An ultracapacitor (also known as supercapacitor) is a double-layer electrochemical device which can store thousands of times more energy than a common capacitor. The Global Ultracapacitors Market is expected to witness robust growth during the forecasted period due to the benefits associated with it as compared to conventional batteries. Increasing applications of ultracapacitors in the automotive sector such as in cars and buses is further expected to fuel growth in the coming years.
The market was valued at USD 672.0 million in 2012 and is expected to increase to USD 3,120.0 million in 2019 i.e., at a CAGR of 25.2% from 2013 to 2019. Rising cost of fossil fuels, depletion of natural resources and carbon emissions is paving the way for alternate means of transportation. Continuous efforts have been taken by both public and private sector to reduce carbon emissions and save fuel. Stringent government regulations related to CO2 emission is driving the ultracapacitors market globally. For example, the European Commission issued a regulatory proposal confirming a 95g/km target by 2020. Government regulations such as 95g/km CO2 emissions in Europe and Corporate Average Fuel Economy (CAFE) in the U.S. are the major factors supporting the growth of ultracapacitors in these regions.
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. Government regulations related to carbon emissions is expected to remain strict throughout the forecasted period, thus supporting the growth of ultracapacitors market globally in the coming years.
Ultracapacitor technology has been in existence since the early 1950s but consumers still prefer to use batteries and are hesitant to use ultracapacitors, which is hampering its growth globally. The major factors restraining the growth of ultracapacitors are high price and low awareness about technological aspects of ultracapacitors itself. This results in lower adoption across different product segments such as automotive, industrial and electronics sectors.
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Geographically, Asia Pacific held the largest share in the ultracapacitors market in 2012. Australia, Japan, India, China and Singapore are some major economies in Asia Pacific region. Ultracapacitors market in Asia Pacific is driven by robust demand in China and Japan. China is the leading manufacturer of ultracapacitors and strict government regulations related to carbon emissions in vehicles is expected to support the growth of ultracapacitors in this country. Ultracapacitors have been used widely in the hybrid buses of China which is further supporting its growth in Asia Pacific
Maxwell Technologies, Panasonic, Maxwell Technologies (U.S.), Nesscap Co. Ltd. (South Korea), Nippon Chemi-Con Corp. (Japan), Panasonic (Japan), LS Mtron (South Korea), Ioxus (U.S.), VINATech (South Korea) and SPS (China) are the popular players in the ultracapacitors market, where Maxwell Technologies enjoys the maximum revenue share at present.