Ultracapacitors Market Share, Size, Trends, Industry Analysis Report, By Power (Less than 50 Volts, 50 Volts to 100 Volts, Above 100 Volts); By Type; By End-User; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jul-2023
- Pages: 116
- Format: PDF
- Report ID: PM1381
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global ultracapacitors market was valued at USD 1.79 billion in 2022 and is expected to grow at a CAGR of 15.1% during the forecast period.
Ultracapacitors are experiencing significant growth due to the increasing demand for energy storage solutions in various industries. Ultracapacitors, also known as supercapacitors or electrochemical capacitors, are advanced devices designed to store significant amounts of electrical energy. They function through a mechanism that involves two porous electrodes composed of activated carbon, which are immersed in an electrolyte solution. This setup allows them to store charge electrostatically.
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Using ultracapacitors has gained traction in several industries, including automotive, energy, and mining. This application surge, coupled with the global industrial expansion, is driving the growth of the ultracapacitors market. These devices find widespread use in various sectors such as consumer goods, automotive, construction, healthcare, and agriculture. As these industries continue to grow worldwide, they are expected to contribute to the overall expansion of the ultracapacitors market.
With the growing adoption of electric and hybrid vehicles, ultracapacitors are used to provide quick acceleration over short distances and assist the main motor during peak power demands. As the demand for electric vehicles continues to rise, the need for efficient energy storage solutions like ultracapacitors is increasing.
Furthermore, the renewable energy sector is another significant contributor to the growth of the ultracapacitors market. Renewable energy sources such as solar and wind power are intermittent by nature, requiring energy storage systems to balance the supply and demand gaps. Ultracapacitors can rapidly charge and discharge energy, making them ideal for addressing these fluctuations and providing a stable power supply.
The COVID-19 pandemic has had an impact on the market. Initially, the market experienced a slowdown due to disruptions in global supply chains, temporary shutdowns of manufacturing facilities, and reduced demand from various industries. The automotive sector, in particular, was heavily affected as production and sales of vehicles declined. However, as economies started recovering and industries adapted to the new normal, the demand for ultracapacitors gradually rebounded. The increasing focus on electric and hybrid vehicles and the growing investments in renewable energy acted as catalysts for market recovery. The pandemic reinforced the need for energy storage solutions and sustainable technologies, driving the adoption of ultracapacitors in various applications.
Industry Dynamics
Growth Drivers
The market is expected to grow significantly due to the increased demand to boost grid infrastructure, particularly in developing regions, which plays a vital role. As access to electricity remains a pressing global challenge, there is a growing focus on expanding and improving grid infrastructure to enhance the availability of electricity. With their ability to store and discharge energy rapidly, Ultracapacitors are well-suited for supporting grid stability, providing backup power during peak demand, and facilitating efficient energy management.
The rapid industrialization and urbanization are driving the demand for ultracapacitors. As industries expand and urban areas grow, reliable and efficient energy storage solutions become crucial. Ultracapacitors offer advantages such as high-power density, long cycle life, and the ability to operate in extreme conditions, making them ideal for various industrial applications. These devices can support the smooth operation of manufacturing processes, provide backup power during outages, and enable the integration of renewable energy sources into industrial systems.
Furthermore, the increasing adoption of electric vehicles (EVs) is a major growth driver for the ultracapacitors market. As governments worldwide implement stricter emission regulations and incentivize the transition to electric transportation, the demand for EVs is rising. Ultracapacitors play a vital role in EVs by delivering quick bursts of power during acceleration, regenerative braking, and managing energy storage for optimized performance and efficiency.
Report Segmentation
The market is primarily segmented based on power, type, end-user, and region.
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By Power |
By Type |
By End-User |
By Region |
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Pseudo capacitors segment accounted to hold highest shares of the market
The pseudo-capacitors segment accounted for the highest share of the market. Pseudo capacitors are a type of ultracapacitor that utilize a redox reaction at the electrode-electrolyte interface to store and release energy. These capacitors offer higher energy density than other types, making them suitable for applications requiring more increased energy storage capabilities.
