source: Allied Market Research AMR news
According to a new report by Allied Market Research, the global supercapacitor market is expected to attain a market value of $6.3bn by 2022, growing at a CAGR of 28.7% from 2016 to 2022.
Increase in usage of supercapacitor in automobiles & energy sector, decline in cost of supercapacitors, and longer life span are the factors that fuel the market growth. Rise in demand for electric/hybrid electric vehicles due to stringent government regulations regarding emissions is projected to foster the growth of the supercapacitors market. However, lack of awareness about appropriate implementation of supercapacitors across various application segments significantly hinders the market growth.
Presently in 2016, automotive segment shows high rate of adoption of supercapacitors due to increase in demand for electric/hybrid electric vehicle. Energy harvesting and mining are other segments that present progressive growth of the overall supercapacitor market.
The report segments the global supercapacitor market on the basis of module type, application, and geography. Based on module type, the market is categorized into less than 10 volts module to above 100 volts module. Among all material types, 10-25 volts module segment generated the highest revenue, accounting for $349 million in 2015. However, above 100 volts module segment is expected to attain market size of $1,010 million by 2022, growing at a CAGR of 33.3% from 2016 to 2022.
On the basis of application, the market is classified into electronics, automotive, industrial, and energy. Automotive segment shows high growth rate, registering CAGR of 34.6% during the study period. However, electronics generated the highest revenue, accounting for $543 million in 2015.
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific generated the highest revenue, accounting for $402 million in 2015, and is expected to attain a market value of $2,323 million by 2022, growing at a CAGR of 29.01%. North America and Europe are the second and third leading regional markets, respectively, for supercapacitors.
Some of the major players that operate in the global supercapacitors market are Maxwell Technologies, Nippon Chemi-Con Corp., Panasonic Corporation, Ioxus Inc., LS Mtron, Nesscap Co., Ltd, NEC TOKIN Corporation, Elna Co. Ltd, Seiko Instruments Inc., and KORCHIP Corporation.
featured image source: C-Tec