Ultracapacitors market expected to reach $ 3.1 bn globally in 2019

ALBANY, USA: 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 ultracapacitors market was worth USD 672.0 million in 2012 and is expected to reach USD 3,120.0 million in 2019, growing at a CAGR of 25.2 percent 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 price and increasing application in regenerative breaking, micro-hybrids/stop-start systems, HEVs 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 to 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 price as compared to 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 applications, 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, energy sector is the emerging sector for ultracapacitors offering huge potential for energy storage in solar and wind sector. It is expected to experience robust growth rate, i.e., 27.8 percent from 2013 to 2019.

Geographically, Asia Pacific held the largest share and accounted for 35.1 percent 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. The North America is expected to witness robust growth, i.e., 26.7 percent as it has been a pioneer in adoption of ultracapacitors.