Stringent Government Regulations related to CO2 Emission is driving the Ultracapacitors Market
The competitive landscape of the global ultracapacitors market includes companies such as Panasonic Corp., Maxwell Technologies Inc., Nesscap Co. Ltd., Yunasko, Ioxus Inc., Supreme Power Solutions Co. Ltd., CAP-XX, Vinatech Co. Ltd., Nippon Chemi-Con Corp., LS Mtron, and NEC-TOKIN Corp. The rapid growth of the energy sector, especially wind and solar energy, has proved beneficial for the growth of these market players. In the energy sector, ultracapacitors are used mainly for applications in energy harvesting, wind energy, and solar energy. In 2012, the demand for ultracapacitors for energy harvesting was the highest, followed by wind and solar. However, the automotive sector has been the key target sector for the market players as ultracapacitors are extensively employed across buses and other vehicles.
High Cost of Ultracapacitors is a Major Concern among Consumers
As the usage of ultracapacitors is still at its nascent stage, the market players are exploring the applications of ultracapacitors across various sectors and are investing significantly in research and development activities. Owing to the potential of ultracapacitors to be used as a suitable alternative for batteries, the market players enjoy a strong customer base. However, consumers are still apprehensive to make a shift from conventional batteries to ultracapacitors. “The high cost of ultracapacitor is the reason behind this apprehension among consumers and the market players need to address this pricing issue at the earliest,” cites a TMR analyst.
Scientific Aspects of Ultracapacitors at: http://bit.ly/2adCPPA
Among the key regions in the global ultracapacitors market, Asia Pacific holds immense opportunity for the market players due to the rapid growth of sectors such as automotive, energy, military, electronics, and industrial. In 2012, Asia Pacific accounted for 35.1% of the overall market owing to the growing demand from Japan and China. On the other hand, the North America ultracapacitors market is anticipated to expand at a CAGR of 26.7% during the forecast period.
Government Regulations to Support Growth of Global Ultracapacitors Market
The global ultracapacitors market has witnessed increased demand due to sliding prices of components that have lowered the overall cost of ultracapacitors. Implementation of stringent regulations by governments to cut down carbon emissions especially across the developed economies in Europe and North America has significantly aided the growth of the market. Ultracapacitors offer several benefits over batteries including longer lifespan and hence, are highly preferred by consumers. “There have been breakthroughs in applications of ultracapacitors across HEVs, regenerative breaking, aerospace, and micro-hybrids/stop-start systems. This has augmented the demand for ultracapacitors across various end-use sectors,”