Published Date : Jan 29, 2016
Growing concerns for energy conservation has been the fuelling the growth of the global supercapacitor market. The longer life cycle of supercapacitor as compared to batteries has propelled its extensive usage across various applications. Rising demand from end-use sectors such as aerospace, solar, military, and electronics holds a huge opportunity for the growth of the market in the coming years. Rapidly surging cost of fossil fuels, coupled with excessive greenhouse emissions has further fuelled the demand for supercapacitors across the automotive sector.
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 have augmented the growth of the regional market. However, in the near future, both these regional markets are expected to register sluggish growth owing to the ever increasing demand for energy conservation across the emerging nations in Asia Pacific.
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.