Graphene Battery Market Key Findings by 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: Strategic Insights
Market Size Value in US$ 115.8 million in 2022 Market Size Value by US$ 796.2 million by 2030 Growth rate CAGR of 27.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Graphene Battery Market: Strategic Insights
| Market Size Value in | US$ 115.8 million in 2022 |
| Market Size Value by | US$ 796.2 million by 2030 |
| Growth rate | CAGR of 27.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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