Supercapacitor Market Value to Expand at Significant CAGR During 2021-2027
The supercapacitor market is set to record exponential growth by 2027 owing to rising emphasis on renewable energy in power generation across key regions. Additionally, surging demand for electric vehicles around the world is estimated to augment market expansion over the forecast period.
A supercapacitor is a capacitor with a greater capacity and lower voltage limits than ordinary capacitors. This allows it to bridge the gap between rechargeable batteries and electrolytic capacitors. Supercapacitors store 10 to 100 times more energy per unit volume or mass than electrolytic capacitors, supply and receive charge faster than batteries, and withstand many more charge and discharge cycles than standard rechargeable batteries.
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These electrochemical energy storage devices store and release energy by reversible ion adsorption and desorption at the electrode-electrolyte interfaces. Prevalent industrial automation and surging adoption of industrial robots across developing nations have propelled industry expansion in recent years.
Notably, industry players have been implementing strategic initiatives to tap into emerging trends in the market, which has positively impacted the overall business landscape. For instance, in August 2019, Eaton Corporation, a major power management company, launched its novel supercapacitor module, dubbed the XLR-51, which has been designed for application in harsh environments, including marine, grid storage transportation, and material handling. The novel module expanded Eaton's existing XLR supercapacitor module product line to 51.3 volts and 188 farads.
The supercapacitor market has been segmented on the basis of application, type, electrode material, and region. In terms of electrode material, the market has further been classified into a composite-based supercapacitor, carbon-based supercapacitor, conducting polymer-based supercapacitor, and metal oxide-based supercapacitor.
The composite-based supercapacitor sub-segment is speculated to grow at more than 9% CAGR over the study timeline. Increasing research & development activities focused on composite raw materials for developing technically-advanced and high-energy-density supercapacitors are set to fuel segmental uptake in the coming years.
From the application point of view, the supercapacitor market has been bifurcated into aerospace & defense, consumer electronics & home appliances, industrial, automotive & transportation, energy & utilities, and others. The consumer electronics & home appliances sub-segment is anticipated to attain a significant valuation by 2027, expanding at a CAGR of approximately 12% through the review timeframe. Mounting adoption of supercapacitors in smart home technology products across the U.S. and several European countries is set to drive segmental growth in the forthcoming time period.
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On the regional front, the Latin America supercapacitor market is poised to gain solid traction by 2027, progressing at a CAGR of above 8.5% over the assessment period. Rising government initiatives to accelerate the growth of the industrial manufacturing and processing sectors in the LATAM region are likely to foster market development over 2021-2027.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Scope & definition
1.2 Methodology & forecast
1.3 Impact of COVID-19, by region
1.3.1 North America
1.3.2 Europe
1.3.3 Asia Pacific
1.3.4 Latin America
1.3.5 MEA
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
Chapter 2 Executive Summary
2.1 Supercapacitor market 3600 synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Electrode material trends
2.1.5 Application trends
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