The global Ultracapacitors Market is expected to value at USD 8.049 billion by 2024. The ultracapacitor industry is subject to witness a substantial growth due to its capability to rapidly charge and discharge quickly up to zero charge level. Ultracapacitor offers safety of operation by eliminating potential risk of explosion or self-ignition.
Growth Drivers:
Ultracapacitors offer advantages such as higher transient response time and minimum maintenance. These factors are expected to fuel market demand of ultra-capacitors over the forecast period. Globally, the ultracapacitor market is predicted to grow at CAGR of 25.0% in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Increasing demand for the ultra-capacitors market from wearable and wireless devices is anticipated to stimulate market growth over the coming years. Increasing adoption of ultra-capacitors for production of portable devices, which requires ingenious features and compact space, are expected to favor market growth as well.
Shifting trend toward enhanced power supply solutions is propelling market demand for devices with extended shelf life as compared to batteries. Replacement of pulse batteries with ultra-capacitors owing to its extended shelf life is predicted to boost market growth as well.
Other factors such as longer battery lifetime, efficient wear & tear protection, and resistance from chemical reactions are driving market progress in the last few years. However, higher initial cost and minimum availability are expected to hamper industry growth to a certain extent. Yet, introduction of compact and inexpensive super-capacitors with higher performance capability and enhanced conductivity are estimated to play major role in the future market growth. Ultracapacitor constitutes high surface area, and superior physical & chemical stability.
Top Companies:
The key players in the ultracapacitors industry are Panasonic Co., Supreme Power Solutions Co., Ltd., VINA Tech Co., Ltd., Maxwell Technologies, Inc., Nippon Chemi-Com Co., LS Mtron, Nesscap Co., Ltd., Ioxus, Inc., Cap-XX Co., NEC-Tokin, Inc., and Yunasko, Inc.
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Application Outlook:
The ultracapacitors industry is broadly categorized into four major segments based on the application type such as industrial application, electronic sector, automotive sector, and power & energy sector. The automotive sector is considered as one of the fastest growing segment in the ultracapacitors market with substantial revenue generation in the last few years. Growing popularity of ultracapacitor industry in the automotive segment is attributed to the increasing demand from electric and hybrid electric vehicles. The electronic segment has also witnessed substantial growth owing to the compact and easily available back-up energy source for the solid-state disk drives.
Regional Outlook:
The ultracapacitor market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, increase in the number of research & development activities in the region and existence of well-established infrastructure. Asia-Pacific region is predicted to hold major market share in the ultracapacitor with massive growth in forecast period.
Countries such as India, China and Japan are leading the Asia-Pacific market with consistent demand for energy efficient products, rising electronic sector, growing demand from the residential, power, and public transportation sector, and significant investment by leading industry players considering potential growth opportunities in the region.
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