According to the new market research report published by MarketsandMarkets™, the Supercapacitor Market is projected to grow from USD 409 million in 2020 to USD 720 million by 2025.
It is expected to grow at a CAGR of 12.0% from 2020 to 2025.
The key factors fueling the growth of the market include their increased use in renewable energy generation plants and smart wearables.
Additionally, increased global demand for electric vehicles and supercapacitors with higher storage capabilities than conventional capacitors and batteries is also augmenting the growth of the supercapacitor market.
The electric double-layered capacitors segment to hold the largest size of the supercapacitor market by 2025.
Electric double-layered capacitors are being used as an alternative to conventional batteries.
They work excellently in all those applications wherein a stable supply of energy is required over a short period of time.
Several industrial units across the world have suspended their operations owing to the outbreak of the COVID-19.
This is expected to create a temporary slag in the growth of the supercapacitor market in 2020.
The automotive segment is projected to account for the largest size of the supercapacitor market by 2025.
Supercapacitors are well suited for electric vehicles (EVs) and hybrid electric vehicles (HEVs), as they can compensate for the shortcomings of batteries.
Unlike batteries, supercapacitors operate over a broader temperature range and eliminate the requirement of charge equalization management.
The automotive sector is one of the key sectors incurring significant losses owing to the COVID-19 pandemic situation.
The global demand for vehicles has reduced significantly owing to lockdowns imposed in different countries of the world.
This, in turn, is impacting vehicle production, as well as the demand for supercapacitors globally.
Asia Pacific (APAC) projected to be the largest market for supercapacitors from 2020 to 2025.
The growth of the supercapacitor market in APAC can be attributed to rapid industrialization and infrastructure development in the region.
China is expected to continue to account for the largest share of the supercapacitor market in APAC during the forecast period.
Supply chains in and around APAC have been disrupted owing to the outbreak of the COVID-19 pandemic, which has resulted in limited permissible transportation.
The Asian countries under lockdowns have suffered tremendous loss of business and revenue due to the shutdown of a number of manufacturing units in the region. This, in turn, is impacting the demand for supercapacitors.
The key players operating in the supercapacitor market include Tesla (US), Nippon Chemi-Con (Japan), CAP-XX (Australia), LS Mtron (South Korea), Panasonic (Japan), Eaton (US), Cornell-Dubilier (IUS), Ioxus (US), NAWA Technologies (France), Paper Battery Company (US), Skeleton Technologies (Estonia), and SPEL Technologies (India).
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