PMR Foresees an Excellent Growth Outlook for the Graphene Battery Market Based on the Rising Sustainability Boom, and a Remarkable Rise in EV Adoption
Report ID: PMRREP24796
Number of Pages: 160
Format: PPT*, PDF, EXCEL
Industry: Industrial Automation
Published Date: June-2024
The global graphene battery is estimated to reach a valuation of US$1.27 Bn by the end of 2033, up from approximately US$0.45 Bn attained in 2023. Between the years of projection, 2024 and 2033, the market for graphene battery is likely to witness a stupendous CAGR of 39.5%.
Key Highlights of the Market
|
Attributes |
Key Insights |
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Market Size (2023E) |
US$0.45 Bn |
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Projected Market Value (2033F) |
US$1.27 Bn |
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Forecast Growth Rate (CAGR 2024 to 2033) |
39.5% |
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Historical Growth Rate (CAGR 2019 to 2023) |
20.0% |
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Graphene is known to be a divergent material used for high-capacity energy storage due to its exceptional conductivity and properties like large surface area, high flexibility, and extremely lightweight.
Continuous research and development activities are in progress to develop innovative and enhanced products, including graphene-based super capacitors and lithium-sulphur batteries.
The adoption of graphene-based batteries is anticipated to increase during the forecast period due to their extended duration to retain a charge, increased charge cycles, effectiveness in high temperatures, and quick charging capacity.
The high return on investment factor plays a major role in the market's growth trajectory during the forecast period 2023 to 2033.
Increase adoption of graphene batteries in consumer electronics is a growing trend in the graphene batteries market
With the exceptional advantages offered by graphene batteries compared to conventional lithium-ion batteries, there has been a surge in demand from the consumer electronics industry.
The advantages offered by graphene batteries including extended battery life, faster charging and enhanced safety attract potential buyers to the market. They are thus increasingly prevalent in tablets, laptops, cell phones, and other portable electronic devices.
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Get a Customized VersionGraphene has been used widely earlier in lower-tech applications for its commercial adoption into graphene textiles and clothing.
The graphene battery market was valued at US$0.38 Bn in 2019 and exhibited a value CAGR of about 20% to reach a valuation of US$0.45 Bn in 2023.
It is evident that the market found it difficult to break into the higher-tech industries, however, in the prior years the market has seen a sudden surge in its demand due to the evolution of electric and hybrid vehicles.
Batteries are one of the essential components of an automobile and with the new-age vehicles, the use of graphene batteries has significantly risen along with biosensors and phone cooling systems.
Increase in Sales of Electric Vehicles
Electric vehicles are rapidly gaining traction in the global automotive market, as end-consumers prefer electric vehicles owing to their affordability and range.
The significant demand for electric vehicles has increased the need for batteries with large storage capacity and high energy density.
Graphene battery technology has the capability to store and distribute energy over a longer duration, which is why leading automotive OEMs that are into manufacturing electric vehicles, including automobiles, bicycles, motorcycles, and industrial vehicles, are prioritizing enhancing the vehicle's driving range and charging duration.
Graphene batteries are becoming increasingly popular in the electric vehicle manufacturing sector due to their extended range for long-distance travel and reduced charging time.
It exhibits a higher charging rate in comparison to conventional lithium-ion batteries while also possessing enhanced safety features and a reduced risk of explosions.
Ballooning Portable Electronics Market
The portable electronics market is witnessing a dream run at the global market with a diverse range of products attracting consumers globally. Portable electronics include smartphones, computers, digital devices and several other communication gadgets.
The primary factor driving the adoption of graphene batteries in the portable electronics market is their ability to store a larger amount of energy in a smaller battery volume.
Furthermore, graphene batteries do not have the memory effect, which downgrades the battery performance with repeated charging, which is a crucial factor for the growth of the market size.
Incapability of Mass Production
Furthermore, the incapability of having a mass production of graphene batteries is one of the major restraints for the graphene battery market growth.
The mass production of graphene batteries is affected by several key factors, including the time-consuming and expensive manufacturing process, the need to preserve the quality of huge amounts of graphene, and the need to scale up graphene production.
Besides, during mass production, any manufacturing damage affects graphene's properties, including its impermeability, thermal conductivity, electrical conductivity, and transparency, which is why there is no mass production of graphene batteries.
Integration of Graphene with Renewable Energy System
The global graphene battery will open a pool of opportunities through its integration with renewable energy sources like solar energy and wind energy.
As the energy and power sector is shifting towards a more sustainable approach, the demand for more sustainable and effective energy storage technologies is developing.
When demand is high or renewable energy generation is low, graphene batteries can be used to store excess energy produced from renewable sources during periods of peak production and release it.
With this, we can enhance grid stability and dependability by reducing the erratic and unpredictable nature of renewable energy sources.
Furthermore, when access to conventional power sources is limited, such as in rural locations or during disaster relief efforts, graphene batteries can be used in off-grid applications.
