The global lithium-ion capacitor market size is expected to make substantial gains in the forthcoming years owing to the escalating demand for lithium capacitors from the automobile and electronics sectors, finds Fortune Business Insights™ in its report, titled “Lithium- ion Capacitor market size, share & industry analysis, By Product Type (High Voltage Type, Low Voltage Type), By End-Use (Electronics, Aerospace, Automobile, Power, Others) and regional forecast 2021-2028”.
A lithium-ion capacitor is a hybrid type of capacitor this is generally used in lithium-powered batteries. It is mostly used in the electronics and automobile industries on a large scale. As a result, there is a rising demand for these capacitors that generate the energy of a relatively high density, which has resulted in the growth of this market. Further, the employment of lithium capacitors helps in the reduction of the cost of electrical storage devices in several applications, such as wind power generation systems, electric and hybrid vehicles, transportation systems, and others, which is projected to drive the growth of this market.
However, the lithium capacitors cannot function with very high density and they are inconvenient during charge and discharge functioning, which is expected to restrict the growth of this market.
The COVID-19 pandemic has hugely impacted various industries worldwide. As a result, manufacturing activities have been affected immensely due to the imposition of lockdown restrictions across the world. For example, many electronic and automobile industries have had to close down their plants in Europe and the US, the recovery from which is expected to begin in the latter half of 2022. These developments are likely to inhibit the lithium-ion capacitor market growth over the next couple of years.
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Fortune Business Insights™ lists out a few of the renowned companies present in the lithium- ion capacitor market. They are as follows:
- JM Energy Corporation
- JSR Micro
- EVE Battery
- EAS S.P.A.
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Increasing Usage of Lithium Capacitors in the Aerospace Industry to Fuel the Market
Lithium-ion capacitors contain high energy density, making them suitable for powering aircraft propulsion systems, which has led to an increased life cycle of these systems. This is an important factor responsible for the growth of this market. Further, these capacitors possess several properties that are essential for different applications that demand high power density, less leakage, and durability, which is projected to drive this market’s growth. For example, most airplanes require sufficient time to land. Lithium batteries can be useful in all aircraft as they are comparatively lightweight and contain high power density, which is another major factor responsible for this market’s growth.
Easy Availability of Raw Materials to Boost the Asia Pacific Market Growth
Asia Pacific is expected to dominate the lithium-ion capacitor market share on account of the abundant availability of lithium, which is found in abundance in this region. Further, the decrease in the labor cost of producing lithium batteries in this region is another important reason responsible for this market’s growth.
In North America, the market will be principally characterized by the constant research and development in the aviation industry to develop advanced battery technologies. Meanwhile, the Europe market is anticipated to expand speedily due to the rising demand for lithium-ion capacitors from the automobile and electronics industries.
By Product Type
- High Voltage Type
- Low Voltage Type
- North America (U.S., and Canada)
- Europe (Germany, UK, France, Italy, and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)
- Latin America (Mexico, Brazil, and Rest of Latin America)
- Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa)
On the basis of product type, this market is divided into high-voltage type and low-voltage type. By end-use, the market is classified into electronics, aerospace, automobile, power, and others. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Introduction of Innovative Lithium Batteries by Key Players to Stoke Competitive Spirits
Leading lithium battery manufacturers are focused on producing and introducing innovative battery solutions, which are lightweight in nature. The adoption of this strategy is enabling companies to widen their portfolio and expand their presence in the market for lithium-ion capacitors.
May 2017: Ukraine-based Yunasko took part in the Eco summit and unveiled its lithium-ion capacitors, representing the company’s next step in futuristic energy storage technologies that can deliver the same energy as other batteries.
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