A research study on the global ultracapacitors market recently published by Transparency Market Research (TMR) estimates this market to report an impressive CAGR of 25.20% during the period from 2013 to 2019 and reach a market value of US$3.1 bn by the end of the forecast period.The research report, titled “Ultracapacitors Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 – 2019,” states that the global market for ultracapacitors stood at US$0.7 bn in 2012.
The declining prices of raw materials have boosted the demand for ultracapacitors in the global arena over the past few years. Various rules and policies aimed at cutting down carbon emissions implemented by several governments across the world have also added substantially to the growth of the global ultracapacitors market, the report states.
Apart from this, various benefits of ultracapacitors, such as a longer lifespan compared to batteries, have also worked in the favor of the worldwide market for ultracapacitors. However, the high cost associated with ultracapacitors has restricted the growth of this market to a certain extent.
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Analysts at TMR estimate the global market for ultracapacitors to experience robust growth over the forecast period, owing to the increased applications of ultracapacitors in vehicles such as cars and buses. The rise of the industrial and electronics sectors is also projected to fuel the demand for ultracapacitors in the coming years, states the study.According to the report, the global ultracapacitors market is spread across North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific, among these, achieved the leadership in 2012, holding a share of 35.1% in the overall market.