Growing at a compound annual growth rate of 53.8 percent, the global market for quantum dots (QDs) is expected to reach $8246.8 million by 2023, according to a report published by Transparency Market Research of Albany, N.Y.

The expected increase is due to increasing demand for energy-efficient displays and lighting solutions. Light-emitting QDs are useful in the field of electroluminescent displays for color purity, bright images and energy efficiency. The health care sector is also likely to expand the market as QDs continue to be used for drug delivery, cell tracking and biological imaging. Their use in solar cells and large-scale integration systems is anticipated to further compound this increase.

North America was the QD market leader in 2012, with the Asia-Pacific expected to see the fastest increase at a compound annual growth rate of 55.4 percent from 2013 to 2023. This expansion is attributed to the growing demand for solar energy and optoelectronics.