Global Graphene Battery Market anticipated to witness a huge demand by 2024
Date: 2018-09-04   Author: Ronak Bora  Category: #industry

Global Graphene Battery Market anticipated to witness a huge demand by 2024

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, Global Graphene Battery Market is predicted to cross 25% CAGR to surpass USD 129 million by 2024. Growing demand for electric vehicles and portable electronic devices will propel the industry growth. Higher heat resistance and improved recharge frequency are some of factors responsible to encourage adoption of graphene in electric vehicles.

Stringent government regulations with the focus to reduce carbon emissions will drive the graphene battery market. National Emission Standards for Hazardous Air Pollutants (NESHAP) introduced by the U.S. Environment Protection Agency regulates the battery manufacturing process subject to the use of lead in cadmium in batteries. Standardization restructures the industry demand and will stimulate the graphene battery market share.

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Wide applications in automobile and healthcare industries will stimulate the lithium ion graphene battery market in the industrial segment. Superior charging abilities and greater shelf life will increase the demand for supercapacitor graphene batteries. Growing concern to reduce environmental impact coupled with the increasing penetration of electric and hybrid vehicles will positively impact the demand for graphene batteries in automotive applications.

Electronic industry accounted for over 15% of global graphene battery market share in 2015. Emerging demand for portable medical devices from healthcare sector will fuel the industry growth. Increased defense expenditures and introduction of industrial robotics will raise the graphene battery demand for aerospace and defense applications.

Growing environment awareness along with increasing government subsidies led to the increased adoption of electric vehicles in the U.S. up to 70,000 in 2015. The U.S. accounted for over 76% of North America graphene battery market in 2015 subject to high quality at affordable price.

UK graphene battery Market for 2015 was valued over USD 2 million. Strict government regulations on the adoption of batteries with bio-hazardous content will propel the business growth. Reduction of carbon footprints coupled with government subsidies will drive the graphene battery market in Norway. Over 20% of automobiles in Norway are electric or hybrid vehicles which will boost the demand for graphene batteries.

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China graphene battery Market is predicted to reach over USD 11 million by 2024 subject to rise in the manufacturing capacity by 2,000 tons per year. Advancement in technology and strong government support to encourage electrical vehicle adoption will further propel the business growth. In 2017, China announced to deploy approx. five million electric vehicles by 2020.

Japan was the first country involved in adoption of electric vehicles for public transport and will witness the growth over 25% subject to established distribution channels and increasing customer awareness.

Major participants in graphene battery market are Graphene 3D Lab, SiNode Systems, XG Sciences, Graphene Nanochem, Graphenano, Cabot and Group NanoXplore.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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