The global supercapacitors market demonstrates a high level of fragmentation, finds Transparency Market Research (TMR) in a new research report. A few of the leading players, such as Ioxus, Maxwell, Nesscap, Panasonic, Nippon, and LS Mtron, have more than 10% share in the overall market, while others possess rather small shares. With the rising number of players entering the market to match the demand for supercapacitors, some of the dominant companies, such as Maxwell, are witnessing a decline in their market share, which, as a result, is anticipated to intensify the competition among the players in the years to come, states the research report.
According to the research report, the global market for supercapacitors stood at US$2.18 bn in 2017. The opportunity in this market is expected to rise at a CAGR of 22.40% over the period from 2017 to 2023 and reach US$7.35 bn by the end of the forecast period. In terms of the type of the product, the demand for double layer supercapacitors has been higher than other products. However, hybrid capacitors are likely to report a significant increase in their demand over the next few years, states the market study.
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Demand for Alternative Power Supply to Fuel Demand for Supercapacitors
The market for supercapacitor is registering an outstanding rise across the world. “The augmenting demand for alternative power supply in a number of end users, such as the automotive and the industrial sectors, owing to the depleting resources of conventional fuels, is boosting the need for supercapacitors, substantially. In the automotive industry, supercapacitors is extensively utilized into regenerative braking, door-lock systems, and auto start-stop.
Apart from this, the rising awareness among customers regarding the advantages of supercapacitors, such as lower replacement cost and longer lifecycle, is leading to an increased uptake of supercapacitors over batteries, which, in turn, will reflect positively on the growth of the global supercapacitor market over the next few years. However, the high initial price of supercapacitors may limit their usage, especially in low-value applications, in the years to come, states the research report.
Asia Pacific to Dominate Global Supercapacitor Market
The research study has further analyzed the worldwide market for supercapacitors on the basis of the geography. As per the report, Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America are the key regional markets for supercapacitors across the world. Asia Pacific, among these, is leading the global market for supercapacitors, thanks to the high manufacturing volume in China, notes the research study.