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The global Lithium ion Capacitor Market size was USD 23.8 million in 2020. The market is projected to grow from USD 24.7 million in 2021 to USD 35.6 million in 2028 at a CAGR of 5.4% in the 2021-2028 period. The global impact of COVID-19 has been unmatched and staggering, with energy storage witnessing a negative demand across all regions amid the pandemic. Based on our analysis, the global Market exhibited a slower growth rate of 2.8% in 2020 compared to the average year-on-year growth during 2017-2019. The rise in CAGR during the forecast period is attributable to this market growth, returning to pre-pandemic levels once the epidemic is over.
Lithium-ion capacitors have a greater power density than batteries, and LICs are safer to use than lithium-ion batteries because the LIBs can experience thermal runaway reactions. These capacitors, when compared to an electric double-layer capacitor (EDLC), have a high voltage. Both have similar power densities, but the energy density of a LIC is higher, which makes the adoption of the product easy in end-use applications.
Blockades in Electronic Industry to Harm Market Growth Amid COVID-19
The global pandemic caused by the spread of the novel coronavirus has devastated all industries. Industries have suffered significant uptime losses due to stringent rules such as bans to contain the spread of the COVID-19 virus. As a result, the virus outbreak has changed the demand for the LIC. Since this market is heavily dependent on electrical and electronics activities, the long-term decline in the electrical and electronics industry has also affected investments in electronic loads. The imposition of bans in various countries and the closure of businesses except for essential services with a minimal workforce impacted international and domestic trade. This factor has directly impacted work in the energy storage industry, which includes LICs.
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Growing Demand for Lithium-Ion Capacitor from Automotive and Industrial Applications to Spur Opportunities
The use of LICs in buses, fleet vehicles, subways, long-distance trucks, and trains, among other things, can reduce fuel consumption and eliminate the CO2 emissions of these vehicles. The introduction of the product in several automotive applications such as power assistance, auto-start-stop, catalyst preheating, door locking systems, regenerative braking, and stabilization of the electrical system is expected to increase the demand for these capacitors worldwide. The use of these capacitors has expanded battery capacity and enables vehicle manufacturers to achieve longer battery life, fuel efficiency, lower vehicle weight, and reduced carbon dioxide (CO2) emissions. A lithium-ion capacitor is likely to penetrate all types of vehicles faster, including conventional, hybrid, and electric vehicles to meet stringent emissions regulations around the world.
Increasing Adoption in Renewable Power Generation and Distribution Segment to Boost Industry Growth
The current development of the lithium-ion capacitors is reflected in the increase in renewable energies applications, which have increased significantly recently due to their long service life. In addition, LICs in the wind energy sector control the emergency power fluctuations and control the operating current. Together with the integration of batteries, these products increase the power density of an overall system in solar energy storage. The use of this capacitor banks also improves the photovoltaic system to avoid over-battery storage, which increases the demand for these capacitors during the forecast period.
In addition, the wind and power grid sectors hold enormous potential for demand in the future. Hybrid capacitors are better used in the wind industry for brief bursts of high force required to change the blade pitch. In addition, they can help power grids to operate closer to their full capacity, which previously only used 90% of their capacity. Batteries have been used in the wind industry for decades. However, hybrid capacitors are currently used to supplement batteries because of their high intensity and longer lifespan compared to conventional batteries.
Increasing Demand from Consumer Electronics & Energy Harvesting to Aid LIC Market Dynamics
Lithium-ion capacitors are used in consumer electronics such as laptops, mobile phones, wearable devices, thermal printers, LED flashlights, RFID tags, barcode scanners, and GPS chips. Also, these capacitors are used to store harvested energy from lights, vibration, thermal, and radiofrequency sources. The advancement of technology and the Internet of Things (IoT) implementation is anticipated to drive the demand for lithium-ion capacitors during the forecast period.
Growing Demand for Electric & Hybrid Vehicles to Push the Adoption of LIC in Automotive Applications
LICs offer fast charge and discharge cycles compared to lithium-ion batteries currently used in electric vehicles. The power density of these capacitors is currently less compared to other available substitutes for energy storage applications. However, technological advancements and cost reductions will drive the adoption of these capacitors in electric and hybrid vehicles.
