The "Supercapacitor Market with COVID-19 Impact Analysis by Type, Electrode Material, Application (Automotive, Energy, Consumer Electronics, Industrial, Medical, Aerospace & Defense), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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“Supercapacitor Market with COVID-19 Impact Analysis by Type, Electrode Material, Application (Automotive, Energy, Consumer Electronics, Industrial, Medical, Aerospace & Defense), Region - Global Forecast to 2025”
The supercapacitor market was valued at USD 426 million in 2019 and is projected to reach USD 720 million by 2025; it is expected to grow at a CAGR of 12.0% from 2020 to 2025.
The growth of the supercapacitors market is driven by increasing demand for electric vehicles and hybrid electric vehicles, growing adoption of supercapacitors in energy harvesting applications, and rising use of supercapacitors in trains and aircraft.
Several industrial units across the world have suspended their operations owing to the outbreak of the COVID-19. The original equipment manufacturers (OEMs) from the automotive or consumer electronics industries are expected to delay their orders of supercapacitors owing to closed operations. This is expected to create a temporary slag in the growth of the supercapacitor market in 2020.
The electric double-layered capacitors segment accounted for the largest share of the supercapacitor market in 2019.
Electric double-layered capacitors are being used as an alternative to conventional batteries. They work excellently in all those applications, where a stable supply of energy is required over a short period of time. In consumer electronics applications such as smart wearables, computers, laptops, and foldable phones, electric double-layered capacitors are replacing conventional batteries.
The automotive segment is projected to account for the largest share of the supercapacitor market during the forecast period.
The advent of electric vehicles has increased the demand for supercapacitors in the automotive sector. A number of automobile manufacturers across the world are eventually switching from battery-powered electric vehicles to supercapacitor-powered electric vehicles owing to the high scalability and broad operating temperature range offered by supercapacitors.
The automotive sector is one of the key sectors incurring significant losses owing to the COVID-19 pandemic situation. Both supply and demand for automobiles have been impacted globally owing to lockdowns implemented in different countries across the world and closed operations of automobile manufacturing units. Several automobile companies in the affected countries have halted their production, thereby leading to a short-term decrease in demand for supercapacitors used in automobiles.
APAC is projected to be the largest market for supercapacitors during the forecast period.
The growth of the supercapacitor market in APAC can be attributed to rapid industrialization and infrastructure development in the region. China is expected to continue to account for the largest share of the supercapacitor market in APAC during the forecast period.
Supply chains in and around APAC have been disrupted owing to the COVID-19 pandemic, which has resulted in limited permissible transportation. The Asian countries under lockdowns have suffered tremendous loss of business and revenue due to the shutdown of a number of manufacturing units in the region. The operations of the transportation, consumer electronics, and automobile manufacturing industries have been heavily impacted by the outbreak of the disease, thereby leading to an expected slowdown in the growth of the supercapacitor market in APAC in 2020.
Market Dynamics
Drivers
- Increased Use of Supercapacitors in Renewable Energy Generation Plants
- Growth in Global Demand for Electric Vehicles
- Increased Use of Supercapacitors in Smart Wearables
- High Storage Capabilities of Supercapacitors
Restraints
- Limitation of Supercapacitors to be Used As Long-Term Energy Storage Solutions
- Decline in Demand for Consumer Electronic Devices Owing to Outbreak of COVID-19
Opportunities
- Increase in Applications of Supercapacitors in Aviation Sector
- Recognition of Supercapacitors As Viable Substitute for Conventional Batteries
Challenges
- Requirement of Consistent Electrical Parameter Optimization of Supercapacitors and their High Costs
For more information about this report visit https://www.researchandmarkets.com/r/msqc1m
View the source version on PR Newswire:
https://www.businesswire.com/news/home/20200615005464/en
