Transparency Market Research points that the global supercapacitors market will exhibit an impressive 22.3% CAGR over the period between 2015 and 2023. The market, which held an opportunity of US$1.21 bn in 2014, is expected to rise to US$7.37 bn by 2023 with such excellent growth prospects.
Albany, NY -- (SBWIRE) -- 08/08/2016 -- Apart from a few leading players accounting for more than 10% in the overall market, the global supercapacitors market features a large number of small- and mid-sized companies and intense competitive rivalry, points TMR in a recent market research report. The number of companies operating in the global supercapacitors market, mostly belonging to countries in Asia Pacific, have more than doubled in the past few years.
Maxwell Technologies Inc., which accounted for a nearly 25% share in the global market in 2014, is losing its stronghold on the supercapacitors market and is expected to further stumble in the market, succumbing to the continuously rising competitive rivalry. "Nevertheless, the rising demand for effective energy storage and harvesting systems across a number of end-use industries will continue to stimulate growth in the global supercapacitors market," states a TMR analyst.
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Durability and High Energy Densities to Play Central Role in Increased Adoption
The longer life cycles and reasonably high energy densities of supercapacitors compared to conventional rechargeable batteries one of the prominent drivers of the global supercapacitors market. Recent advances in the supercapacitors technology have led to the development of supercapacitors with a lifespan of an average of 8 to 15 years, which is much higher than the average lifespan of nearly 3 to 4 years of conventional automobile batteries. The costs of supercapacitors are also declining at a rapid pace in the global market, making them a highly economic substitute for a variety of conventional batteries.
Rechargeable batteries require frequent replacement and create vast environmental issues, owing to the non-biodegradable nature of their constituent elements, in addition to increasing the lifecycle cost of several products on a broader scale. Supercapacitors have an upper hand to conventional rechargeable batteries on all these fronts and are being increasingly advocated by environment conservationists. Several stringent emission-control regulations, especially across North America and Europe, are thus stimulating the overall consumption of supercapacitors in the global market.
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Government Funding in Developed Regions Pave Way for Promising Development
The market for supercapacitors in developed regions such as North America is also driven by the rising adoption of supercapacitors in industries such as automotive, wind and solar energy, and electricity storage and supply. Government funding aimed at the further development of supercapacitor technology is also acting as a key stimulator for the global supercapacitor market. A recent instance of this trend is the California Energy Commission's 2014 funding of US$1.39 mn to Maxwell Technologies for the development of effective energy storage systems that can leverage the potential of concentrated PV technology.
Hybrid Supercapacitors to Witness Increased Adoption
Double-layer supercapacitors are presently the leading supercapacitor varieties in the global market, accounting for a share of more than 40% in 2014. The market for double-layer supercapacitors is expected to rise at an excellent 20.7% CAGR through 2023, allowing this product segment a highly lucrative share in the market in the next few years as well. However, expanding at the fastest CAGR of 23.5% among other product varieties, hybrid supercapacitors are expected to reign the market in the next few years.
On a whole, the global supercapacitors market will expand at an impressive 22.3% CAGR over the period between 2015 and 2023. The market, which held an opportunity of US$1.21 bn in 2014 to US$7.37 bn by 2023.
This review of the global supercapacitor market is based on a recent market research report published by Transparency Market Research, titled "Supercapacitor Market - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2023."
Government funding in North America and Europe to present favorable growth opportunities
Hybrid supercapacitors to present most promising growth opportunities
Double-layer supercapacitor held over 40% share of the market by type in 2014
For the purpose of this study, the market has been segmented as follows:
Global Supercapacitor Market, By Application
Automotive and Transportation
Global Supercapacitor Market, By Product
Double Layer Supercapacitor
Global Supercapacitor Market, By Type
Board Mounted Supercapacitor
Global Supercapacitor Market, By Geography
Rest of Europe
Rest of Asia Pacific
Rest of the World (RoW)