A new report from Allied Market Research shows the graphene battery industry, worth just under $50 million in 2019, is set to grow to $398.6 million in the next seven years, growing at a CAGR of 31.2%. The report said the growth figure would be even higher with increased awareness of graphene technology, but noted government funds for research and development of the material is on the rise.
The tremendous expected growth is attributable at least in part to the increased demand for electric vehicles and continued widespread popularity of portable consumer electronics. The study broke the global graphene battery market down into categories like type, application and region.
When it comes to battery type, Li-ion, Li-Sulfur, supercapacitors and lead-acid batteries comprise most of the market, of which supercapacitors expected to see the fastest growth over the time period studied. As for applications, the market is broken down into automotive, electronics, energy, aerospace & defense, industrial robotics and healthcare, with automotive making up nearly half the market on its own. Regionally, Europe accounts for the largest share of the market, representing nearly a third by itself.