Albany, NY -- (SBWire) -- 08/28/2017 --The recent advancements in power- and energy-densities, extended lifetimes, and increased efficiencies in the field of supercapacitors are extending their usage across a wide range of energy storage and harvesting systems. As compared to conventional rechargeable batteries, which require frequent replacements and present significant threat to the environment owing to their non-biodegradable constituent elements, supercapacitors are economical and environment-friendly on a broader perspective.
Witnessing rapid adoption as an ideal and efficient power alternative to conventional batteries, the global market for supercapacitors is expected to present stiff competition to many popular varieties of batteries in the near future. Transparency Market Research points that the global supercapacitors market will exhibit an impressive 22.3% CAGR over the period between 2015 and 2023. The market, which held an opportunity of US$1.21 bn in 2014, is expected to rise to US$7.37 bn by 2023 with such excellent growth prospects.
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Of the key applications of supercapacitors across sectors such as industrial, solar and wind power, electronic devices, and transportation, supercapacitors are expected to amass majority share in overall revenues from their usage in electronic devices in the next few years. The segment of electronic devices or consumer electronics is expected to expand at a CAGR of 22.8% over the period between 2015 and 2023, surpassing other key application areas.
Supercapacitors are being increasingly used in hand-held electronic devices such as mobile phones, cameras, laptops, and tablets. Practical usage of supercapacitors over the years have demonstrated their usefulness for any kind of electronic device that requires a burst of power. Thus, an increased number of hand-held electronic devices in the consumer as well as industrial sector will be run with supercapacitors in the next few years.
Revenue-wise, the segment of hand-held electronic appliances is expected to rise to a valuation of US$2.67 bn by 2023 from a valuation of nearly half a billion in 2014. With the rising demand for a variety of electronic devices, especially across the economically stabilizing and rapidly industrializing developing regions such as Asia Pacific, the demand for supercapacitors will also gain substantial momentum.
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Geographically, the mature market for supercapacitors in North America is expected to witness growth at a sluggish pace through 2023. North America accounted for a share of over 38% in the global supercapacitor market in 2014. However, Asia Pacific, which accounted for a 21.3% share in the global supercapacitor market in 2014, is expected to witness growth at the fastest pace of 23.2% CAGR among key regional markets.
The market in Asia Pacific will benefit from the vast demand for supercapacitors in the consumer electronics industry. The high concentration of some of leading supercapacitor companies in countries such as China, Japan, and South Korea also place Asia Pacific at a highly commanding position in the global supercapacitors market.
The market is presently dominated by Maxwell Technologies Inc., which accounted for a share of over 25% in the global market in 2014. However, the number of companies in the market has more than doubled in the past few years and the competitive rivalry has significantly intensified. Other major companies in the global supercapacitors market are Nesscap CO. LTD., Ioxus, Inc,Supreme Power Solutions Co., Ltd., LS Mtron, and Nippon Chemi-Con Corporation.
Supercapacitor Market: Durability and High Energy Densities to Play Central Role in Increased Adoption