Rockville, MD , Nov. 04, 2024 (GLOBE NEWSWIRE) -- According to a revised industry report released by Fact.MR, a market research and competitive intelligence provider, the Global Graphene Battery Market is analyzed to generate a revenue of US$ 182.4 million in 2024 and has been projected to increase at a double-digit CAGR of 26.4% to touch a US$ 1.9 billion by 2034.
Globally rising sales of electric vehicles are one of the key trends in the market that is favorably influencing graphene batteries demand. High-storage and high-capacity batteries are therefore becoming more necessary. Global manufacturers are focusing their manufacturing of electric vehicles, such as cars, bikes, scooters, and bicycles, on producing models with greater range and quicker charging periods. Graphene battery technology allows energy to be stored and distributed over an extended time.
Graphene batteries are continuously gaining traction in the automotive industry because they allow electric vehicles to have a greater driving range and faster charging periods. Compared to traditional lithium-ion batteries, graphene batteries are safer, less prone to explosions, and have a faster charging speed.
North America is projected to hold a leading position throughout the projection period. The growing demand for graphene batteries from the consumer electronics and electric vehicle (EV) industries makes North America one of the key markets for graphene batteries. The region's market is experiencing growth due to government initiatives that promote sustainable energy and cutting-edge battery technology.
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Key Takeaways from Market Study:
- The global market for graphene batteries is forecasted to reach a value of US$ 1.9 billion by the end of 2034.
- North America is analyzed to account for 26.4% of the global market share in 2024.
- The market in Japan is evaluated to expand at 26.7% CAGR from 2024 to 2034.
- By 2034, the market in China is projected to touch a value of US$ 205.1 million.
- Based on type, lithium-ion batteries are forecasted to generate revenue worth US$ 976 million by 2034-end.
- Revenue from graphene batteries in East Asia is analyzed to reach US$ 429.1 million by the end of 2034.
- The United States is estimated to hold 84.4% market share of the North American region in 2024.
- Demand for graphene batteries in the automotive industry is projected to reach US$ 653.2 million by 2034.
“More businesses are focusing on creating new uses for graphene batteries, such as flexible batteries for wearable technology or large-capacity batteries for electric vehicles (EVs),” says a Fact.MR analyst.
Leading Players Driving Innovation in the Graphene Batteries Market:
Vorbeck Materials Corp.; Cabot Corporation; Hybrid Kinetic Group Ltd.; Cambridge Nanosystems Ltd.; Nanotech Energy; G6 Materials Corp.; Log 9 Materials; Graphenano S.L.; Huawei; Graphene NanoChem plc; Samsung Electronics; Graphenea S.A.; XG Sciences Inc.; NanoXplore Inc.; Real Graphene USA.
Lithium-ion Batteries Gaining Traction All Over the World:
Higher performance attributes provided by graphene-enhanced technology are leading to a global increase in the demand for lithium-ion batteries. Due to the addition of graphene, which also improves the energy density, lifetime, and charging speed of lithium-ion batteries, these batteries are thought to be more effective in high-demand applications including consumer electronics, renewable energy storage, and automotive EVs.
Global efforts toward energy efficiency, long-lasting batteries, and sustainable solutions are supported by these ongoing improvements. Growing numbers of companies are implementing improved battery technology to meet the increasing needs for performance and sustainability, which has led to the popularity of lithium-ion batteries with graphene components.
Graphene Batteries Industry News:
- EnyGy, a Melbourne-based firm founded on research by Prof. Dan Li and Dr. Yufei Wang at Monash University, launched an ultracapacitor that utilizes the most recent advancements in graphene technology.
- The S1 Lite is an electric scooter launched by iVOOMi, an Indian EV startup. It comes with two battery options: graphene and lithium-ion.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the graphene battery market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (lithium-ion, lithium-sulphur, lead-acid) and end-use industry (aerospace & defense, life science & scientific research, medical, industrial, telecom, semiconductor & electronics, oil & gas), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Segmentation of Graphene Battery Market Research:
- By Type :
- Lithium-ion
- Lithium-sulphur
- Lead-acid
- By End-Use Industry :
- Aerospace & Defense
- Life Science & Scientific Research
- Medical
- Industrial
- Telecom
- Semiconductor & Electronics
- Oil & Gas
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