Global graphene battery market projected to grow over next decade
The evolving significance of graphene for energy storage in myriad industrial processes will chart a profitable map for graphene battery market over the years to come. Graphene, a versatile 2-D carbon allotrope, comprises thick layers of carbon stacked one on top of the other, in a lattice-like structure. Highly flexible, lightweight, thin, 200 times stronger than steel, and relatively tougher than diamond, graphene is increasingly incorporated in manufactured products such as batteries and capacitors. Incorporating graphene in batteries will remarkably enhance their performance and increase their application scope across myriad professional domains, thereby propelling global graphene battery industry.
The tremendous growth in graphene battery market will disrupt the future of global battery industry, state experts report. Owing to the remarkable properties exhibited by graphene batteries, they are increasingly used in the automotive, industrial, aerospace & defense, and electronic application sectors. Owing to their superior features, they are being increasingly used in robotics—in fact, graphene battery market from industrial robotics is slated to grow at an annual rate of 10% over 2016-2024. Of late, researchers have found that these batteries can also be used to develop efficient light solutions for water desalination plants, which will further augment graphene battery market growth.
The excellent characteristics that graphene possesses have led to its deployment in batteries, capacitors, and the like. The properties of this allotrope are the key factors that will stimulate graphene battery industry in the years to come.
- Graphene has high thermal and electrical conductivity. Graphene batteries are used in semiconductors, electric vehicles, energy storage, and the development of flash memory, thereby fueling graphene battery market, set to grow at a CAGR of 20% over 2016-2024.
- It exhibits transparency—more than 95% of light can pass through graphene.
- It is an excellent conductor of heat, it can carry heat with more efficacy than metals such as gold or copper.
- It has excellent storage capacity – graphene-based memory chips can increase smartphone storage by 10 times the original capacity.
- It effectively reduces power consumption. Graphene batteries deployed in electric cars are likely to exhibit 10 times the energy density of regular batteries, owing to which the range of electric cars can exceed that of gasoline powered cars. This in turn, will propel graphene battery market size, which may surpass $97 million by 2024.
- Graphene helps increase the shelf life of batteries subject to its property of charge retention. The rising application scope of these batteries is expected to impel graphene battery industry share from the electronics sector.
Graphene battery market comprises supercapacitors, lithium sulfur batteries, lead acid batteries, and lithium ion batteries. Industry analysts state that lithium ion is by far, one of most superior products of graphene battery industry. Lithium ion batteries, powered by cathode, separator, anode, and electrolyte technologies, are extensively deployed in portable electronic devices such as mobile phones, laptops, fitness trackers, and tablets. Additionally, their superior characteristics have led to their usage in electric vehicles, which is bound to expedite lithium ion battery market, set to cross a valuation of $53 billion by 2024.
The latest study by a renowned research firm reveals that the development of a new anode-free Li-ion battery is on the cards. If well-commercialized, these next-gen lithium ion batteries will demonstrate the ability to retain 5 times the charge of regular Li-ion batteries. This development is also likely to positively influence graphene battery industry.
The disadvantages of the commercial current-gen batteries will be effectively countered by graphene batteries, pertaining to their durability, resistance to elevated temperatures, increased electrode density, quick charging abilities, and quicker cycle times. Of late, researchers are combining graphene with other metal oxides to form hybridized batteries, which will exhibit extremely high energy density, storage and charge capacity, and supreme efficiency. Such innovative product developments are likely to push global graphene battery market share over the next few years.
Key application trends of graphene battery industry
The automotive sector
The demand for electric and hybrid vehicles is on the rise, pertaining to the increasing vehicular emissions polluting the environment. Graphene batteries deployed in electric vehicles will contribute significantly to enhance the overall performance and efficiency of the vehicle and reduce power consumption, owing to superior heat resistance and enhanced recharging efficacy. Undeniably, these properties will propel graphene battery market from automotive applications, which registered a valuation of more than $4 million in 2015.
Electric vehicles have penetrated the automobile industry across various geographies. For instance, today, more than 20% of the vehicles in Norway are electrically powered. The sale for electric vehicles increased by more than 35% in 2016 in the United States – more than 9,000 units belonging to five different models were sold. Thus, the rising demand for EV cars coupled with strict government regulations to curb carbon footprints will augment graphene battery industry.
The electronic sector
Today, consumer electronic devices such as smartphones and tablets rule the roost. As of 2015, more than 65% of the population in the United States owned a portable electronic device. It is no surprise that graphene battery market players are heavily involved in R&D activities to improve battery properties such as efficiency, charging capacity, and shelf life. Graphene based batteries will enable smartphones to function efficiently without recharging for days, in addition to increasing their storage capacity manifold. These batteries are also a viable alternative for silicon, and could lead to the development of flexible smartphones in the future (since silicon is brittle and graphene is strong).
With such transformative trends on the horizon, the graphene battery market is slated to revolutionize the world. The extensive global demand for hi-tech smartphones, laptops, and wearables will also accelerate graphene battery industry from electronic applications. This is evident from the statistics – the electronic industry accounted for more than 30% of the revenue share of overall graphene battery market in 2015.
Experts affirm that graphene battery industry is indeed one of the fastest growing avenues to offer efficient energy storage solutions. Leading corporations are continuously engaging in developing innovative graphene-based batteries to widen its application scope across numerous professional domains. For instance, recently, the Spanish firm Graphenano has launched a new graphene polymer battery that encompasses incredible features such as quick charging capacity (more than 30 times the capacity of Li-Ion), high energy density (1,000 Wh/kg), and the absence of the memory effect. Electric cars, when powered with these batteries, are likely to have a range of at most 497 miles! Such developments by industry biggies will immutably push graphene battery market to greater heights.
Saipriya Iyer, Global Market Insights Inc. This article originally appeared on Global Market Insights’ website. Global Market Insights Inc. is a CFE content partner. Edited by Hannah Cox, content specialist, CFE Media, email@example.com.