Supercapacitor Market worth US$7.37 Billion by 2023

The recent advancements in power- and energy-densities, extended lifetimes, and increased efficiencies in the field of supercapacitors are extending their usage across a wide range of energy storage and harvesting systems. As compared to conventional rechargeable batteries, which require frequent replacements and present significant threat to the environment owing to their non-biodegradable constituent elements, supercapacitors are economical and environment-friendly on a broader perspective.

Witnessing rapid adoption as an ideal and efficient power alternative to conventional batteries, the global market for supercapacitors is expected to present stiff competition to many popular varieties of batteries in the near future. Transparency Market Research points that the global supercapacitors market will exhibit an impressive 22.3% CAGR over the period between 2015 and 2023. The market, which held an opportunity of US$1.21 bn in 2014, is expected to rise to US$7.37 bn by 2023 with such excellent growth prospects.

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Hand-held Electronic Devices Hold Immense Growth Potential

Of the key applications of supercapacitors across sectors such as industrial, solar and wind power, electronic devices, and transportation, supercapacitors are expected to amass majority share in overall revenues from their usage in electronic devices in the next few years. The segment of electronic devices or consumer electronics is expected to expand at a CAGR of 22.8% over the period between 2015 and 2023, surpassing other key application areas.

Supercapacitors are being increasingly used in hand-held electronic devices such as mobile phones, cameras, laptops, and tablets. Practical usage of supercapacitors over the years have demonstrated their usefulness for any kind of electronic device that requires a burst of power. Thus, an increased number of hand-held electronic devices in the consumer as well as industrial sector will be run with supercapacitors in the next few years.

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Revenue-wise, the segment of hand-held electronic appliances is expected to rise to a valuation of US$2.67 bn by 2023 from a valuation of nearly half a billion in 2014. With the rising demand for a variety of electronic devices, especially across the economically stabilizing and rapidly industrializing developing regions such as Asia Pacific, the demand for supercapacitors will also gain substantial momentum.

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