PORTLAND, Ore., Feb. 16, 2021
- Increase in demand for automotive applications and renewable energy systems and supportive government regulations boost the growth of the global supercapacitor market.
PORTLAND, Ore., Feb. 16, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Supercapacitor Market by Product Type (Double-Layer Capacitor, Pseudocapacitors, and Hybrid Capacitors), Module Type (Less Than 10 Volts Modules, 10 Volts to 25 Volts Modules, 25 Volts to 50 Volts Modules, 50 Volts to 100 Volts Modules, and Above 100 Volts Modules), Material (Activated carbon, Carbide Derived Carbon, Carbon Aerogel, and Others), and Application (Automotive, Industrial, Energy, Consumer Electronics, and Aerospace & Defense): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report published by Allied Market Research, the global supercapacitor market generated $3.27 billion in 2019, and is estimated to reach $16.95 billion by 2027, registering a CAGR of 23.3% from 2020 to 2027.
Key determinants in the market-
Increase in demand for automotive applications and renewable energy systems and supportive government regulations boost the growth of the global supercapacitor market. Whereas, high costs of raw materials and low awareness impede the market growth. On the other hand, rise in the demand for supercapacitor in solar and wind energy applications usher new opportunities in the near future.
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The pseudocapacitors segment to dominate the market in 2019-
Based on product type, the pseudocapacitors segment contributed to the largest share in 2019, accounting for nearly two-fifths of the global supercapacitor market, and is estimated to maintain its dominant position during the forecast period. Rise in demand for electrical power and intermittent nature of the supply of energy from renewable sources like solar and wind have increased the demand for pseudocapacitors. In addition, increase in demand for electric vehicles, portable electronic devices, and power sources for memory backup drive the growth of the segment. However, the hybrid capacitors segment is expected to register the highest CAGR of 25.0% from 2020 to 2027. Hybrid capacitors have better weak points of conventional aluminum electrolytic capacitors along with advantages such as safety, low layer capacitors (LC) which drives the segment growth. Furthermore, rise in adoption of hybrid capacitors for different applications such as automotive and industrial equipment further boosts the segment growth.
The 10 volts to 25 volts modules segment held lion's share in 2019-
Based on module type, the 10 volts to 25 volts modules segment accounted for the largest share in 2019, holding nearly one-third of the global supercapacitor market, and is expected to maintain the largest share throughout the forecast period. Rise in need of renewable energy due to limited reserve of non-renewable energy and increase in demand from wind energy sectors for pitch control drive the growth of the segment. However, the above 100 volts modules segment is estimated to portray the highest CAGR of 27.2% during the forecast period. Government regulations for power control result in increased demand from automotive sector which boosts the segment growth.
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Asia-Pacific, followed by North America to rule the roost by 2027-
Based on region, Asia-Pacific, followed by North America, accounted for the highest share, contributing to nearly half of the global supercapacitor market in 2019, and will maintain its dominance throughout the forecast period. Additionally, the same region is anticipated to grow at the highest CAGR of 24.5% from 2020 to 2027. Factors such as increase in the defense budget of developing countries such as India and China, rise in demand for the electric vehicleS and growth in automotive business and electronic sector in this region drive the market growth.
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