LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global supercapacitor market is expected to reach USD 614.85 million by 2021, growing at a CAGR of more than 9%.
This research report titled ‘Global Supercapacitor Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The main reason for the rapid growth of the global supercapacitor market is the growing demand for compact and efficient energy storage devices across various end-user segments. The key segments that are contributing to this market growth are electric vehicles, consumer electronics, and power utilities. The industrial need for heavy power supplies is addressed by supercapacitor vendors.
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Technavio’s analysts categorize the global supercapacitor market into five major segments by end user. They are:
- Consumer electronics sector
- Automotive sector
- Industrial sector
- Energy sector
The top three segments based on end-users for the global supercapacitor market are discussed below:
Consumer electronics sector
The global supercapacitor market has been experiencing steady growth over the last couple of years. Technological optimization has created the demand for portable, intelligent, and sustainable devices. Supercapacitors used in the consumer electronics sector have fast-charging capability through a primary power supply.
According to Sunil Kumar Singh, a lead embedded systems research analyst from Technavio, “The use of supercapacitors eliminates the hazardous effect of battery disposal to the environment as they do not contain any toxic chemicals. Another reason for using supercapacitors in consumer electronics sector is the requirement of small and light energy storage solutions that can supply the same level of power.”
“Supercapacitors can operate efficiently in very cold and very warm environments, whereas lead-acid batteries do not. This makes supercapacitors more desirable than lead-acid batteries for engine-cranking applications in harsh automotive, military, and industrial sectors,” says Sunil.
With the growing use of supercapacitors in the industrial sector, this segment is expected to experience rapid growth during the forecast period. Initial adoption will be very fast, owing to the benefits of supercapacitors. The high initial investment in supercapacitors is expected to be compensated by the productivity, consistency, and durability of these devices.
Supercapacitors are expected supplement existing electrical systems in industrial equipment. These devices will help industries during their peak cycles of the production process. They will also store kinetic energy from equipment movement for future use.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Maxwell Technologies
- NEC TOKIN
- Nippon Chemi-Con
- Skeleton Technologies
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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