Ultracapacitors Market to Grow Owing to Increased Applications of Ultracapacitors in Vehicles
An ultracapacitor (also known as supercapacitor) is a double-layer electrochemical device which can store thousands of times more energy than a common capacitor. The global ultracapacitors market is expected to witness robust growth during the forecasted period due to the benefits associated with it as compared to conventional batteries. Increasing applications of ultracapacitors in the automotive sector such as in cars and buses is further expected to fuel growth in the coming years. Asia Pacific trumped all other regional markets to become the leader in the global ultracapacitors market in 2012. Here, growth has been induced by an increasing demand for ultracapacitors in rapidly growing sectors such as energy, automotive, military, industrial, and electronics sectors.
Description of Global Ultracapacitors Market:
The overall healthy growth prospects of the ultracapacitors market are further supported by the implementation of government regulations to cut down carbon emissions, and very stringently so in regions such as North America, Europe, and China. These factors have proven to be beneficial for the further rise of the ultracapacitors market. As per the report, the other benefits of ultracapacitors, such as a very long lifespan as compared to traditionally-used batteries will work strongly in the favor of the global ultracapacitors market. However, it is important to note here that the use of ultracapacitors is still at its nascent stage, and the full potential of these components remains to be harnessed.
This presents market players with a massive untapped opportunity. Investing in R&D efforts to gain the first mover advantage in new applications is the best way to fortify one’s position and gain a strong consumer base in the ultracapacitors market.
Consumers are still hesitant to make the switch from conventional batteries to ultracapacitors because of the high prices of the latter. This is an issue that needs to be addressed and overcome by players in the global ultracapacitors market.
The report finds that the automotive sector was the largest application sector for the ultracapacitors industry in 2012. This segment will continue to remain the top application sector with a higher number of vehicles hitting the roads across developing countries. The study further delves into the automotive segment to find that the segment of buses occupies the largest share. Players can also benefit from focusing on the rapidly-emerging energy sector, where the demand for ultracapacitors presents a million-dollar opportunity, especially on the unconventional energy front.
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From the geographical standpoint, Asia Pacific was the largest regional market in the global ultracapacitors industry in 2012, constituting a 35.1% share of the total market. Growth in the APAC region is primarily driven by China and Japan. Robust growth (26.7%) will also be observed in the North America ultracapacitors market.