Quantum dots are nanoparticles of different semiconductor materials with diameters in the range of 2 to 10 nanometers with their electronic characteristics that depend on their size, shape, and chemical composition. The high adoption of QD technology-based products in numerous applications is expected to create several lucrative opportunities for the market players.
The quantum dots market is expected to reach USD 8.5 billion by 2023 from USD 2.6 billion in 2018, at a CAGR of 27% during the forecast period.
Major factors driving the growth of the quantum dots market include the increasing demand for quantum dots in high-quality display devices, growing implementation of quantum dots in numerous applications due to their miniature property, and rising adoption of energy-efficient and less or non-toxic quantum dots in solar cells and photovoltaics. The limited availability of rare earth materials acts as a restraint for the market growth. The growing use of quantum dots in LED general lighting solutions is expected to create immense opportunities for the quantum dots market players.
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The market for QD displays is expected to exhibit the highest growth among all other QD products. Quantum dots possess remarkable characteristics of quantum dots, such as their ability to convert light from one color to another very efficiently and their capability to convert and tune a spectrum of light precisely. QDs also allow thin-film deposition on displays, which saves costly techniques in display fabrication. The other QD products include QD medical devices, QD solar cells, QD lasers, QD photodetectors/QD sensors, QD lighting (LED) solutions, batteries and energy storage systems, QD transistors, and QD tags.
The quantum dot material market has been categorized into cadmium-based QD displays and cadmium-free QD displays. The market for cadmium-free QD displays is expected to grow at a high rate in the coming years as a majority of quantum dot manufacturers are switching from toxic cadmium-based QD displays to cadmium-free QD displays. This act is in accordance with the draft amendment by the European Commission to the EU Directive on the restriction of hazardous substances (RoHS) in electrical and electronic equipment.
The quantum dots market based on verticals has been segmented into healthcare, consumer, defense, commercial, and telecommunications. The healthcare vertical is expected to be the fastest-growing vertical in the quantum dots market. The use of nano-sized inorganic particles to increase the light efficiency and color brightness of various products is driving the use quantum dots in numerous applications. Quantum dots are helpful in cancer treatment and also have a wide opportunity for growth in the vitro diagnostic and imaging applications in healthcare.
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The quantum dots market in APAC is expected to grow at the highest rate, followed by North America, in the coming years. China accounted for a major share of the quantum dots market in APAC. APAC is also expected to hold the largest market during the forecast period. The growth in APAC can mainly be attributed to the continuous research and technological advancements in quantum dots. The fast-growing market for consumer electronics and the presence of established display manufacturers are some of the major factors that have led to the growth of the quantum dots market in APAC.
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