Increasing Applications in Optoelectronics Sector to Promote Wide Commercialization of Quantum Dots

North America Market to Lead Owing to Technological Advancements in Optoelectronics Sector

The global quantum dots market is expected to reach US$8.24 bn in 2019, expanding at a tremendous CAGR of 53.8% from 2013 to 2019. On the basis of application, the healthcare segment will lead the global market all through 2020. However, the optoelectronics segment is anticipated to surpass the healthcare segment by 2021. The growth of optoelectronics segment is being fueled by the increasing demand for high quality displays and energy-efficient technologies. However, quantum computing will expand at the most promising CAGR of 86.7% during the same period. Geographically, North America will continue to be the leading regional segment until 2023, accounting for 36.3% of the overall market. Due to technological developments in the field of optoelectronics and healthcare, the rest of the world (RoW) regional segment will also show a positive outlook during the forecast period.

Growing Demand for Energy-Efficient Solar Cells to Increase Adoption of Quantum Dots

Most of the commercially available panels today are only 10%-20% efficient of their overall capacity and to harness high amount of power from them, their surface area needs to be large. “Quantum dots have the ability to tackle this problem of energy efficiency and due to their nano-sizes, they also address the issues regarding surface area,” says a TMR analyst. Therefore, the increasing usage of quantum dots in production of solar cells is likely to drive the global quantum dots market.

Moreover, governments promoting optimum power consumption in display products are fueling demand for energy-efficient displays and lighting solutions. This, in turn, is fuelling demand for quantum dots. Furthermore, the burgeoning demand from healthcare sector owing to increasing application of the quantum dots in different medical applications including in-vivo imaging, cell tracking, and tissue mapping is anticipated to propel the growth of the market.

Restriction on the Use of Heavy Metals to Hamper Production of Quantum Dots

The quantum dots market is still at its nascent stage. The inability of quantum dots to ensure reliable supply of raw materials for industrial production, high cost of manual production, and lack of batch uniformity in production have limited their adoption. Moreover, their production involves usage of toxic materials such as zinc, selenium, and cadmium, which can potentially degrade soil quality. Despite significant use of quantum dots for biomedical and healthcare applications, their toxic nature have made their usage in treatments questionable. Furthermore, several governments across the world are restricting the use of heavy metals including cadmium in electrical and electronic equipment. Therefore, this factor is likely hamper the growth of the global quantum dots market.

However, with advancements in research and technology, the increasing application of the quantum dots in domains such as solar energy, optoelectronics, and VLSI designs is estimated to present viable growth opportunities to the quantum dots manufacturers.