DUBLIN--(BUSINESS WIRE)--The "Supercapacitors/Ultracapacitors Global Market Opportunities And Strategies To 2023" report has been added to ResearchAndMarkets.com's offering.
The supercapacitors/ultracapacitors market reached a value of nearly $1.2 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 30% to nearly $4.6 billion by 2023.
Factors contributing to the growth of the supercapacitors/ultracapacitors market include rapid growth in the electronics industry, increasing popularity of hybrid vehicles, and increased investment in mass rapid transport systems in many developed and developing countries globally. The supercapacitors/ultracapacitors market is challenged by the availability of low-cost alternatives such as batteries and by rising trade protectionism.
The transport segment accounted for the largest share of the supercapacitors/ultracapacitors market in 2018 at $0.59 billion. The highest growth is projected to come from the automotive segment, which is forecast to grow at a CAGR of 34.3%. Major factors for this growth include rising demand for hybrid vehicles owing to incentives and subsidies offered for these cars globally.
Asia Pacific is the largest region in the supercapacitors/ultracapacitors market, accounting for 40% of the global total in 2018. It was followed by Western Europe and North America. The fastest growth in the supercapacitors/ultracapacitors market between 2018 and 2023 is predicted for Asia Pacific, where it is expected at grow at a CAGR of 31.3%, followed by North America at a CAGR of 29.9%.
China is the largest country in terms of value in the supercapacitors/ultracapacitors market. China and the USA are forecast to have the fastest growth at CAGRs of 19.2% and 16.7% respectively.
The market for supercapacitors/ultracapacitors is concentrated. Major players in the market include Murata Manufacturing Co., Ltd., Maxwell Technologies, Inc., Panasonic Corporation, AVX Corporation, ELNA Co., Ltd.
The major opportunities in the supercapacitors/ultracapacitor market will arise in the transport segment, which will put on $1.65 billion of annual sales between 2018 and 2023; and in China and the USA, where annual sales gains of $0.83 billion and $0.55 billion respectively will accrue.
To take advantage of these opportunities, supercapacitor/ultracapacitor manufacturing companies should adopt strategies such as using graphene and carbon nanotubes and/or metal nitrides as electrodes to increase their products' power density and overall efficiency, collaborating with research institutes and technology companies and developing new products, such as the new DUK series radial type electric double layer capacitors introduced by Elna in March 2018.
- AVX Corporation
- ELNA Co. Ltd.
- KEMET Electronics
- Maxwell Technologies Inc.
- Murata Manufacturing Co. Ltd.
- NEC TOKIN
- Panasonic Corporation
For more information about this report visit https://www.researchandmarkets.com/r/ystukf