According to a recently published research report "Quantum Dot Market by Product (Display, Medical Devices, Solar Cells, Photodetector/ Sensors, Lasers, Lighting (LED), Batteries and Energy Storage, and Transistors), Material (Cadmium-Based, Cadmium-Free), Vertical, and Region - Global Forecast to 2025", The global quantum dot market size is expected to grow from USD 3.5 billion in 2020 to USD 10.6 billion by 2025, at a CAGR of 24.6%. Increasing demand for quantum dot in display devices and advanced features of quantum dot are creating scope for the quantum dot industry.
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Driver: High demand for quantum dots in display devices
Quantum dots produce high peak brightness for many optimized devices, including TVs and large-format displays. Quantum dots use a pure blue backlight and accurate red and green filters to produce a true white light, which can then be filtered into better-looking colors so that manufacturers can drive up the color brightness and gamut of the display. This has led display and TV manufacturers to make use of quantum dots. Thus, the use of quantum dots has grown in the last several years as this technology is providing manufacturers with an efficient way of producing the next generation of brilliant, high-definition TV screens.
Restraint: Limited availability of rare-earth materials
Quantum dots are tiny semiconductor nanomaterials that are made from different synthesis and manufacturing methods. They are the class of materials having similar specific properties. Most of these raw materials possess the best characteristics suitable for quantum dots but are not easily available. However, most of these materials are highly toxic and not environmentally friendly; for example, cadmium. As of now, mostly cadmium has been used as the most efficient raw material for making quantum dots. Cadmium possesses some distinct characteristics such as high brightness and intensity, which are useful in the optoelectronics application. Cadmium, selenium, and indium are increasingly used in quantum dots. However, these materials are rarely found in nature; therefore, it is crucial to use them optimally.
“Market for lighting product to grow at the highest CAGR from 2020 to 2025.”
The introduction of quantum dot into lighting design marks vital steps forward in reducing the cost of LED production and making them more affordable. Compared to rare-earth phosphors, quantum dot achieve a better level of optimization. Quantum dot help to minimize the compromises needed to achieve a higher quality of lighting while maintaining an adequate level of efficiency. Being cost-effective, high brightness, and more efficient, as well as more stable devices made of environmentally sustainable materials, are the most important factors that led to the development of the quantum dot lighting products. Quantum dot technology is a novel innovation to modernize the lighting industry. As a result, the lighting product is expected to grow at a higher CAGR during the forecast period.
“Cadmium-Free material to dominate the quantum dot market during the forecast period.”
Cadmium-free quantum dot offer a safer and more sustainable option for manufacturers and consumers, giving them the color benefit associated with the technology without the risks associated with toxicity or potential regulatory limitations. Cadmium-free quantum dot also open up potential not just for displays, but for many more applications that include lighting solutions, solar cells, and biomedicine. Moreover, a majority of quantum dot manufacturers are switching from toxic cadmium-based quantum dot devices to cadmium-free quantum dot devices
“APAC quantum dot market to grow at highest CAGR during the forecast period.”
The adoption of quantum dot products in lighting, automotive, consumer electronics applications drives the quantum dot industry growth. As of now, quantum dot are in a pre-commercialization stage; however, in the coming years, the quantum dot will be deployed in mobile displays, batteries and energy storage systems, solar cells, medical devices, and solid-state lighting solutions. Therefore, APAC is expected to command the quantum dot market in the near future.
Key players in the quantum dot industry include Samsung Electronics (South Korea), Nanosys (US), Nanoco Group (UK), NN-Labs (US), Ocean NanoTech (US), Quantum Materials (US), OSRAM Licht (Germany), Avantama (Switzerland), Navillum Nanotechnologies (US), Crystalplex Corporation (US), RANOVUS (Canada), Innolume (Germany), QUANTUM SOLUTIONS (Saudi Arabia), NanoPhotonica (US), UbiQD (Mexico), Fraunhofer IAP (Germany), TCL (China), VIZIO (US), Hisense (US), and QD Lasers (Japan)
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