Global Ultracapacitor MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $8,037 Million by 2024 from $2,283 Million in 2016, growing at a CAGR of 17.0% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 17.4% and 17.1%, respectively, during the forecast period.
"Ultracapacitor Market (By Application: Automotive (Bus, Auto, Train, and Others), Industrial (Cranes, Valves, Mining, and Smart Grid), Energy (Wind, Solar, and Energy Harvesting), Electronics (Solid State Disk Drive, Non-Volatile RAM, and UPS), and Others; By Geography: North America, Europe, Asia-Pacific And Row) Global Scenario, Market Size, Outlook, Trend And Forecast, 2015-2024"
Major factors driving the growth of the global ultracapacitor market include increasing electrification in vehicles and growing demand for ultracapacitors in hybrid powertrain systems and generative braking. However, high cost of production would hamper the market growth. Additionally, rising demand for ultracapacitor in electric turbocharger would create several opportunities in the coming years.
Application and geography are the major segments considered in the global ultracapacitor market. Application is further sub-segmented into automotive (bus, auto, train, and others), industrial (cranes, valves, mining, and smart grid), energy (wind, solar, and energy harvesting), electronics (solid state disk drive, non-volatile RAM, and UPS), and others (aerospace/military). Automotive and electronics dominated the segment with largest market share. While, others segment would attain fastest CAGR during the forecast period.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific dominated the market with largest market share of 35.5% in 2016, and is anticipated to attain fastest CAGR during the forecast period, owing to rising popularity of hybrid vehicles, and upsurge in demand for alternative to traditional energy storage devices. North America accounted the second largest market share with 26.2%, in 2016.
Key players operating in this market are Maxwell Technologies Inc., Tokin Corporation, Nesscap Co. Ltd., Vinatech Co. Ltd., Cap-XX, Ioxus Inc., LS Mtron Ltd., Nippon Chemi-Con Corporation, Panasonic Corporation, and Supreme Power Solutions Co. Ltd., among others.