Albany, NY -- (SBWIRE) -- 10/10/2017 -- A few top players accounted for a share of more than 10% in 2014 in otherwise fragmented landscape of the global supercapacitor market. The global market is intensely competitive characterized by the presence of a number of small- and mid-sized companies fiercely competing against each other. For instance, Maxwell Technologies Inc. accounted for the major share of approximately 25.0% in 2014. However, owing to intense rivalry amongst players the leading manufacturer is gradually losing its dominance, which is further predicted to decline over the years. In the recent years, the global supercapacitors market has witnessed a surge of new entrants with the number of players increasing to more than double. A major chunk of the players are from various countries of Asia Pacific.
Some of other prominent players operating in the global supercapacitors market are Nippon Chemi-Con Corporation., LS Mtron, Supreme Power Solutions Co., Ltd., Ioxus, Inc., and Nesscap CO. LTD. In the coming years, the competition in the market is likely to intensify further. The future horizon looks exciting with several players engaged in developing cutting-edge energy storage technologies to meet the rising demand for robust energy harvesting systems in a number of end-use industries.
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The global market for supercapacitors stood at US$1.21 bn in 2014 and is projected to rise at a significant CAGR of 22.3% from 2015 to 2023. Expanding at this pace, the opportunities in the market is projected to surge to US$7.37 bn by the end of the forecast period.
The major product types in the market are pseudocapacitor, hybrid capacitor, and double layer supercapacitors. Of these the hybrid capacitor is predicted to rise at the major CAGR of 23.5% during 2015–2023 and is projected to lead the market in the coming years. Among key regional markets, Asia Pacific is projected to rise at the leading CAGR during the forecast period. The growth of the regional market is primarily fueled by the substantial demand for advanced energy storage systems in the electronics industry.
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The drive for supercapacitors essentially stems from the need for high-performance, flexible energy harvesting systems in a wide variety of applications. The rising demand for peak-output auxiliary power supply for a number of smart electronic appliances is a key factor driving the market. The need for rapid charge and discharge capabilities to extend battery lifespans in various end-use industries, especially automobiles, is a crucial factor leading to the preference of supercapacitors over conventional dielectrics. The growing demand for high-output in next-generation energy systems has led to the adoption of supercapacitor to be used along with a secondary battery.
The intensifying demand for a cost-effective, durable, and powerful rechargeable electricity energy systems in several hybrid and electric vehicles has bolstered the uptake of supercapacitors.
The application of capacitors for longer cyclic lives is also advocated by environmental conservationists, since the performance of conventional power systems, including lithium ion batteries, is constrained by the need for their frequent replacement over the product life-cycle. In addition, strengthening emission-control regulations, especially in countries of North America and Europe, is predicted to boost the supercapacitor market.
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The high cost of development of supercapacitors and the limited commercialization are crucial factors likely to hinder the market growth to an extent. Nevertheless, intensifying inclinations by governments toward the development of next-generation energy harvesting systems. Substantial funding by governments in several developed regions, such as North America, is anticipated to offer sustained impetus to research and development activities undertaken by manufacturers. Furthermore, the growing focus of governments in various developing and developed nations on the adoption of renewable energy, such as development of photovoltaic cells, is likely to open up lucrative growth avenues for market players over the forecast period.
The rising prominence of smart sensors for industrial and consumer applications and the growing popularity of hand-held devices are key factors expected to unlock exciting opportunities in the coming years.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Supercapacitor Market (Application - Automotive and Transportation, Industrial, Energy, and Consumer Electronics; Product - Pseudocapacitor, Hybrid Capacitor, and Double Layer Supercapacitor; Type - Supercapacitor Module, Supercapacitor Cell, and Board Mounted Supercapacitor) - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2023."