The growing concerns for energy conservation has been the driving the growth of the global supercapacitor market. The longer life cycle of supercapacitor as compared to batteries has fuelled its usage across various applications. The increasing demand from end-use sectors such as solar, aerospace, military, and electronics holds a huge opportunity for the growth of the market. Rapidly surging cost of fossil fuels and excessive greenhouse emissions have further fuelled the demand for supercapacitors across the automotive sector. Governments across nations are taking initiatives to reduce carbon dioxide emissions and to encourage sustainable energy consumption. The global supercapacitor market is estimated to expand robustly at a CAGR of 22.3% during the period between 2015 and 2023. The overall market was worth US$1.21 bn in 2014 and is projected to reach a valuation of US$7.37 bn by 2023.
Government Initiatives across Developing Economies to Boost Supercapacitor Market
Among the key regions in the global supercapacitor market, North America and Europe have primarily contributed to the market growth. While North America has been the largest market for supercapacitor, initiatives taken by the European Commission in 2014 to achieve the carbon dioxide emission target of 95g/km by 2020 fuelled the growth of the market in the region. However, in the coming years, both these regional markets are expected to register sluggish growth with the growing demand for energy conservation across the emerging economies in Asia Pacific.
Government Initiatives across Developing Economies to Boost Supercapacitor Market
Among the key regions in the global supercapacitor market, North America and Europe have primarily contributed to the market growth. While North America has been the largest market for supercapacitor, initiatives taken by the European Commission in 2014 to achieve the carbon dioxide emission target of 95g/km by 2020 fuelled the growth of the market in the region. However, in the coming years, both these regional markets are expected to register sluggish growth with the growing demand for energy conservation across the emerging economies in Asia Pacific.
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In India, the government is developing supercapacitors using indigenous materials for strategic usage across the defence and space sectors to overcome energy deficiencies in critical equipment. According to the state-run Centre for Materials for Electronics Energy (C-MET), supercapacitors developed by the organization under a pilot project are being tested for trials across the defence and space agencies in the country as a power source for various applications. While supercapacitors or ultracapacitors are used in defence equipment such as radar-mounted vehicles, artillery guns, and battle tanks, they are also used in space applications such as launchers and satellites. For short-term energy storage, supercapacitors are utilized in luxury buses, high-end cars, heavy-lifting cranes, speedy elevators, and high-speed trains. In the automotive sector in India, Tata Motors is testing supercapacitors for hybrid electric vehicles.
Flexible Supercapacitors to Power Wearable Electronics
Researchers at the Rice University have proposed laser-induced graphene for flexible supercapacitors that could power wearable electronics. Compared to the graphene made through chemical vapour deposition, laser-induced graphene is easy to produce with the help of a computer-controlled laser and a commercial polyimide plastic sheet. The researchers have stated that the microcapacitors they have made with laser-induced graphene carries energy density similar to that of thin-film lithium-ion batteries. The power density of these supercapacitors is far above the power density of these batteries.
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