Albany, NY -- (SBWIRE) -- 06/02/2015 -- The commercial availability of quantum dots for use in multiple industries has increased dramatically in recent years, signifying its immense potential and heralding a promising future for the global market. According to a report published by Transparency Market Research, the global market for quantum dots is projected to grow from US$88.5 million in 2011 to US$3,246.8 million by 2023, registering an impressive CAGR of 53.8% from 2013 to 2023.

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The global quantum dots market is segmented on the basis of four parameters: Products, raw materials, applications, and geography. Here's a look at the performance of individual segments:

On the basis of product, the quantum dots market is broken down into QD sensors, QD lasers, QD LED displays, QD chips, QD solar cells, QD lighting, and QD medical devices. The segment of QD medical devices was the largest of the lot and was estimated to be worth US$68.5 million in 2012. However, owing to immense potential detected in the field of optoelectronics, the segment of QD LED display is likely to be the most rapidly developing product segment by 2023.

On the basis of raw material, the market for quantum dots is divided into cadmium tellurium, cadmium selenium, cadmium-free or non-toxic, and others such as indium arsenide (InAs), PbS, and indium gallium arsenide (InGaAs). Of these, cadmium selenium was the most commonly used raw material in quantum dots in 2012. However, owing to strict restrictions on the use of cadmium, the demand for cadmium-free or non-toxic quantum dots is anticipated to grow over the next eight years.

On the basis of application, the quantum dots market is categorized into security and surveillance, quantum optics, healthcare, energy, quantum computing, and optoelectronics. Accounting for a whopping 77.4% share of the overall market, the use of quantum dots in healthcare generated the maximum revenue in 2012. Quantum dots, in the field of healthcare, find applications in cell tracking, biological imaging such as in-vitro and in-vivo, flow cytometry, drug delivery, photodynamic theory, and many others.

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The segment of optoelectronics, however, is anticipated to be the fastest developing application segment from 2013 to 2023, registering an astounding CAGR of 71.5% during that time. The use of quantum dots in lighting and display solutions is preferred over others owing to its superior capabilities in terms of color quality, energy efficiency, and operating life of the emitted light. Moreover, quantum dots possess unique optical properties, which also make them a viable semiconducting material.

On the basis of geography, the global market for quantum dots is fragmented into North America, Europe, Asia Pacific, and Rest of the World. North America was the largest market in 2012, resulting in heavy investments and high-end research in the field of quantum dots. Moreover, the demand for quantum dots from the healthcare and optoelectronics segments has helped North America take the lead over other regions. The surging demand for quantum dots from the solar energy and optoelectronics segments has propelled the Asia Pacific market in recent times and this is likely to help the region register a growth at a 55.4% CAGR from 2013 to 2023.

As noted in the beginning, the global market for quantum dots is poised to witness remarkable growth over the next eight years, giving market players immense potential to flourish. Some of the notable participants of the quantum dots market are Life Technologies Corporation (U.S.), Nanosys, Inc. (U.S.), Quantum Material Corporation (U.S.), QD Laser, Inc. (Japan), Ocean NanoTech LLC (U.S), QD Vision, Inc. (U.S.), and Nanoco Technologies Ltd (U.K.).

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