Pune, India, Jan.23, 2022(GLOBE NEWSWIRE) -- The global Lithium ion Capacitor Market size is expected to touch USD 35.6 million by 2028, exhibiting a CAGR of 5.4% during the forecast period. The market was valued at USD 23.8 million in 2020 and reached USD 24.7 million in 2021. 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™ mentions this information in its report titled “Lithium ion Capacitor Market, 2021-2028.”
LIC possess superior power density and are safer compared to lithium-ion batteries as the capacitors experience thermal runaway reactions. They have a higher voltage than electric double-layer capacitors (EDLC), increasing demand from industrial and automotive applications. Furthermore, LIC’s possess higher energy density and make their adoption easy in several end-use applications. In addition, the rising adoption of capacitors in distribution and power is expected to boost the market's growth in the upcoming years.
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List of Key Companies in Lithium ion Capacitor Market Market:
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 5.4% |
| 2028 Value Projection | USD 35.6 Million |
| Base Year | 2020 |
| Market Size in 2020 | 23.8 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 180 |
| Segments covered | By Product, By Application, By Region |
| Growth Drivers | Increasing Adoption in Renewable Power Generation and Distribution Segment to Boost Industry Growth |
| Increasing Demand from Consumer Electronics & Energy Harvesting to Aid LIC Market Dynamics |
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 the market growth in the upcoming years.
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Segments
By product, the market is segmented into laminating type and radial type.
Based on application, it is classified into the 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.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and 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.
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.
Major Table of Contents:
Introduction
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Industry Development
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