The dual carbon battery market is expected to record a CAGR of 10% during the forecast period of 2020 – 2025. Dual carbon batteries (Dual-Graphite) are the batteries that have both anode and cathode made up of carbon. Fast charging capability, cheap manufacturing cost compared to other batteries, and eco-friendly with 100% recyclable features are the factors that are expected to drive the dual carbon battery market over the forecast period. On the other hand, the rise in graphite carbon prices and competition from other battery technologies are the factors hindering the market growth.
- The automotive battery segment is expected to witness significant demand over the forecast period, as the automotive industry remains as one of the largest end users of batteries, along with the increasing market of vehicles, which, in turn, is likely to boost the dual carbon battery market.
- Growth in the electric vehicles (EVs) market can create immense opportunities in the future as they offer clean alternatives to vehicles with internal combustion engines (ICE) that helps to reduce air pollution, resulting from fuel combustion and limiting noise.
- Asia-Pacific is expected to dominate the market with majority of the demand coming from the countries, such as the India, China, and Japan.
Key Market Trends
Automotive Segment to Witness a Significant Demand
- Dual carbon batteries are expected to greatly extend the length of a charge and the overall lifetime of a battery, while greatly reducing cost, charge times, and environmental impact. Moreover, the high energy density of these batteries is expected to increase the demand for the automotive industry in the coming years.
- The increasing demand for high-end batteries from electric vehicles (EVs) is another major factor driving the dual carbon battery market. The manufacturers of these batteries have stated that the batteries could give a modern electric vehicle a range of almost 500 kilometers (300 miles).
- The automotive industry is witnessing a huge demand for energy-saving batteries, such as dual carbon batteries and zinc-carbon batteries, and these industries are anticipated to introduce 127 models of electric batteries over the next five years. Therefore, the factors mentioned above are expected to drive the dual carbon battery market.
- Although dual carbon batteries promise to revolutionize the automotive battery segment, the low production rate of these batteries and the dominance of alternatives, such as lithium-ion batteries in the market, are expected to slow down the growth of dual carbon market for next few years. The dual carbon technology has not yet been deployed at a large scale, and manufacturers are still struggling to penetrate the automotive sector.
- However, electric vehicles, with the ability to drive 337miles (542 km) on a single charge, are already a reality (for example, Tesla, using lithium ion batteries), and this is expected to change with the new dual carbon battery technology.
- The Ryden dual carbon battery developed by Power Japan Plus company is expected to be the energy storage break-through needed to bring green technology, like electric vehicles using dual carbon batteries, into the market.
Asia-Pacific Driving the Market Demand
- The Asia-Pacific battery market is expected to grow significantly over the coming decade, due to increased electrification activities in the region. The dual carbon battery has not yet penetrated the market at a significant level.
- The battery market in this region is mainly driven by developments in electronics manufacturing, communication, and information industries in countries like India, China, Japan, and South Korea.
- Developing countries like India lack a firm grid infrastructure, which causes power cuts and blackouts frequently, mostly in rural areas. Thus, due to lack of infrastructure, a high demand for steady power and the need for power backup solutions are expected to drive the demand for dual carbon batteries market in the Asia-Pacific region.
- The Japanese company, Power Japan Plus, in 2018, came up with a new idea of dual carbon batteries (brand named Rayden). The potential of these batteries is expected to grow as they can get charged twenty times faster and last longer than high-end lithium ion batteries, which provides a huge advantage and can be used in multiple applications.
The dual carbon battery market is consolidated. The key players include PJP Eye LTD. (As on June 30, 2017, Power Japan Plus had transferred all its assets and businesses including battery manufacturing to PJP Eye LTD.)
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