Northbrook, IL 60062 -- (SBWIRE) -- 07/01/2022 -- The global supercapacitor market size is anticipated to reach USD 912 million by 2027, from USD 472 million in 2022, growing at a CAGR of 14.1% from 2022 to 2027. Rising inclination toward energy conservation solutions and high storage capabilities especially in automotive, energy and consumer electronics applications by industry players are expected to fuel the growth of supercapacitor market.
The automotive application is expected to account for the largest market share during forecast period. The automotive segment is also projected to grow at the highest CAGR in the supercapacitor market from 2022 to 2027. The advent of electric vehicles is likely to create opportunities for supercapacitors in the automotive sector. Several automotive manufacturers across the world are eventually likely to switch from battery-powered electric vehicles to supercapacitor-powered electric vehicles owing to the high scalability and broad operating temperature range offered by supercapacitors.
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The market for conducting polymer is projected to grow at the highest CAGR during the forecast period owing to its fast and reversible oxidation/reduction processes, good electrical conductivity, and relatively low-cost features. These supercapacitors exhibit reversible effects, leading to better cycling stability as there is no phase transition. They are charged positively or negatively through the redox reactions that encourage enhanced conductivity. As a result, these capacitors are used in applications such as energy harvesting, automotive, and wearable and flexible electronics
Consumer electronics, automotive, and energy are among a few key industries in Asia Pacific region. Asia Pacific is projected to account for the largest size of the supercapacitor market for consumer electronics. The region can be considered a global hub for consumer electronics due to the presence of several significant players, such as LG Electronics, Sony, Panasonic, and Samsung, in China, Japan, and South Korea. It dominates the market for consumer electronics and exports these products to several other economies, such as the UK and France. The rising production of consumer electronics in the region is expected to create significant opportunities for the providers of supercapacitors in the region.