With the automotive sector evolving continuously, new technologies make headways. Super capacitors have emerged as a prominent automotive technology. According to a study conducted by Market Research Future (MRFR), the global super capacitors market is set to post a compound annual growth rate (CAGR) of 21% between 2017 and 2023. The market is projected to surpass a valuation of USD 2.6 Bn towards the end of the forecast period (2017-2023).
The automotive sector remains under constant pressure to reduce reliance on energy-intensive components. Consequently, the car makers all over the world are seeking sustainable alternatives. Such industry trends are reflecting favourable on the global super capacitors market. Automotive and consumer electronics are two of the largest sub-markets of super capacitors. Increased emphasis on utilization of the energy-efficient components is fuelling the demand for super capacitors. The global super capacitors market is benefiting from the growing preference for stabilized power supply solutions.
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Favourable for policies and increased efforts towards energy conservation are some of the factors propelling the global super capacitors market. At the same time, product innovation is expected to remain a key area of focus for market during the forecast period. Advances in technology is creating new avenues of growth. The arrival of various storage technologies has bolstered the application potential of super capacitors.
Latest versions of super capacitor are highly reliable as well as have an impressive life cycle. This driving their adoption of segments such as computers, portable devices, laptops, etc. On the other hand, manufacturers remain challenged by the snowballing product development and R&D expenditure. Also, incompatibility and highly complex integration process across various other electronics products continues to test the market potential of super capacitors.
The segmental analysis of Super Capacitor Market has been conducted based on application, end-users and type.
On the basis of application, key segments include cameras, flash cameras, power backup systems, buses, electric vehicles, audio systems, smoke detectors, aircraft, memory devices, laptops and others. On the basis end users, key segments include consumer electronics, automotive, defense, energy, healthcare, industrial and others. On the basis of type, key segments include double layer capacitors, hybrid capacitors, pseudo capacitors and others.
Key regions covered in the repost include Europe, Asia Pacific (APAC), North America, South America, and the Middle East & Africa (MEA). In terms of value, Europe commands a sizeable share of the global super capacitors market. Presence of a vast automotive sector in the region remains a primary market driver in Europe. In addition, faster adoption of new-age technologies, string environmental regulations, and presence of a healthy consumer base are some of the other factors supporting the market growth in Europe. Moreover, a strong research & development pipeline continue to boost the prospects of the market in the region.
Asia Pacific (APAC) is expected to present lucrative opportunities to market players in the forthcoming years. Tremendous on the automotive manufacturing sector in China couple with the rising domestic demand for automotive remain major market driver in APAC. In countries such as China, Japan, Taiwan and South Korea there is a greater inclination towards energy efficient solution which is creating market opportunities.
MRFR in its report has mentioned some of the top-notch market players namely Maxwell Technologies, Inc. (the U.S.), CAP-XX Limited (Australia), AVX Corp (the U.S.), Axion Power International, Inc. (the U.S.), Komatsu Ltd. (Japan), Panasonic Corporation (Japan), Toyota Motor Sales, Inc. (the U.S.), Murata Manufacturing Co., Ltd. (Japan), DuPont (the U.S.), Nesscap Energy Inc. (Canada) and Haydale (the U.K.)
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