Quantum dots market to grow at a CAGR of 26.97% between 2018 and 2023
The quantum dots market is expected to reach USD 8.47 billion by 2023 from USD 2.57 billion in 2018, at a CAGR of 26.97%. The market growth can be attributed to factors such as 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 is restraining the market growth to a certain extent.
QD lighting (LED) solutions to hold largest market share during forecast period
QD lighting (LED) solutions is expected to hold the largest share of the quantum dots market.The use of quantum dots as down converters in white LEDs or luminaires offers a significant level of tunability of the resulting spectral output.
Also, the incorporation of quantum dots into LED design marks a vital step in reducing the cost of LED production and making them inexpensive for the average consumer.
Quantum dots market for healthcare vertical to grow at highest CAGR during forecast period
The quantum dots market for the healthcare vertical is expected to grow at the highest CAGR during the forecast period.In the healthcare vertical, quantum dots are used in biological imaging, cellular labeling, and DNA labeling, and cancer diagnosis.
The growing adoption of quantum dots for diagnosis, prognosis, and treatment is expected to propel the growth of the quantum dots market in the healthcare vertical.
