Pune , india, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Lithium ion Capacitor Market Analysis
The global Lithium-ion Capacitor market size is anticipated to rise from USD 24.7 million in 2021 to USD 35.6 million by 2028 at a CAGR of 5.4% during the forecast period. This growth attributed to factors such as, increasing demand for energy storage solutions in various industries. The demand for Lithium-Ion Capacitors is projected to surge in the comoing years, due to the expanding requirement for energy storage solutions across multiple industries. The growth of electric vehicles, renewable energy sources, and smart grid technology is expected to drive the demand for lithium ion capacitor, as they offer high energy density, long cycle life, and quick charging capabilities. The trend towards miniaturization and lighter weight energy storage solutions is also expected to fuel the lithium-ion capacitors market. However, the market growth may be hindered by the higher cost of lithium ion capacitor compared to traditional capacitors.
Also, rising demand for capacitors from industrial and automotive applications and its adoption in distribution and power generation sectors are likely to incite market growth. Fortune Business Insights™ publishes this information in a report titled, "Lithium-ion Capacitor Market, 2021-2028". As per the report, the market was valued at USD 23.8 million in 2020.
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Market Drivers & Restraints:
Rising Demand for Hybrid and Electric Vehicles to Bolster Market Growth
The rising adoption of fuel vehicle alternatives and increasing fuel prices lead to the adoption of electric vehicles. Faster charge and discharge properties of lithium-ion capacities are expected to propel adoption. Furthermore, cost reductions and technological advancements are likely to surge LIC’s sales. The capacitors are also used in consumer electronics such as GPS chips, barcode scanners, RFID tags, LED flashlights, thermal printers, wearable devices, mobile phones, and laptops. In addition, lower costs associated with the capacitors are likely to boost LIC's adoption. These factors are likely to drive the lithium-ion capacitor market growth.
However, lower energy density compared to alternative products is expected to hinder the market’s growth.
COVID-19 Impact:
Lack of Labor and Supply Chain Disruptions to Impede Industry Growth
This market is expected to be negatively affected by the COVID-19 pandemic because of the lack of labor and supply chain disruptions. The halt on manufacturing led to the lack of raw materials needed to produce capacitors, affecting the supply chain. Further, the lack of labor resulted in reduced production, leading to backlogs. However, adopting technologically advanced production techniques, reduced capacities, and part-time shifts may enable companies to recover losses and meet deadlines. These factors are likely to boost market growth in the upcoming years.
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Segmentation of Report:
- By product, the market is segmented into laminating type and radial type.
- Based on application, it is classified into industrial machine, UPS, transportation, energy storage, and others.
- Geographically, it is clubbed into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
Regional Insights:
Rising Demand for Electricity and Increasing Industrialization to Incite Market Growth in Asia Pacific
Asia Pacific is expected to dominate the lithium-ion capacitor market share because of the rising demand for electricity from textiles, information technology, and automobiles. The market in Asia Pacific stood at USD 10.90 million in 2020 and is expected to grow positively during the upcoming years. In addition, increasing industrialization activities is expected to propel market development.
North America is expected to be the second-largest market shareholder due to the extensive adoption of lithium-ion capacitors for energy storage applications. Further, the adoption of capacitors in uninterrupted power supply applications is expected to boost industry growth.
In Europe, the presence of key market players and technological innovations are likely to boost market development in the upcoming years.
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Competitive Landscape:
Prominent Companies Launch Novel Products to Enhance Brand Image
The prominent companies operating in the market launch novel products to offer innovative features and enhance their brand image. For example, VINATech Co., Ltd. announced its new range of 3.8V lithium-ion capacitors in May 2021. The capacitors possess a wide operating temperature range, high capacitance, low self-discharge, and high operating voltage. This announcement may enable the company to boost its brand image. Also, the adoption of better materials and technologically advanced production technologies also enable companies to improve product quality and boost market position.
Industry Development:
January 2021: AFWERX opted for Nanoramic Laboratories FastCap lithium-ion capacitor for its Mobile and Fixed Energy Storage Challenge. The lithium-ion capacitors offer an extensive temperature of nearly -55°c and a high power range.
List of lithium-ion capacitor Manufacturers Covered in the Report:
- LICAP Technologies, Inc. (U.S.)
- TAIYO YUDEN (Japan)
- JSR Micro NV (Belgium)
- Electro Standards Laboratories (U.S.)
- Socomec Group (France)
- VINATech Co., Ltd. (South Korea)
- Murata Manufacturing Co., Ltd. (Japan)
- Spel Technologies Pvt. Ltd. (India)
- Elecorev Ramway India Private Limited (India)
- Yunasko (Ukraine)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porter Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Lithium-ion Capacitor Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Lithium-ion Capacitor Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Radial Type
- Laminating Type
- Market Analysis, Insights and Forecast – By Application
- Energy Storage
- Transportation
- UPS
- Industrial Machine
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Lithium-ion Capacitor Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Radial Type
- Laminating Type
- Market Analysis, Insights and Forecast – By Application
- Energy Storage
- Transportation
- UPS
- Industrial Machine
- Others
- Rest of Middle East & Africa
- Competitive Analysis
- Company Market Share Analysis, 2020
- Company Profile
- LICAP Technologies, Inc.
- Business Overview
- Product & Service Offering
- Overall Revenue
- Geographic Presence
- Recent Development
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