinder Growth.
Some of the major companies in the graphene battery market are Samsung Electronics, Huawei, Log 9 Materials, Cabot Corporation, Graphenano, Nanotech Energy, NANOTEK INSTRUMENTS, INC, XG Sciences, ZEN Graphene Solutions Ltd., GrapheneCA , Global Graphene Group, Vorbeck, Graphenea, Hybrid Kinetic Group Ltd., and Targray.
The graphene battery market is spread across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe is the dominating market for the graphene battery industry, as most graphene manufacturers operate out of Europe. The European market is expected to maintain its appeal during the forecast period. North America will also present favorable opportunities for the graphene battery market, as the scope for electric vehicles is high in the region.
The Asia-Pacific region, which is already a booming market for the graphene battery industry, is expected to experience the highest growth. The rapid urbanization, electrification of residential areas, smart city projects, expanding consumer electronics market, and growth in the electric vehicle market in the region are the major reasons for this development. In addition, countries in the region are aiming to minimize carbon emissions. Japan aims to reduce CO2 emission by 50% by the year 2050. These factors will lead to the tremendous growth of the graphene battery market in the region.
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