According to the research report titled ‘Global Supercapacitor Market Size study, by Type, by Electrode Material, by Application and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global supercapacitor market generated revenues worth USD 365 million in the year 2019 and is reckoned to witness a y-o-y growth rate of 12% between 2020 and 2027.
For those uninitiated, a supercapacitor is rated in farads and possesses more capacity than a conventional electrolytic capacitor. It is generally utilized for storing energy as well as for bearing regular charging and discharging cycles at shorter and longer intervals.
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Rising adoption of supercapacitor for burst-mode power delivery, short-term energy storage or regenerative braking in hybrid electric vehicles, cars, trains, buses and cranes is a major factor driving the market growth. Increasing utilization of the product in flashlights, battery back-up, batteries and solar power is further aiding the market expansion.
Inclination towards using electric vehicles and smart wearables coupled with escalating development of green energy generation plants are stimulating the industry outlook. According to EEI (Edison Electric Institute), worldwide sales of electric vehicles were recorded at 197,000 units in the Q1 of 2017 which then reached 312,000 units in the first quarter of 2018.
The COVID-19 disease outbreak has compelled various governments to enforce temporary lockdowns in order to reduce the spread of the virus, which has adversely affected the electronics, energy, automotive and other industries, thereby hampering the remuneration of global supercapacitor market. Additionally, high cost of the product may also inhibit the market expansion.
As per type, the market is segmented into hybrid capacitors, pseudo capacitors, and electric double-layered capacitors. In terms of electrode material, the industry is bifurcated into composite-based supercapacitors, conducting polymer-based capacitors, metal oxide-based supercapacitors, and carbon-based capacitors. The application range of supercapacitor market comprises of aerospace & defense, medical, consumer electronics, energy, automotive, and others.
Skeleton Technologies OÜ, NAWA Technologies, IOXUS Inc., Cornell Dubilier Electronics Inc., Eaton Corporation Inc., Tesla Inc. (Maxwell Technologies), Panasonic Corporation, Nippon Chemi-Con Corporation, LS Mtron Ltd., and CAP-XX Ltd. are the key participants in global supercapacitor market.
Considering the geographical landscape, North America accounted for a significant market share in 2019 and is expected to register consistent growth during the forecast period. Escalating investments in development of renewable energy plants coupled with rising adoption of medical devices are favoring the North America market outlook.
Meanwhile, Asia-Pacific supercapacitor market size is poised to generate lucrative revenues in the ensuing years. Growing demand for electric vehicles, rising adoption of consumer electronics and rapid industrialization are prime factors swaying the business dynamics in Asia-Pacific.
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