Supercapacitor Market - Global Industry Analysis, Trend, Size, Share and Forecast 2017 - 2023
Albany, NY -- (SBWIRE) -- 05/08/2018 -- Despite a high degree of fragmentation in the global supercapacitor market, a handful of key players namely Maxwell, Panasonic, Nesscap, Nippon, Ioxus, and LS Mtron display dominance with some of them enjoying more than 10% share of the market. With increasing number of players, prominent participants such as Maxwell are losing their share in the supercapacitor market. As a result, competitive rivalry is expected to remain high as new players enter this market to serve the rising demand for supercapacitors.
According to a market study by Transparency Market Research (TMR), the global supercapacitor market is poised to rise at a CAGR of 22.4% between 2017 and 2023, for the market to become worth US$7.35 bn by 2023. The demand in the market was worth US$2.18 bn in 2017. Among the key product types, the double layer supercapacitor segment held dominance in the recent past. However, the hybrid capacitors segment is anticipated to rise at the leading CAGR in the upcoming years. Geography-wise, Asia Pacific is the leading market for supercapacitors driven by high volume manufacturing of supercapacitors in China.
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First and foremost longer life of supercapacitors as compared to batteries and their declining prices are driving the sales of supercapacitors. On an average, lifespan of supercapacitors is from 8 to 15 years, which is much higher than lifespan of conventional battery used for automobiles and other convention devices. In addition, replacement cost of conventional battery used in automobiles is also very high, which is a reason for the high resale price of used vehicles and inhibition among consumers to own electric cars. Supercapacitors serve as better substitutes for batteries due to their long-life and they do not need to be replaced within short time intervals. Furthermore, declining price of supercapacitor which has dropped to one-tenth in the last one decade is also boosting their uptake.
Go green drive in several regions of the world promoting eco-friendly means of storing electrical energy has been trending in recent years. Rising cost of fossil fuels, depletion of natural resources and excessive carbon emissions are necessitating the adoption of electrical energy for numerous applications.
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This is boosting the demand for supercapacitors. For example, as laid down by the European Commission and Corporate Average Fuel Economy in the U.S., automobile emissions need to conform to 95g/km by 2020. The growing need of environment-friendly electrical energy solutions is fuelling the demand for alternative energy storage and supply solutions. Thus, supercapacitors are complimenting battery technology to replace them in the years ahead.
Growing demand for supercapacitors from automotive, wind, and electric grid sector is fuelling the supercapacitors market. This is because use of supercapacitors helps reduce fuel consumption and curb carbon emissions in these vehicles. Adoption of supercapacitor in several automotive applications such as door-lock systems, auto start-stop, and regenerative braking are having a positive bearing on the supercapacitor market.