The efficient management and utilization of graphene batteries in renewable energy sources can help reduce the dependency on fossil fuels and help to eliminate a low-carbon future.
With the inclusion of graphene batteries, it will take cooperation and creativity across a range of industries, including battery production, automotive, renewable energy, and energy storage, to take advantage of these prospects.
Furthermore, the stakeholders can maximize the potential of graphene batteries and encourage their adoption in emerging markets by using the unique properties of graphene and exploring novel applications which ultimately contribute to the overall development of a more resilient and enduring energy ecology.
Lithium-ion Battery Accounts for a Whopping 89% Market Share
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Market Segment by Type |
Market Value Share (2023) |
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Lithium-ion Battery |
89% |
Based on the type of batteries, the global graphene battery market is further segmented into lithium-ion batteries, lithium-sulphur batteries, and lead acid batteries, among which the lithium-ion battery segment dominates the market share.
It is further expected to witness steady growth during the forecast period that ends in the year 2033. The lithium-ion battery technology combines the properties and strengths of lithium-ion batteries along with the remarkable properties of graphene.
As graphene enhances conventional batteries by faster charging, longer lifespans and increased energy density, it is more prominently utilized. Such improvements are of great help for industries like electric vehicles, consumer electronics and renewable energy sources.
Automotive Industry Represents Nearly 56% Share by Application
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Market Segment by Application |
Market Value Share |
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Automotive |
56% |
Based on application, the market is sub-segmented into automotive, power and industry robotics, among which the automotive segment dominates the market segment.
The need of longer driving range, fast charging times and light weight automotive has made the lithium-ion graphene batteries a must-needed element in new-age automotive, as it also enhances conductivity and a relatively faster charging and discharging cycles.
Another key reason for the automotive segment to dominate the market is the graphene’s potential to increase energy density and have a longer driving range on a single charge, which is a crucial factor for the increased adoption of electric vehicles.
Furthermore, graphene's lighter weight could contribute to the overall weight reduction of electric vehicles, improving efficiency and potentially extending range even further.
These combined benefits position graphene batteries as a game-changer for the automotive industry, paving the way for a future of more efficient, sustainable, and long-range electric vehicles.
Asia Pacific at the Forefront of Graphene Battery Adoption
Asia Pacific dominates the global graphene battery market owing to the rapid industrialization and technological advancements in the major emerging economies like India, China, Japan and South Korea.
India, and China being emerging nations in automotive manufacturing, combine for the major contributions to the graphene battery market share globally.
The significant investments in research and development and the supportive initiatives by the government authorities in countries like India, and China, make the graphene battery market earn significant revenue.
Besides, the region’s strong focus on electric vehicles and renewable energy further boosts the demand for graphene batteries and helps the region dominate the global market share.
Europe Follows Closely as Investments Flow in
Following Asia Pacific, the European region is estimated to grow at a significant growth rate during the forecast period.
Key countries like Germany, the UK, and France are key drivers for the growth of the region into the global graphene battery market, owing to their technological expertise and strong industrial base.
Furthermore, the European Union’s ambitious targets, and stringent actions for reducing carbon footprints and emissions while promoting renewable energy sources have seen a spike in investments in graphene battery technology.
Key business deals among major academic institutions, research organizations and major industry players have facilitated advancements in graphene battery research and development in the European region.
January 2024
iPowe Batteries, a leading battery manufacturer launched their new graphene series lead-acid batteries in India to achieve the milestone of becoming the first Indian company to introduce graphene series batteries in the country.
March 2023
LG Chem announced that the company will invest a whopping KRW 7.2 trillion to construct battery manufacturing plant in the Arizona to increase its EV and ESS battery production in the North American region.
July 2022
G6 Materials Corporation a leading company in the advanced materials introduced their new product Breathe+ Pro Advanced Antimicrobial Graphene Air Filtration System and made it available for its consumers.
The major competitors in the global graphene battery market are primarily evaluated based on their product or service offerings, their financial statements, developments and the approaches implemented, the company's position in the global market scenario and its geographical reach.
Besides, the key competitors studied have also been accessed through the SWOT analysis to understand their strengths, weaknesses, opportunities and threats.
Apart from this, the key competitors in the industry employ crucial strategies like partnership deals, mergers and acquisitions, and business expansion deals to strengthen their hold on a particular region or a particular service offering.
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Attributes |
Details |
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Forecast Period |
2024 - 2033 |
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Historical Data Available for |
2019 - 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon request |
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The global market for graphene batteries reached a valuation of US$ 39.4 million in 2022.
The graphene battery market is forecasted to reach US$ 1.27 billion by the end of 2023.
Graphene battery sales are predicted to surge at a CAGR of 39.5% over the forecast period (2023 to 2033).
SAMSUNG SDI CO. LTD, Maxwell Technologies, Nippon Chemi-Con Corporation, SAMSUNG SDI CO. LTD, LG Chem, and Panasonic Corporation are prominent graphene battery producers.
China and European countries are predicted to exhibit high demand for graphene batteries.
