January 28, 2022 02:13 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Jan. 28, 2022 (GLOBE NEWSWIRE) -- The U.S. Supercapacitor Market size was USD 55.8 million in 2020. The market is projected to grow from USD 60.9 million in 2021 to USD 141.7 million in 2028 at a CAGR of 12.8% during the 2021-2028 period.
This vital information is presented by Fortune Business Insights™, in its report, titled, “U.S. Supercapacitor Market, 2021-2028.”
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As per the research team, rising adoption by the automobile sector along with increasing consumer preference for electric and hybrid electric (HEV) vehicles is likely to bolster the usage of U.S. supercapacitors growth globally. Double-layered capacitors are expected to witness the largest market share owing to availability in different capacities and various temperature ratings. Also, easier installation measures and integration of supercapacitors towards energy storage systems will gain traction during the advent of the forecast duration.
List of Key Players Covered in this Market Report
COVID-19 Outbreak to Greatly Influence Market Growth
The COVID-19 pandemic has caused a long-lasting harm to every industry in the world and the sector of U.S. supercapacitor is no different. The industry has suffered considerable losses in terms of operational times due to the stringent impositions such as lockdowns and social distancing measures in order to reduce the spread of the virus. Lockdowns have led to faltering supply lines, volatility in raw materials required for manufacturing, and workforce allotment issues. These factors have resulted in creating a strong backlog of fulfilling orders which have impacted the profit margins.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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The report delivers a through layout of the industry in terms of market segments along with a detailed analysis of the market overview. Valuable insights of the ongoing market trends as well as opportunities is presented in the report. Additionally, an in-depth analysis of the region noted and factors how they affect the market. COVID-19 impacts have also been added to the report in order to help our readers shed light on the dominant key players and their associated strategies in order to stay the top.
Based on application, the market can be divided into UPS, grid stabilization, transpiration, renewable energy, and others. UPS segment will account for the largest market value during the advent of the forecast period owing to rising demand for backup power requirements from the industrial and commercial sector along with increasing installations of renewable energy sources.
By type, the market can be broken down into double-layered capacitors, pseudocapacitors, and hybrid capacitors.
Rising Number of Installation of Renewable Power Generation to Bolster Growth
The latest generation of supercapacitors have advanced features such as higher charge and discharge capabilities, higher efficiency, and a wider temperature range sustainability. Also, the new regulations laid out by the National Conference of State Legislatures (NCSL) have given rise to a higher volume of supercapacitor consumption in the region. Increased life span and higher energy density will further propel the U.S. supercapacitor market growth.
However, limited usage of supercapacitors will hamper the growth of this market to a certain extent. Also, an average gradual voltage loss of about 10% - 20% will decrease the market share gained during the forecast duration.
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Exponential Increase in Power Demand to Gain Valuable Market Share
Rising new establishments and rising demand for global power consumption are expected to fuel the growth of the market in the region. Rapid urbanization and setting up new infrastructure to support the population outburst will further propel the growth of the market. The introduction of novel products such as supercapacitors for several automobile applications will increase the U.S. supercapacitor market share in the U.S. during the forecast period.
Partnerships & Leaderships to Help Innovate New Expansive Business Ideas
The prominent market players for this industry employ various strategies in order to recoup a larger consumer base namely partnerships, acquisitions & mergers, and increasing product launches. These strategies are expected to reinforce the dominant position of the market. Another strategy is to constantly invest in various research and development activities in order to capture a larger market share. For example, in April 2021, Cornell Dubilier increased their capacitance values and cell sizes by adding to its DGH 2.7 volt and DSF 3.0-volt series.
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