Supercapacitor Market to be worth US$7.35 bn by 2023

Supercapacitor Market to be worth US$7.35 bn by 2023

Owing to the vast advancements witnessed in supercapacitors in terms of extended lifetimes, improved power- and energy-densities, and increased efficiencies in the past few years, the use of supercapacitors has been extended across a wide set of energy harvesting and storage systems. In contrast to conventional rechargeable batteries, which need to be replaced frequently thus posing significant threat to the environment on account of the presence of non-biodegradable elements, supercapacitors are much more ecological as well as economical on a broader perspective.

As the adoption of supercapacitors as an efficient and ideal alternative to conventional batteries increases, the global supercapacitors market is likely to present significant competition to a number of battery markets in the near future. According to Transparency Market Research, the global supercapacitors market will register an impressive 22.3% CAGR from 2015 to 2023, rising to a revenue opportunity of US$7.37 bn by 2023 from a valuation of US$1.21 bn in 2014.

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Hand-held Electronic Devices to Present Excellent Growth Potential

Of the key applications of supercapacitors, including across areas such as solar and wind power, industrial, transportation, and electronic devices/consumer electronics, the market is expected to acquire a large share in its overall revenue owing to the demand served by the electronic devices industry. The segment is expected to expand at an excellent 22.8% CAGR over the report’s forecast period, surpassing the growth pace of other applications.

This can be attributed chiefly to the massive rise in use of supercapacitors in a variety of hand-held devices such as laptops, smartphones, tablets, and cameras. The trend is expected to remain strong over the next few years, with the steadily rising uptake of hand-held electronic devices globally remaining one of the key factors driving the global supercapacitors market in the near future. From a revenue perspective, the use of supercapacitors in the field of handheld electronics is expected to create a revenue opportunity of US$2.67 bn for the global supercapacitors market by 2023.

Asia Pacific Market to Remain Most Lucrative Regional Market

From a geographical perspective, the market for supercapacitors in North America is expected to witness expansion at a sluggish pace over the forecast period owing as the regional market is mature and lacks new growth opportunities. In 2014, the North America market accounted for the dominant 38% of the overall supercapacitors market. While the region, despite displaying sluggish growth avenues, will continue to acquire a sizeable share in the global market, thanks to the presence of some of the world’s leading supercapacitor manufacturers, the market in Asia Pacific is expected to emerge as the most lucrative regional market over the forecast period.

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The Asia Pacific market is expected to register a CAGR of 23.2% over the forecast, surpassing the potential growth pace of other regional markets. The region will benefit from the rising use of supercapacitors in the region’s exponentially expanding electronics industry. The high concentration of some of the most influential companies operating in the supercapacitors industry also extend promising growth prospects to the regional market.

Some of the leading companies operating in the highly competitive and rapidly expanding vendor landscape of the global supercapacitor market are LS Mtron, Nesscap CO. LTD., Nippon Chemi-Con Corporation, Ioxus, Inc, and Supreme Power Solutions Co., Ltd.

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Pragati Pathrotkar

Pragati’s longstanding experience in the field of market research is reflected in her insightful news articles on business, science, and technology as presented on Edition Truth. Her interest lies in understanding the ramifications of cultural diversity, green behavior, ecommerce, economic progress, and technical consciousness on these increasingly consumer-oriented industries. Her understanding of digital marketing techniques gives her news stories an engaging twist.

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