The global graphene battery market is positioned to surge over the next decade, according to a report from Persistence Market Research.
The market, which is dominated by lithium-ion batteries, was valued at $39.4 million in 2022 and is projected to skyrocket by nearly 40% from 2023 to 2033. That would mean a value of $1.27 billion.
The report points to “explosive growth” in demand for energy storage solutions as countries increasingly transition to renewable energy sources. Graphene batteries could replace traditional energy storage options because they offer higher energy density, a long lifespan and flexible features.
“Expansion of the graphene battery business is being fueled in part by the emergence of novel graphene-based materials,” Persistence Market Research said in a statement. “These ground-breaking materials are adaptable and can be optimized for a variety of uses, from energy storage to electronics.”
A market study found that lithium-ion batteries currently make up more than 60% of the revenue in the graphene battery market. In terms of end use, the automotive sector holds more than 35% share of the global graphene battery market in 2023, the report said.
“Due to improvements in production techniques, graphene materials now have higher yields, lower costs, and more uniform quality,” the firm said. “This will enable the mass production of graphene batteries, which is necessary to meet the growing demand for energy storage systems and electric vehicles.”
Some of the bigger fish in the graphene battery market include Samsung, Panasonic Nanotech Energy and Nippon Chemi-Con Corporation, among others. M&A activity could also ramp up in the coming decade.
“The graphene battery market is fragmented among leading manufacturers,” the report said. “Prominent players in the market are actively investing a significant share of their turnover in continuous product development, which is an important tool to differentiate themselves from competitors and position themselves in a high-quality niche.”
The full report can be found here.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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