"Large Benefit of Ultracapacitor over Batteries will spur the Market Growth during the Forecast Period."
The global ultracapacitor market was valued at US$ 1.52 Bn in 2018 and is expected to reach US$ 7.93 Bn by 2027, expanding at a CAGR of 20.2% during the forecast from 2019 to 2027.
An ultracapacitor is an electrostatic energy storage device that stores energy by polarizing the electrolytic solution. The device is gaining momentum in the present and coming years due to the rise in energy consumption regulations and increasing preference for renewable energy over fossil fuels. Its benefits over traditional batteries, such as high efficiency, small charging & discharging time, and capability to work in extreme temperatures, make them more preferable for wind turbine, hybrid electric vehicles, and other diverse applications. As per Maxwell Technologies Inc., the company deployed more than 65 Mn ultracapacitor cells for various stationary and mobile applications globally.
Market Synopsis
"Consumer Electronics led the Global Ultracapacitor Market in the year 2018."
In 2018, the consumer electronics segment dominated the global ultracapacitor market with nearly 50% revenue share. The robust growth of the segment is majorly attributed to the proliferation of smartphones in Asian countries such as China, India, and Brazil. In addition, shifting consumer trends towards smart devices, including smart watches, smart glasses, e-papers, and other smart electronics, has uplifted the market growth to an impressive level.
The Automotive & transportation segment seeks significant growth during the forecast period owing to the increasing preference for Hybrid Electric vehicles (HEV). Chasing problems of air pollution and other environmental concerns have proliferated the adoption of HEV. They also keep company with fuel consumption laws and regulations. In the wake of further advancements in HEV, an ultracapacitor is used against batteries to improve their fuel economy by 15-30%. Furthermore, the low cost of the ultracapacitor is another prime factor for its profound market growth in the automotive sector.
Regional Analysis
"Asia Pacific garnered the largest revenue share of the Global Ultracapacitor Market in 2018."
The Asia Pacific accounted for the majority of the revenue share in the global ultracapacitor market for 2018. In addition, the region is expected to grow considerably during the forecast period. The Asia Pacific was the most dynamic region in the consumer electronics segment from 2010-2015, and the same trend continued during the forecast period from 2019-2027. This is mainly due to the region's overwhelming growth in percent household and annual disposable income.
In addition, Asia Pacific is anticipated to lead the automotive ultracapacitor market during the forecast period from 2019-2027. This is mainly due to the high production rate of passenger vehicles in countries such as Japan, China, and South Korea. However, North America and Europe accounted for a significant share in the global ultracapacitor market owing to pioneer developers of innovative automotive products.
Key Players & Competitive Landscape:
"Rising Investment in Ultracapacitor has boosted the Competition in the Global Ultracapacitor Market."
Increasing research & development in ultracapacitors, along with its increasing demand as an environment-friendly energy storage solution, has significantly spurred the competition among players. In the wake of the same, market players invest significantly in product development to retain their market position.
On September 24, 2019, First Graphene Ltd. signed an agreement with Manchester University to develop graphene-hybrid materials used in supercapacitors. These materials have the potential to develop new generation ultracapacitors that are frequently used in a wide range of applications ranging from electric vehicles to cranes and elevators.
On March 05, 2018, Eaton Corporation Inc. announced its new XT supercapacitor of 3.0 volts that offers 20% higher power density and 15% greater energy density. The new supercapacitor costs comparatively lower per watt-hour compared to other available supercapacitors. It also allows reduced weight and size for designs with high cell count.
On April 28, 2017, Maxwell Technologies Inc., a subsidiary of Tesla Inc., announced to acquire of Nesscap Energy Inc., a Canada-based ultracapacitor manufacturing and development company. The acquisition will help Maxwell to extend its existing product portfolio and market capabilities in the ultracapacitor business.
Historical & Forecast Period
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment was calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The ultracapacitor market research offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides an all-around view of the global ultracapacitor market based on application and geography. Key segments covered in the report are as follows:
Frequently Asked Questions
The market for Ultracapacitor is expected to reach US$ 1.52 Bn in 2028.
The Ultracapacitor market is expected to see significant CAGR growth over the coming years, at 20.2%.
The report is forcasted from 2019-2027.
The base year of this report is 2021.
Eaton Corporation Inc., Ioxus Inc., Skeleton Technologies, Tecate Group, Cap-XX, LS Mtron, Tesla Inc, NEC-Tokin, Nippon Chemi-Con Corporation are some of the major players in the global market.
