The global ultracapacitors market is prognosticated to exhibit a remarkable growth in the forthcoming years, as reported by Transparency Market Research (TMR). The market’s competitive ecosystem is characterized by moderate fragmentation, with a small number of existing vendors. The global ultracapacitors market is still in its incipient stage, leading to a low number of active market players, with narrow geographical outreach. The market is present largely in developed regions, impelling vendors to focus in these areas. Market players are seen to slowly widen their horizons and utilize novel technological innovations in their products such as organic and solid electrolytes, while some are producing fire and heat resistant electrolytes. The market is witnessing low number of new market entrants on account of the high initial investments required by the industry. This gives existing players a good opportunity to monopolize the market as the returns on investment in this market are quite high.
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Key players operating in the global ultracapacitors are Panasonic, Nippon Chemi-Con Corp., Maxwell Technologies, VINATech, and LS Mtron.
As projected by TMR, the global ultracapacitors market is predicted to expand at an excellent 25.20% CAGR over the forecast period of 2013 to 2019. The market was estimated to stand at US$0.7 bn in 2012. The market is estimated to reach US$3.1 bn by 2019. Among the end-use segments, the automotive sector was responsible for a substantial market share in 2012, and the trend is expected to continue over the coming years. Among the regional segmentation, Asia Pacific held a 35.1% share of global ultracapacitors market in 2012.
Desirable Products of Features to Augment Product Demand
The inherent characteristics of ultracapacitors makes it suitable for use in consumer electronics including audio/video systems and digital cameras owing to low power and energy, and long life back-up offered by these modules. Further, ultracapacitors also possess high power and energy density which makes it an ideal match for use in industrial and automotive applications, which may further escalate growth over the forecast period.
It is electro-chemical in nature and has a relatively high energy density as compared to other capacitors or batteries. This device exhibits a higher power capacity, improved lifecycle, and faster charging capability. These capacitors have the ability to rapidly charge to their maximum capacity and also discharge quickly up to zero-charge level. It also ensures safety of operation as it eliminates potential risk of explosion or self-ignition. Ultracapacitors have a high transient response time of 20 microseconds and are also maintenance free, which can result in increasing adoption over the coming years.
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Surge in Number of Electric Vehicles to Propel Growth
Rapid electrification in vehicles and rise in demand for ultracapacitors in hybrid powertrain systems and regenerative braking are the major factors driving the global ultracapacitors market. However, high production cost is a major challenge for the market players. Use of ultracapacitors in electric turbocharger would generate new business opportunities for the market in the near future.
The growing trend and need for environment-friendly energy storage solutions is fuelling the demand for alternate energy storage solutions. As a complement to battery technology, ultracapacitors are expected to replace battery technology in the long run. In short, the ‘go green’ revolution is primarily driving the growth of the ultracapacitors market globally.
This review is based on TMR’s report titled, “Ultracapacitor Market (Application- Automotive, Industrial, Energy, Electronics, and Aerospace, Military and Sensor Technology) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2024.”Top of Form
The market is segmented along the following lines:
Global Ultracapacitor Market, By Application
- Automotive
- Industrial
- Energy
- Electronics
- Others (aerospace/military and sensor technology)
Global Ultracapacitor Market, By Region
- North America
- Europe
- Asia pacific
- Rest of World (RoW)
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