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Supercapacitor Market to Reach $2.18 Billion by 2022
December 7, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Supercapacitor Market by Type (Double Layer, Pseudocapacitor, and Hybrid), Application (Laptop, Camera, Power Backup, Memory, UPS, Aircraft, Solid-State Disc Drives) Vertical, and Geography - Global Forecast to 2022" report to their offering.
The supercapacitor market is expected to grow at a CAGR of 20.7% and reach USD 2.18 Billion by 2022.
A wide range of applications use supercapacitors as they provide a harmless, clean, and economical alternative energy solution to the industry. Also, the growing implementation of automobiles that uses electrical systems in the automotive industry is driving the growth of the overall supercapacitor market.
Supercapacitor has numerous verticals across different industries such as consumer electronics, industrial, automotive, energy, medical, aerospace & defense, and others. Sustainability and return on investment are the goals that can be achieved in the long run by replacing batteries with supercapacitors. The consumer sector held the largest market share in 2015 due to increase in demand for convenient, smart, and sustainable devices in consumer electronics.
The high initial costs of materials is a major restraint for the growth of the supercapacitor market. Some of the recently developed supercapacitors have high conductive materials such as graphene which is costlier than activated carbon. This graphene material is commonly used as electrolytes in supercapacitor. It is a high cost material due to which the cost of supercapacitors often exceeds the cost of regular lithium ion batteries. These factors are restraining the growth of supercapacitor in the market. However, many ongoing research and development projects are there to reduce the overall cost of supercapacitors that would help to increase the adoption rate in the market.
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