Low Energy Density of LIC As Compared With Other Energy Storage Devices Expected to Hamper Lithium-ion capacitors Market
There is good availability of the raw material in the market, various types of connection and construction are easily available, and have a highly mechanized manufacturing process. However, due to the low energy capacity of the product, limited energy storage can lead to a decline in Lithium ion Capacitor Market growth. If not properly installed, these capacitors will not achieve the correct capacity and create internal gas pressure, leading to an explosion. Because of these disadvantages, there may be a decline in market size.
Radial Type of LIC Are Commercially Available For Large Energy Storage Capacity
The market by product is segmented into radial and laminating types. Radial types of capacitors are available in different capacities and temperature ratings. These capacitors have large applications in start-up power supply, industrial backup power, energy harvesting, remote power supply, and peak load shaving. Furthermore, the compact laminating type of capacitorsmakes them favorable in smart cards, RFID tags, and other energy harvesting systems. Technological innovations and implementation of IoT is anticipated to drive the demand for laminating type of LICs during the forecast period.
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Lithium-ion Capacitors for Transportation Application Is Anticipated to Exhibit Fastest Growth Rate
Based on application, the market is categorized as energy storage, transportation, UPS, industrial machinery, and others. Trains, trucks, and hybrid buses play an important role in the market for these capacitors. With the increasing use of metros in urban areas, importance is attached to safety, power quality, efficiency, energy-saving, and freight car tracks. This factor leads to increasing demand for LICs in public transport. Growing renewable energy installations and the need for continuous power are anticipated to drive the product demand in energy storage and UPS applications. Also, growing industrial and manufacturing facilities in the Asia Pacific will drive the demand for these capacitors in industrial machine applications.
Asia Pacific Lithium ion Capacitor Market Size, 2020 (USD Million)
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Asia Pacific to Capture Largest Market Share due to Increasing Rate of Electrification
The Lithium ion Capacitor Market has been analyzed across major regions, including North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The Asia-Pacific region accounted for the largest regional market share in 2020 due to increasing industrialization and rising demand for electricity from end-use sectors such as automobiles, information technology, and textiles. Government initiatives in China, India, Bangladesh, and other developing economies in the region are expected to increase the rate of electrification by expanding power distribution infrastructure are expected to increase demand for LICs, particularly in power grid infrastructure.
North America emerged as the second-largest regional market in 2020 due to the wide adoption of these capacitors in energy storage and uninterrupted power supply applications. The European market is comparatively more mature as compared to South America. Technological innovations and the presence of key industry participants have led to high penetration of the product in Europe. Also, the rise in commercial spaces in the Middle East and the growing construction industry in Africa is anticipated to drive the demand for the product in energy storage and UPS applications.
LICAP Technologies, Inc., and TAIYO YUDEN are Among the Leading Players in Market
A study of the competitive landscape of the lithium-ion capacitor industry analysis shows that very few of the current companies have invested widely in this industry. Considering all the scenarios LICAP Technologies, Inc., TAIYO YUDEN, and JSR Micro NV are the key players of LIC and are investing in developing the technology for the electronic load. They are expected to remain as the market leaders in the upcoming years.
An Infographic Representation of Lithium- ion Capacitor market To get information on various segments, share your queries with us
An Infographic Representation of Lithium- ion Capacitor market
To get information on various segments, share your queries with us
The global lithium ion capacitor market report on the global market report highlights leading regions worldwide to offer a better understanding of the user. Furthermore, the market research report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at a global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the industry.
Value (USD million)
By Product; By Application; and By Region
Fortune Business Insights says that the global market size was USD 23.8 million in 2020 and is projected to reach USD 35.6 million by 2028.
In 2020, the Asia Pacific market value stood at USD 10.9 million.
The market is likely to grow at a CAGR of 5.4% over the forecast period 2021-2028.
The radial type segment is anticipated to dominate this market during the forecast period.
The growing need for energy storage and backup power is the key factor driving the market.
LICAP Technologies, Inc., TAIYO YUDEN, and JSR Micro NV are some of the key participants in this market.
The Asia Pacific dominated the market in terms of share in 2020.
The growing adoption of electric and hybrid vehicles has led to the demanding hike of this capacitor due to their longer life cycle.
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