What is the impact of COVID-19 on the supercapacitor market?
Northbrook, IL -- (SBWIRE) -- 11/01/2020 -- The supercapacitor market is projected to grow from USD 409 million in 2020 to USD 720 million by 2025; it is expected to grow at a CAGR of 12.0% from 2020 to 2025. The growth of the supercapacitor market is driven by their increasing demand in energy harvesting applications and rising use of supercapacitors in trains and aircraft. Moreover, the increasing global demand for electric vehicles is likely to fuel the growth of the market.
The hybrid capacitors segment of the supercapacitor market is projected to grow at the highest CAGR from 2020 to 2025
The hybrid capacitors segment is projected to grow at the highest CAGR during the forecast period. Hybrid capacitors are used in various consumer electronics such as mobile phones, laptops, wearable devices, LED flashlights, thermal printers, barcode scanners, and GPS chips. These capacitors require significant research and development investments for their manufacturing. A significant number of manufacturers of hybrid capacitors are facing lack of raw materials, as well as financial support to manufacture hybrid capacitors owing to the outbreak of COVID-19. This is expected to adversely affect the growth of the hybrid capacitors segment of the supercapacitor market in FY20.
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The automotive segment of the supercapacitor market is projected to grow at the highest CAGR during the forecast period
Railways and hybrid buses play a significant role in the supercapacitor market. With the increased deployment of metro trains in urban areas, importance is being given to the safety, efficiency, energy conservation, power quality, and freight wagon tracking. This leads to a rise in demand for supercapacitors in railways. Power recuperation and dynamic brake energy storage are among the key applications of supercapacitors in the automotive industry. The COVID-19 outbreak is expected to impact public transportation and shared mobility sector. This, in turn, is expected to affect vehicle production, as well as demand for supercapacitors.
The supercapacitor market in Asia Pacific is projected to grow at the highest CAGR during the forecast period
Rapid industrialization and infrastructure development are driving the growth of consumer electronics and automotive industries in China, thereby leading to an increased demand for supercapacitors. The sudden onslaught of the COVID-19 pandemic has caused tremendous financial losses in APAC. Most of the manufacturing facilities in mainland China have suspended their production activities owing to the orders issued by the government of the country. This has caused tremendous disruptions in the supply chain of various products across the country, thereby impacting the demand for supercapacitors from various end-use industries.
Key Market Players
As of 2019, Tesla (US), Nippon Chemi-Con (Japan), CAP-XX (Australia), LS Mtron (South Korea), and Panasonic (Japan) were the major players in the supercapacitor market.