The global quantum dots market is expected to reach $4,668.0 million by 2020, registering a CAGR of 30.4% during the forecast period. Major factors stimulating the market growth include rising adoption of energy-efficient quantum dots in solar cells and photovoltaics, and increasing deployment of quantum dots in numerous applications due to their miniature size.
Based on material, the quantum dots market is categorized into cadmium selenide (CdSe), cadmium sulfide (CdS), cadmium telluride (CdTe), indium arsenide (InAs), and others. Among these, the InAs category is projected to register the highest growth during the forecast period. This can be mainly attributed to the growing demand for InAs quantum dots in solar cell application. Increasing solar power investments and government’s focus in several countries, such as U.S., China, and Germany, toward increasing the contribution of renewable energy in their energy infrastructure are boosting the demand for InAs quantum dots.
On the basis of application, the quantum dots market is classified into optoelectronics, optics, healthcare, renewable energy, and security & surveillance. Among these, it is expected that the deployment of quantum dots would grow at the fastest pace in healthcare applications during 2015–2020. This is mainly owing to rising investments and healthcare plans of governments in several countries in North America, Europe, and Asia-Pacific (APAC).
Geographically, North America held the largest share in the quantum dots market in 2014. This is attributed to the early adoption of quantum dots technology in several industries, including consumer electronics and healthcare. In addition, companies like Nanosys Inc., NN-Labs LLC, Ocean Nanotech LLC, and QD Vision Inc. are the key manufacturers of quantum dots products in the U.S.
Multi-junction solar cells in the photovoltaic industry use several materials, including quantum dots, to match the solar spectrum. Quantum dots have a wider bandgap as compared to bulk materials that makes them tunable across a wide range of energy levels. Owing to this characteristic, quantum dots are used for multi-junction solar cells. The photovoltaic industry, which grew at a CAGR of around 18% during 2010–2013, also boosted the quantum dots market.
Growing demand for energy-efficient technology is driving the quantum dots market among end-use industries. This is attributing to the increasing disposable income across the globe, which is encouraging consumers to use a number of electronic products to increase their convenience level. Quantum dots technology is assisting household electronics devices in order to reduce high electricity consumption. For instance, the developed countries, such as the U.S., Canada, Japan, South Korea, and Germany, have already upgraded their cathode ray tube (CRT) and liquid crystal display (LCD) televisions and monitors to light-emitting diode (LED) televisions and monitors. Moreover, people in developing countries, such as China, India, and Brazil, have started the replacement of their CRT-based devices with new technology-based devices, which is consequently driving the quantum dots market growth.
Some of the key players operating in the global quantum dots market include QD Vision, Inc., Quantum Materials Corporation, Nanosys Inc., QD Laser Inc., Nanoco Group PLC, Invisage Technologies Inc., Ocean Nanotech LLC, and NN-LABS LLC.
QUANTUM DOTS MARKET SEGMENTATION