According to a new research report published by Allied Market Research (Portland, OR), the global market for quantum dots (QDs) reached $316 million in 2013 and is expected to grow to $5.04 billion by 2020 at a compound annual growth rate (CAGR) of 29.9% in the period between 2014 and 2020.
However, the volume consumption will grow at a much faster rate of 116.5% during the same period, to reach 72 tons in 2020 -- the result of a drop in QD price over time, attributable to the refinement of mass-production processes and high volume demand.
The report is called "Quantum Dot (QD) Market--Global Analysis, Growth, Trends, Opportunities, Size, Share and Forecast through 2020."
Key drivers for growth of the QD market are efficient conversion of solar energy into power, the rising use of display devices, and utility in multiple applications, according to the report. Display and lighting-equipment manufacturers are eager to bring out QD-based products, which are currently the prime driver of QD market growth.
Quantum Dot light emitters will be big
As for end-use categories, QD light-emitting devices will have the highest CAGR of 39% between now and 2020, says the report; other categories with lesser CAGRs include QD displays, lasers, chips, sensors, medical devices, and photovoltaics.
And as for materials, indium arsenide (InAs) QDs will have a leading market share of $1.18 billion in 2020, with cadmium selenide (CdSe), cadmium sulfide (CdS), cadmium telluride (CdTe), and silicon (Si) all runners-up.
Optoelectronics will lead revenue share at $1.77 billion in 2020, with other contenders being quantum optics, QD-based security and surveillance, renewable energy, and biological/healthcare imaging.
"The QD display market is set to grow exponentially as many companies such as Sony Corp., LG Display, etc. are getting into alliances with QD technology providers to commercialize QD displays, especially TV sets," note analysts Shreyas Naidu and Priyanka Gotsurve. "QD technology enhances the color display by at least 50% and it is also an energy efficient technology."
Some factors, such as high cost of technology and slow adoption due to extended research, are currently slowing market growth, although the growth of mass manufacturing and bulk purchasing will quickly negate the cost constraints. Further penetration of the technology in newer applications such as security and defense, food, and packaging will provide the essential future growth thrust to the market. Future use of newer and more cost effective materials will give QDs an added competitive edge over other materials such as organic dyes.
Among geographic markets, North America has the highest revenue share due to early adoption. The region is expected to grow consistently and attain revenue of $1.92 billion by 2020. However, the Asia-Pacific market is expected to have the highest CAGR of 30.4% for the 2013-2020 analysis period.
For more info, see http://www.alliedmarketresearch.com/quantum-dots-market