Recovery of economies and emergence of new ones on the backdrop of rapid industrialization has given a fresh impetus to the global ultracapacitors market. The ultracapacitors market is growing at a phenomenal pace as automobile manufacturers are realizing its advantages, which justifies the high cost. An ultracapacitor which is also known as supercapacitor is a high-capacity electrochemical capacitor capable of storing huge amounts of energy than a regular capacitor. As compared to a normal capacitor, an ultracapacitor can store 100 times more energy, they can receive and deliver charge faster than batteries, and can take greater number of charge and discharge cycles than normal rechargeable batteries.
What is Driving the Global Ultracapacitor Market?
The global ultracapacitors market
was valued at US$672.0 million in 2012 and is expected to increase to US$3,120.0 million in 2019, growing at a CAGR of 25.2% from 2013 to 2019. The primary growth drivers contributing to this incredible growth are alarming bells about rising carbon emissions, high cost of cost of fossil fuels, and rapid depletion of natural resources which is making the world look for alternatives means of transportation. The persistent efforts taken by public and private sector to cut down on carbon emissions and to save fuel is also driving the global ultracapacitor market on the road to success.
As governments across the globe are tightening their leashes around release of carbon emissions, at national levels, the need for ultracapacitors by the automobile sectors and others is growing at a rapid pace. The need to think of environmentally-friendly energy storage methods is the crucial ingredient that is encouraging the growth of global ultracapacitors market. In the coming years, as the “go green” resolves pick pace, they will drive the ultracapacitors market in various parts of the part for both, the manufacturers and buyers.
Components of Global Ultracapacitor Market
The global ultracapacitors market has been segmented on the basis of applications and geography. The applications segment includes segments such as automotive, industrial, energy, and electronics. The automotive segment is inclusive of buses, auto, trains, and others; the industrial segment includes cranes, smart grid, mining, and valves; the energy segment includes wind, solar, and energy harvesting; and the electronics segment is inclusive of solid state disk drive, non-volatile RAM, and UPS. Some of the applications of ultracapacitors are seen industries such as military, aerospace, and sensor technology. In terms of geography, the global ultracapacitors market is broadly divided into North America, Asia Pacific, Europe, and Rest of the World. The North American region is inclusive of U.S., Mexico, and Canada; Europe region includes U.K., France, Italy, Germany, and rest of European countries; Asia Pacific region is further segmented into Japan, China, India, Australia, Hong Kong, Singapore, and Rest of Asia Pacific; and Rest of the World includes Middle East, Africa, and South America.
Future of Global Ultracapacitor Market
In terms of geography, Asia Pacific was the biggest market share holder in the global ultracapacitors market in 2012. Some of the prominent regions in the Asia Pacific region that have made an indelible impact on the economy of ultracapacitors market are China, Australia, Japan, India, and Singapore. The leading manufacturer of ultracapacitors China as the government has been imposing strict regulatory norms pertaining to carbon emissions of vehicles. Ultracapacitors find an indispensable use in hybrid buses of China which is further fueling the growth of this market in the Asia Pacific region.
Some of the major companies making a difference in the global ultracapacitors market are Maxwell Technologies, Nesscap Co. Ltd. (South Korea), Panasonic, Maxwell Technologies (U.S.), VINATech (South Korea), Nippon Chemi-Con Corp. (Japan), LS Mtron (South Korea), Panasonic (Japan), Ioxus (U.S.), and SPS (China). Presently, Maxwell Technologies holds the largest market share in the global ultracapacitors market.
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