Graphene batteries provide higher energy density and faster charging as compared to conventional lithium-ion batteries due to the use of graphene as an electrode material. Graphene has a high surface area, is lightweight, has superior electrical conductivity, and allows fast ion and electron transport. The increasing demand for portable electronic devices and electric vehicles has fueled the need for high performance batteries.
The graphene batteries market is estimated to be valued at USD 196.22 Bn in 2024 and is expected to reach USD 889.5 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 24.1% from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the graphene batteries market include Samsung, IBM, Cabot Corporation, NanoXplore, Graphenea, Global Graphene Group, Thomas Swan & Co. Ltd., XGSciences, Graphene NanoChem PLC, and Vorbeck Materials.
Key opportunities: Increasing investments in R&D for developing advanced battery technologies as well as the growing adoption of graphene batteries in electric vehicles offer lucrative opportunities in the market.
Global expansion: As Graphene Batteries Market technology continues to advance, leading manufacturers are expanding their operations across global markets to cater to the rising demand. For instance, NanoXplore is setting up a graphene production plant in Canada to address the North American demand.
Market drivers
The increasing demand for electric vehicles is a major factor propelling the graphene batteries market. Graphene batteries provide higher energy density for longer range on a single charge as well as enable faster charging compared to lithium-ion batteries. Various automakers are collaborating with graphene battery manufacturers to develop advanced batteries for electric vehicles. For example, Daimler partnered with Cabot Corporation to develop graphene-enhanced lithium-sulfur batteries.
PEST Analysis
Political: Governments play a major role in promoting adoption of green technologies. Favorable policies regarding graphene batteries can boost their adoption.
Economic: Graphene batteries offer cost savings over lithium-ion batteries as raw materials required are cheaper and abundant. Their higher energy density also reduces manufacturing costs.
Social: Rising environmental concerns are increasing demand for sustainable energy storage solutions. Graphene batteries can meet this demand as they are recyclable and produce less carbon footprint than traditional batteries.
Technological: Graphene has proven to be a breakthrough material for energy storage. Ongoing R&D is exploring ways to optimize graphene structures to further enhance battery performance in terms of capacity, life cycle and charge rates.
Geographical Regions
Currently, North America holds the largest share of the market owing to significant investments and technological advancements in the region. Asia Pacific is witnessing rapid growth on account of rising electric vehicle sales and government support for graphene commercialization in countries like China and South Korea.
In terms of value, the Europe graphene batteries market is projected to grow at the fastest pace during the forecast period. This can be attributed to stringent emission norms and supportive regulatory policies promoting e-mobility in the region. Countries like Germany, France and the UK are frontrunners in terms of graphene battery research and production capacity expansion plans of manufacturers.
Get This Report in Japanese Language: グラフェン電池市場
Get This Report in Korean Language: 그래핀 배터리 시장
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