The double-layered capacitors segment is another significant segment analyzed in the market. Double-layered capacitors, also known as electric double-layer capacitors (EDLCs) or electrochemical double-layer capacitors (EDLCs), rely on the physical separation of charges at the electrode-electrolyte interface to store energy. High power density, fast charging, and discharging rates, and long cycle life characterize them. Double-layered capacitors find applications in various industries, including automotive, renewable energy, and electronics.
Automotive segment is anticipated to hold the highest growth in the market during forecast period
The automotive segment is anticipated to witness the highest growth in the market during the forecast period. The automotive industry is significantly transforming by integrating advanced technologies and features. Modern vehicles have many electronic systems and components that require efficient energy storage solutions. Ultracapacitors offer high power density, fast charging, discharging capabilities, and long lifespan, making them ideal for meeting the energy demands of modern automotive applications.
In addition, the rising adoption of electric vehicles is a key driver for the growth of ultracapacitors in the automotive segment. As governments worldwide implement stricter emission regulations and promote sustainable transportation, the demand for EVs is increasing.
North America dominated the global market in 2022
The ultracapacitors market in North America is experiencing significant growth due to the increasing adoption of electric vehicles, stringent environmental regulations, and the emphasis on sustainable energy storage solutions are driving market expansion in the region. North America's strong focus on technological advancements and the presence of key market players further support the development of the ultracapacitors market in the region.
The growth of ultracapacitors in regions such as the U.S. is supported by key factors such as the Corporate Average Fuel Economy (CAFE) standards. These regulations drive the demand for energy-efficient technologies, including ultracapacitors, as they offer environmentally friendly energy storage options. Ultracapacitors are seen as a complement to battery technology and are expected to replace batteries in the long run gradually. This trend is anticipated to fuel the growth of the ultracapacitors market in the coming years as the industry recognizes the advantages and potential of ultracapacitors as a sustainable energy storage solution.
Competitive Insight
The leading players in the ultracapacitors market include Maxwell Technologies, Skeleton Technologies, Nippon Chemi-Con Corporation, CAP-XX, Supreme Power Solutions Co. Ltd, VINATech Co.,Ltd., NEC-TOKIN, LS Mtron, Nesscap, and Ioxus among others.
Recent Developments
- In February 2023, Martinrea International Inc. has acquired the assets of Effenco Development Inc., a Montreal-based Green-Tech company. Their Hybrid Electric solution utilizes ultracapacitor-based technology to enhance the vehicle's powertrain and electrify onboard equipment. This acquisition aligns with Martinrea's focus on lightweight structures and propulsion systems while contributing to reducing greenhouse gas emissions, fuel consumption, and maintenance for vocational trucks.
- In October 2022, Skeleton Technologies has launched its SuperBattery and announced a partnership with Shell. The SuperBattery offers high-energy and power-density capabilities, making it an innovative energy storage solution. This collaboration with Shell signifies a significant milestone for Skeleton Technologies as they continue expanding their market presence.
Ultracapacitors Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 2.05 billion |
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Revenue forecast in 2032 |
USD 7.26 billion |
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CAGR |
15.1% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Power, By Type, By End-User, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Maxwell Technologies, Skeleton Technologies, Nippon Chemi-Con Corporation, CAP-XX, Supreme Power Solutions Co. Ltd, VINATech Co.,Ltd., NEC-TOKIN, LS Mtron, Nesscap, and Ioxus among others. |
FAQ's
The global ultracapacitors market size is expected to reach USD 7.26 billion by 2032
Key players in the ultracapacitors market are Maxwell Technologies, Skeleton Technologies, Nippon Chemi-Con Corporation, CAP-XX.
North America contribute notably towards the global ultracapacitors market.
The global ultracapacitors market is expected to grow at a CAGR of 15.1% during the forecast period.
The ultracapacitors market report covering key segments are power, type, end-user, and region.
