Market Research Future published a research report on “Super Capacitors Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
With the global super capacitors market 2020 rattled by Covid-19 pandemic, the market has become a more attractive way to go globally. So far in 2020, new listings of factors have raised massive possibilities for the global super capacitors market to accomplish USD 2.6 billion by 2023 at a pace of 21%, finds Market Research Future in its latest reports. The expansion of the market would take place between 2017 and 2023.
Top Impacting Factors
The growing applications can see the recent trend in super capacitor market of super capacitorsin renewable energy vertical, which has noticeably surged in recent years, owing to its extended functional life. In the wind energy sector, super capacitors manage the pitch and manage emergency power is required. In the solar energy storage system, incorporation of batteries and super capacitors boosts the power density of the overall system. All these advantages are favouring the market strong over the years and will boost in the assessment period.
In elevators, the energy lost while braking is stored in the supercapacitor which is supplied back to the power grid of the building. Electric vehicles and other hybrid electric vehicles use super capacitorsto store the energy lost while braking. A decline in pollution level and reduction in the cost of the automobile are thus some of the essential factors responsible for the boost in this market. These are the significant trends in the market that are motivating the market growth incredibly.
Other than the above factors, longer life cycle as compared to batteries and diminishing price of super capacitors is probable to boost the global Super Capacitors Market. With this, stringent government regulatory guidelines for pollution control are also projected to fuel the growth of the market. The supercapacitor is a promising technology for various energy storage systems, as it can suggest elevated power density than batteries and energy density in conventional capacitors. Solar PV panels and solar lighting are prospective areas where super capacitors are increasing. Generally, solar panels are used in both modes, online as well as offline, for which super capacitors are steadfast options. With a forecast of 40% penetration of super capacitors is going to happen by 2020 end where the demand in this sector is predictable to stroke around 416,000 units.
Furthermore, escalating production of super capacitor-based vehicles for environmental concerns is rapidly motivating the market. Climate change and greenhouse gases have been global menaces, which affect crop cycles, entire ecosystems and weather systems. With environment-friendliness on the priority, there is heightened awareness among the users of energy storage equipment about minimizing emissions. Foremost technology companies are pacing up their efforts to reduce greenhouse gas emissions, indicating market growth for alternative energy technologies.
The global super capacitors market has been bifurcated as type, application, and end-users.
By the segment of type, the market has included hybrid capacitors, double-layer capacitors and pseudocapacitors. Among these, double-layer capacitors grabbed the largest market share majorly owing to its applications from portable electronics to medical devices.
The segment of application has included cameras, audio systems, flash cameras, laptops, power backup systems, smoke detectors, smoke detectors, buses, memory devices, electric vehicles, aircraft and others.
The segment of end-users has included energy, defence, industrial, consumer electronics, healthcare, automotive and others.
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Asia-Pacific is estimated to be the fastest-growing region. The automotive industry has been mounting rapidly in China, where it is playing an increasingly pivotal role in the automotive market. The Government of China considers its automotive industry, including the auto parts sector as one of the most influential pillar industries. The Central Government of China expects that China’s automobile output may reach 30 million units by 2020 and 35 million units by 2025.
However, North-America is estimated to inflate over the forecast period, 2017-2023. The reason is accredited to the mounting demand for high-end technology, escalating R&D happening in this region and strict regulation about environment-friendly technologies.
The top players in the global super capacitors market include Maxwell Technologies, Inc. (U.S.), Panasonic Corporation (Japan), CAP-XX Limited (Australia), Murata Manufacturing Co., Ltd. (Japan), AVX Corp (U.S.), Nesscap Energy Inc. (Canada), Axion Power International, Inc. (U.S.), DuPont (U.S.), Komatsu Ltd. (Japan), Haydale (U.K.), and Toyota Motor Sales, Inc. (U.S.).
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