Problem of Reconciling Scarcity of Fossil Fuels with Rising Energy Prices Drives Global Supercapacitor Market
Published On : May 13, 2016 | Category : Technology & Media
A supercapacitor is an electrochemical capacitor with a high energy storage capacity. It uses a bigger surface area of electrodes and leaner dielectric for greater capacitance. The storage capacity of supercapacitors ranges between 100,000 µF to some 3,000 F. Owing to these reasons, supercapacitors are being used in applications that need rapid discharge and charge cycles. A high adoption of supercapacitors is being seen in cars, trains, buses, elevators, and cranes, where they perform the function of regenerative braking or short-term energy storage.
Global Warming Urges Global Population to Use Supercapacitors
The phenomenon of global warming, its serious repercussions, and the need to go green in a bid to tackle the hazardous effects on soaring temperatures have all led to the growth of the global supercapacitor market. Besides environmental factors, the global population is also under the pressure of finding alternatives to the interconnected issue of depleting fossil fuel reserves, their rising costs, and unreasonable about of carbon emissions. This trend is especially seen in the automotive and consumer electronics sectors.
Global Supercapacitor Market to Rise at a CAGR of 22.3% from 2015 to 2023
Furthermore, efforts taken by various governments to curb CO2 emissions and encourage the usage of sustainable energy consumption is also likely to spur growth in the supercapacitor market in the foreseeable future. The shifting mindset of several enterprises to generate and store energy from renewable sources due to the paucity of conventional resources will also create a positive influence on the global supercapacitor market. According to research analysts at Transparency Market Research, the global supercapacitor market is expected to reach US$7.37 bn by 2023 from US$1.21 bn in 2014, rising at a CAGR of 22.3% from 2015 to 2023.
The global supercapacitor market is segmented on the basis of application, product, type, and geography. The applications of supercapacitors are seen in automotive and transportation, energy, consumer electronics, industrial, and other sectors.
Double Layer Supercapacitor Segment to Witness Remarkable Demand
The products available in the global supercapacitor market are double layer supercapacitors, pseudocapacitors, and hybrid capacitors. Out of all the products, the double layer segment held a 42.8% share in the overall market in 2014. This mammoth share is expected to rise in the coming years due to growing demand for high power density. Furthermore, the hybrid supercapacitor segment is anticipated to surge at a CAGR of 23.5% from 2015 to 2023.
North America to Lead Overall Market in Near Future
Geographically, this market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Of all the regions, North America had an appreciable share of 38.8% in the global market in 2014 due to a burgeoning penetration of supercapacitors in the region. However, in the coming years, North America is likely to witness a drop in the growth rate. On the other hand, Europe will be the second-largest contender in the overall supercapacitor market as the initiatives taken by the European Commission to reduce CO2 emissions to 95g/km by 2020 will generate tremendous growth in the supercapacitor market of Europe.
Some of the key players operating the supercapacitor market are Nippon Electrical Co. (Japan), Maxwell Technologies Inc. (U.S.), Cap-XX (Australia), Panasonic Electronic Devices Co. Ltd. (Japan), and among others.
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