Graphene Battery Market Forecast and Growth 2031

The graphene battery market size is projected to reach US$ 1,009.5 million by 2031 from US$ 147.3 million in 2023. The market is expected to register a CAGR of 27.2% in 2023–2031. The increasing use of drones in various sectors and growing applications in energy storage are likely to fuel market growth.

Graphene Battery Market Analysis

Graphene can improve battery characteristics such as energy density and structure in multiple ways. The performance of batteries like Li-ion batteries can be improved by adding graphene to the anode, leading to better morphological optimization and overall performance. The demand for graphene batteries from industries like aerospace and defense, automotive, industrial robotics, electronics, energy, and others is expected to drive significant growth in the market size by 2031.

The increase in government attention towards manufacturing and utilizing electric cars leads to a greater need for eco-friendly battery options, thus driving the growth of the graphene battery industry. One example is the European Commission's various efforts to promote the expansion of the automotive sector within the region. Additionally, national regulatory agencies are implementing numerous efforts to promote the expansion of the automotive sector in the area. For example, some significant European government initiatives that are enhancing vehicle production include the CARS 2021 Action Plan, GEAR 2031, and Horizon 2021. The Horizon 2021 Plan aims to support research & development (R&D) in the automotive sector by introducing initiatives like the European Green Vehicles Initiative for intelligent mobility, road transport, and logistics. Ford aimed to launch three electric passenger vehicles and four electric commercial vehicles in Europe by 2024, with aspirations to sell over 600,000 electric vehicles in the region by 2031. Hence, having a strong automotive sector and encouraging the manufacturing of electric cars increases the need for eco-friendly battery options, which in turn stimulates the growth of the graphene battery industry.

Graphene Battery Market Overview

Graphene comprises carbon atoms connected in a hexagonal lattice structure. It has a high conductivity of electricity and heat, is very lightweight, chemically unreactive, and bendable with a large surface area. It is also acknowledged as environmentally friendly and capable of sustaining multiple applications with endless possibilities.

In the batteries industry, traditional battery electrode materials see significant enhancements when combined with graphene. A graphene battery is lightweight, long-lasting, and ideal for storing large amounts of energy, and it also charges more quickly. Graphene increases conductivity without requiring as much carbon as traditional batteries, thus prolonging the battery's lifespan, which is affected by the carbon coating on the material or electrodes. Therefore, these advantages of graphene create a need for it in multiple sectors, enhancing the growth of the graphene battery market.

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Graphene Battery Market Drivers and Opportunities

The Increasing Use of Drones in Various Sectors to Fuel the Market

Currently, the drone sector is recognized as one of the industries experiencing rapid growth. The increasing demand for secure, affordable data gathering, mapping, and surveying solutions has led to the use of drones. They are commonly utilized for carrying out more intricate tasks such as collecting data, mapping, and conducting surveys in extreme environments where traditional surveying methods are dangerous or impossible.

Different companies are incorporating drone technology in sectors such as construction, photography, agriculture, and various other industries. Drones assist in gathering aerial data for these sectors, reducing the time needed for traditional surveys. It can gather and offer crucial data for various industries such as agriculture, construction, building inspections, mining inspections, and others simultaneously. Using these drones for surveillance aids in improved analysis of scenarios to ensure decisions that are advantageous for enhancing productivity. In agriculture, the use of drones for surveillance in fields assists in identifying insect and pest issues that can be addressed and prevented through early drone monitoring. Therefore, in order to improve, these drones create a demand for efficient battery options. The graphene battery has exceptional mechanical, thermal, and electrical characteristics. Its high conductivity and large surface area make it suitable for enhancing battery performance. The advantages of utilizing graphene in drone battery solutions are propelling the graphene battery market within the drone industry.

Growing Applications in Energy Storage – An Opportunity in the Market

Graphene has been suggested and utilized in various energy storage applications, such as lead-acid batteries and supercapacitors, with a specific focus on lithium-ion batteries. The market serves a variety of purposes, ranging from power tools to home installations, with the majority being utilized in the automotive industry. The function of graphene in the battery has once again been varied; businesses have suggested utilizing it as a cover for a current collector or as a facilitating conductive system for different options, such as lithium sulphur. Nevertheless, the main focus is on how it can either support silicon anodes or enhance the efficiency of existing lithium-ion electrodes.

Graphene Battery Market Report Segmentation Analysis

Key segments that contributed to the derivation of the graphene battery market analysis are product type and industry vertical.

• Based on product type, the market is segmented into Ion battery, Li-Sulphur battery, supercapacitors, and Lead-Acid battery. The Ion battery segment held a significant market share in 2023.
• In terms of industry vertical, the market is segmented into aerospace & defense, automotive, industrial robotics, electronics, energy, and others. The aerospace & defense segment held a substantial share of the market in 2023.

Graphene Battery Market Share Analysis by Geography

The geographic scope of the graphene battery market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

The North America market for graphene batteries includes the US, Canada, and Mexico. The area is viewed as a center for technological progress. One of the main factors driving the demand for portable electronics is the increase in disposable income among residents in North America. The demand for graphene batteries is driven by portable electronics such as power banks, smartphones, iPads, and others, which promise quick device charging and boost the market growth of graphene batteries.

Graphene Battery Market Regional Insights

The regional trends and factors influencing the Graphene Battery Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Graphene Battery Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Graphene Battery Market Report Scope

Graphene Battery Market Players Density: Understanding Its Impact on Business Dynamics

The Graphene Battery Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Graphene Battery Market are:

1. FGV Cambridge Nanosystems Ltd.
2. Graphene 3D Lab Inc.
3. Graphene Batteries AS
4. Graphenea Inc.
5. Grupo Graphenano
6. NanoGraf Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

Graphene Battery Market News and Recent Developments

The graphene battery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• Graphene Manufacturing Group Ltd. (“GMG” or the “Company”) was pleased to provide the latest progress update on its Graphene Aluminium-Ion Battery technology (“G+AI Battery”) being developed by GMG and the University of Queensland (“UQ”).

(Source: Graphene Manufacturing Group Ltd., Press Release, 2024)

• Florida-based battery cell manufacturer Nanotech Energy has confirmed a pioneering new partnership with Rockwell Automation that will empower Nanotech Energy’s new production plant in Chico, CA, to become one of the most advanced in the world.

(Source: Nanotech Energy, Company Website, 2023)

Graphene Battery Market Report Coverage and Deliverables

The “Graphene Battery Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Graphene Battery Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Graphene Battery Market Trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Graphene Battery Market analysis covering key market trends, major players, regulations, and recent market developments
• Graphene Battery industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles