The super capacitor market is projected to witness a compound annual growth rate of 17.24% to reach US$1,294.905 million by 2024, from US$498.628 million in 2018. A super capacitor is a high-capacity electrochemical capacitor that combines the properties of traditional batteries and capacitors. It is used in applications where rapid charge/discharge time is required rather than long-term energy storage. High power pulse, extended battery life, and lower battery cost for consumers are the major driving factors propelling the growth of Super capacitor Market. Another factor contributing to the growth of this market is the integration of renewable energy with the super capacitor.
By Industry Vertical
By industry vertical, the automotive segment is expected to grow at a high CAGR. The requirement of meeting environmental and regulatory challenges such as energy conservation and lowering CO2 emissions is driving the demand for super capacitors in the automotive sector for hybrid automobiles. Product innovation by players is also contributing to the market growth. For instance, Maxwell Technologies offers a line of super capacitor-based modules that range up to 3000 F.
Asia Pacific (APAC) region accounted for a significant share in 2018. Moreover, it is also expected to grow at a high CAGR over the projected period. The region is home to major tech companies that mainly operate from rapidly developing economies of China, India, and South Korea. Moreover, factors like rapid industrialization and supportive government regulation such as 100% FDI, free trade agreements, “Make in India” and “Make in China” will also contribute to the market growth.
The super capacitor market is highly competitive with the presence of a large number of regional and international players. Moreover, vendors are increasingly investing in research and development in order to enhance their position in the market. New product launches are a key strategy being adopted by key players, along with strategic mergers and acquisitions.
The super capacitor market has been analyzed through the following segments:
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