NEW YORK /PRNewswire/ -- According to a new market report published by Transparency Market Research "Ultracapacitors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019," the global ultracapacitor market was worth $672.0 million in 2012 and is expected to reach $3,120.0 million in 2019, growing at a CAGR of 25.2% from 2013 to 2019. Asia Pacific was the largest market for ultracapacitors in 2012 due to the increasing demand and huge potential of ultracapacitors in automotive, industrial, energy, military and electronic sectors.
This market is primarily driven by decreasing prices and increasing application in regenerative breaking, micro-hybrids/stop-start systems, HEVsm and aerospace/military. In addition, stringent government regulations related to carbon emissions in regions such as Europe, North America, and China is supporting the growth of ultracapacitors. At the same time, benefits associated with ultracapacitors such as unlimited life cycle, which is higher as compared with conventional batteries, is expected to increase its demand in the coming years. Although the technology of ultracapacitors is dated, the usage of ultracapacitors is still at a nascent stage. High prices as compared with conventional batteries and low awareness about this product and its benefits is inhibiting ultracapacitors' growth globally. However, the price is coming down and will have less negative impact on this market in the coming years.
By application, the automotive sector was the largest followed by electronics in 2012, and is expected to maintain its position throughout the forecast period. Increasing adoption of ultracapacitors in the start stop systems in different vehicles is expected to fuel its growth in the near future. Among different vehicles in the automotive sector, buses accounts for the highest share due to the high adoption of ultracapacitors. However, the energy sector is the emerging sector for ultracapacitors, offering huge potential for energy storage in solar and wind sector. It is expected to experience a growth rate of 27.8% from 2013 to 2019.
Geographically, Asia Pacific held the largest share and accounted for 35.1% of the total market in 2012. China and Japan are the major countries supporting the growth of ultracapacitors in Asia Pacific. In addition, the leading manufacturers of ultracapacitors are focusing on these countries to increase their sales. North America is expected to witness 26.7% growth because it has been a pioneer in adoption of ultracapacitors.
Maxwell Technologies (U.S.), Nesscap Co. Ltd. Co. Ltd (South Korea), Nippon Chemi-Con Corp. (Japan), Panasonic (Japan), NEC Tokin (Japan), LS Mtron (South Korea), Ioxus (U.S.), VINATech (South Korea), and SPS (China) are the popular players in the ultracapacitors market, while Maxwell Technologies enjoyed maximum market share in 2012. The number of players in this market has increased in the past few years and more players are expected to enter the market in the coming years. However, global players are likely to dominate the market by joining with local players.
The market has been segmented as follows for better understanding and to formulate winning strategies for the market players.
Ultracapacitors Market by Applications
- Smart Grid
- Energy Harvesting
- Solid State Disk Drive
- Non-volatile RAM
- Others (Aerospace/Military and Sensor Technology)
Ultracapacitors Market by Geography
- North America
- Rest of Europe
- Hong Kong
- Rest of Asia Pacific
- Rest of world
- South America
- Middle East
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