A supercapacitor comprises of capacitance value that is higher than that of traditional capacitors. These can accept and deliver charge faster than that of the batterers. Moreover, supercapacitors are used in applications requiring rapid charge cycles. Supercapacitors are used in electric vehicles cars and buses and also in elevators along with the applications that involve evolving charge cycle. There has also been an increase in the demand for supercapacitors in renewable energy storage solutions across the globe thereby driving the demand of supercapacitor market globally.
Insight by Product
There are three types of supercapacitor products pseudocapacitors, double layer supercapacitor, and hybrid capacitors. Among all these segments, double layer supercapacitor occupies larger share in supercapacitor market across the globe. Double layer supercapacitor has extensively uplifted the demand in portable electronic devices, bulk electricity storage at power stations and electric vehicles. Furthermore, increasing accessibility and adoption of double layer supercapacitor are thereby bolstering the growth of the supercapacitor market globally.
Insight by Type
On the basis of type, supercapacitor market is categorized into supercapacitor weldable cells, supercapacitor module and board mounted supercapacitor. Among all these segments, board mounted supercapacitor is anticipated to witness the fastest growth during the forecast period since these boards enable the users to balance high voltage supercapacitors with low leakage, low-voltage and less current directing technique in a scalable and small system. Moreover, these supercapacitors help industrial domain to meet their storage demand and thereby enhances reliability in order to meet for power systems. Furthermore, the growth of this segment is strengthening the growth of supercapacitor market.
Insight by Industry
On the basis of industry, the global supercapacitor market is segmented into energy, automotive, consumer electronics, industrial and others. Among all these segments, consumer electronics domain is anticipated to generate the largest revenue by 2024 due to increasing acceptance of consumer mobile devices. Furthermore, supercapacitor enables the user to access data by delivering battery compatible output. This segment is thereby significantly contributing towards the growth of supercapacitor market globally.
The increasing requirement for improved battery life in a laptop, mobile devices, and other similar consumer electronic products across the globe is the key trend observed in the growth of supercapacitor market. Furthermore, replacement of conventional capacitor with modern capacitor is expected to bolster the growth of global capacitor market during the forecast period.
Increasing development in supercapacitors, extensive application of supercapacitors in automobiles and elevators and increasing demand of supercapacitor for renewable energy storage solutions are some of the key factors attributing towards the bolstering demand of supercapacitor market globally. Electronic vehicles and hybrid vehicles use supercapacitor to store the energy lost while braking. Moreover, increase in popularity of zero engine idling and pollution control and efforts towards reduction of the operating cost of vehicles are thereby pertaining towards the growth of supercapacitor market in automotive domain.
Moreover, for the storage system the supercapacitors boost the power density of the overall system. Furthermore, operating the supercapacitors under high power conditions minimizes the strain of large current extraction from the battery bank. This further increases the value of integration of the supercapacitor with the batteries thereby uplifting the demand of supercapacitor market worldwide.
The lack of awareness about the supercapacitors and low priced substitutes are the challenging factors that can impede the growth of the supercapacitor market during the forecast period. Low priced substitutes don’t provide the quality yet is more often chosen. However, lack of awareness of the supercapacitors and its significance in the market hinders the growth of supercapacitor market across the globe.
Globally industry players are leveraging market growth through the development of innovative solutions in supercapacitor market. The vendors for supercapacitors are providing various solutions to the users such as advanced technology for better delivery and intake of energy. Moreover, improvisation in the energy storage system and provision of long-term renewable energy delivery are other focus areas for the key players. Furthermore, it has been observed that there are many R&D programs implemented in order to reduce costs for the providers of supercapacitors worldwide.
Geographically, supercapacitor market in North America is anticipated to generate the largest revenue by 2024 due to increasing awareness and accessibility of supercapacitor systems in this region. Furthermore, increasing demand of supercapacitors from industrial domain in this region is further attributing towards the growth of supercapacitor market in this region. Moreover, supercapacitor market in Asia-Pacific is anticipated to witness fastest growth during the forecast period due to the booming supercapacitors marketplace and the presence of well-established players across the region.
Key players in supercapacitor market are investing in improving the quality developing latest technologies that is strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies and gaining competitive edge. The prominent players in the supercapacitor market include Murata Manufacturing Co., Ltd, Ioxus Inc., LS Mtron, Panasonic Corporation, Maxwell Technologies Inc., Nippon Chemi-Con Corporation, Nesscap Co., Ltd, NEC TOKIN Corporation, Elna Co. Ltd, Seiko Instruments Inc., and KORCHIP Corporation.