The global supercapacitor market has been prognosticated by Transparency Market Research (TMR) to showcase an extreme competitive rivalry with an enormous count of small and medium-sized firms looking to outclass each other. However, there could be a small number of leading participants securing an over 10.0% share in the global supercapacitor market. In the recent years, the number of players present in the global supercapacitor market has been assessed to be more than doubled, especially those operating in Asia Pacific.
Accounting for a decent share in the recent past, Maxwell Technologies, Inc. could just lose its grip on the global supercapacitor market as it fails to cope with the hot-blooded level of competition. While a few players have been expected to be overcome by incessant intense competitiveness, an unswerving growth could take shape in the global supercapacitor market. This has been anticipated to be on account of an escalating demand for efficient harvesting and energy storage systems in several end-use sectors.
TMR has foreseen the global supercapacitor market to expand at a whopping CAGR of 22.3% for the forecast period 2015–2023. Riding on this remarkable progress, the global supercapacitor market could reach a valuation of US$7.37 bn by the concluding forecast year. By type, hybrid supercapacitors have been predicted to rise at a faster CAGR of 23.5% through 2023. Geographically, Asia Pacific could put behind North America in the race of faster growth by registering a 23.2% CAGR by the end of the forecast period.
Players Take Advantage of Backup Power Requirement in Consumer Electronics
The elevating acceptance of supercapacitors by key sectors such as power supply and storage, solar and wind energy, and automotive in North America and other developed regions has been envisaged to help the world supercapacitor market record a telling growth in the coming years. One of the important stimulators of growth in the world supercapacitor market could be the further advancement of supercapacitor technology supported by government funding. For instance, Maxwell Technologies, Inc. had received a handsome funding from the California Energy Commission to develop effective energy storage systems that are proficient enough to leverage the capabilities of concentrated photovoltaics (CPV) technology.
The rising demand in consumer electronics applications to fulfill the need for backup power has been foretold to augment the growth of the world supercapacitor market. GPS navigation, wireless communication, camera, and video calling could be some of the top applications in consumer electronics that necessitate the implementation of supercapacitors for their smooth functioning.
Growing Supercapacitors Market Takes Hit from Established Battery Market
The analysts have envisioned the international supercapacitor market to face opposition due to factors such as lack of awareness about the benefits of using supercapacitors and competition against the well-settled battery market. Low adoption because of high initial purchase cost could be another reason for the slack in demand in the international supercapacitor market. The cost factor has also been projected to play a negative role in the international supercapacitor market when competing with lithium batteries.
However, players could find favorable business opportunities in the international supercapacitor market owing to the practicably high energy densities and lengthier lifecycles of supercapacitors in comparison with traditional rechargeable batteries. Moreover, supercapacitors have been forecasted to be an inexpensive alternative to wide range of traditional batteries due to their rapidly declining prices. Severe emission control laws and recommendations by environment conservationists could be other reasons for a reliable growth prophesied on the part of the international supercapacitor market.
The information presented in this review is based on a TMR report, titled, “Supercapacitor Market (Application - Automotive and Transportation, Industrial, Energy, and Consumer Electronics; Product - Double Layer Supercapacitor, Pseudocapacitor, and Hybrid Capacitor; Type - Supercapacitor Module, Supercapacitor Cell, and Board Mounted Supercapacitor) - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2023.”
The global supercapacitor market has been segmented as presented below:
Global Supercapacitor Market by Application
- Automotive and Transportation
- Consumer Electronics
Global Supercapacitor Market by Product
- Double Layer Supercapacitor
- Hybrid Capacitor
Global Supercapacitor Market by Type
- Supercapacitor Module
- Supercapacitor Cell
- Board Mounted Supercapacitor
Global Supercapacitor Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Middle East
- Latin America
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