Global Ultracapacitors Market Research Report: Forecast (2024-2030)

Market Definition

Ultracapacitors or supercapacitors are energy storage devices that provide high power density, high reliability, almost rapid charging & discharging, and extreme temperature tolerance. This technology spans between batteries & capacitors. They discharge electric energy via electrostatic separation of charged ions. They are capacitor with a high capacity that can store more energy and has a larger capacitance value than a standard capacitor.

Market Insights & Analysis: Global Ultracapacitors Market (2024-30)

The Global Ultracapacitors Market is valued at USD 3.1 billion in 2022 and is estimated to grow at a CAGR of around 7.1% during the forecast period, i.e., 2024-30.  The market is driven by the increasing demand for supercapacitors in the automotive industry due to many factors such as environmental concerns, the introduction of novel technologies in the automotive industry, etc. are key factors driving the market growth and are anticipated to grow during the forecast period.

The surging global demand for Electric Vehicles (EVs) stands as a primary stimulus, propelling the Supercapacitors Market's growth. Supercapacitors find applications in EVs for start-stop functions and play a role in energy storage alongside battery packs. The automotive industry has increasingly embraced EVs due to their reliance on non-renewable energy and environmentally friendly nature. Nevertheless, these vehicles encounter difficulties in matching regular fuel-based vehicles' performance measures, such as speed, mileage, weight, and overall economy. This limitation restricts their popularity among consumers.

Battery-powered EVs have concerns such as battery efficiency and the impact of battery pack weight on overall vehicle weight, among others. Batteries are unable to meet EVs' growing power demands, with their high internal resistance reducing initial peak current. Ultracapacitors, on the other hand, do not have such limits, making them an ideal choice for these vehicles.

Additionally, the inherent advantages of ultracapacitors in enhancing product capabilities have led to increased adoption. This trend is particularly evident among manufacturers of Uninterruptible Power Supplies (UPS), Adjustable-Speed Drives (ASDs), and fuel cells, thereby strengthening market expansion in the foreseeable future (2024-30).

Global Ultracapacitors Market Driver:

Surge in the Automotive Industry & Renewable Energy to Thrive the Market – The Ultracapacitors Market is undergoing healthy growth due to the surging automotive industry owing to technological advancements, increasing urbanization, rising environmental concerns & regulations to reduce carbon emission, etc. Stringent guidelines from governments of various countries are also prompting the use of electric vehicles & sustainable transportation to reduce air pollution, further augmenting the market share.

Also, increasing international partnerships between countries and regions may raise the demand for the automotive & transportation sectors, which again represents the need for ultracapacitors in this sector. Moreover, improving the disposable income of individuals is also responsible for supplementing the adoption of these electronic devices. Hence, this further helps to boost the Ultracapacitor Market size in the upcoming years.

Global Ultracapacitors Market Possible Restraint:

High Cost Associated with Ultracapacitors to Impede Market Growth – The high cost associated with ultracapacitors acts as an obstacle for the market, which results in limiting the adoption of these devices worldwide. The manufacturing of these devices requires specialized materials such as activated carbon that are used in the electrode covering, which majorly contributes to the high cost of overall ultracapacitor devices, hindering the Ultracapacitors Market growth.

In addition, the production of ultracapacitors also involves quality control measures & intricate assembly, further leading to an increase in manufacturing expenses, raising the cost of the overall product. This restraint is anticipated to hamper the overall product market even during the forefront period. However, to overcome this market restraint, manufacturers are continuously making their efforts and improving their production techniques to address the cost issue that might be solved in the upcoming time.

Global Ultracapacitors Market (2024-30): Segmentation Analysis

The Global Ultracapacitors Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment & and includes predictions for the period 2024–2030 at the level. In accordance to the analysis, the market has been further classified as:

Based on Type:

• Electric-double Layered Capacitors
• Pseudocapacitors
• Hybrid Capacitors

The Electric Double-layered Capacitors (EDLCs) segment holds the largest share of the Global Ultracapacitors Market. Electric Double-layered Capacitors devices are able to store versatile energy and are capable of offering a broad range of applications. They are majorly utilized by the automotive industry, consumer electronics, renewable energy, etc. Also, due to containing high power density, these devices are able to deliver a conservable power amount. These features of this segment make them a valuable type, in various applications that need rapid energy release, such as regenerative braking in electric vehicles.

Besides, Electric Double-layered Capacitors have a longer life cycle than others, with the capability to endure thousands to millions of charge & discharge life cycles without degradation. Such features of this type of segment further attract the adopter, ultimately enhancing the Global Ultracapacitors Market in the coming period.

Based on Application:

• Automotive
• Consumer Electronics
• Energy
• Industrial
• Others

The Automotive Industry dominated the Global Ultracapacitors Market in 2022 and is anticipated to hold the largest share during the upcoming years. Various factors contribute to the automotive industry’s considerable role in increasing the adoption of Ultracapacitors, such as vehicle electrification, technological advancements, etc. The automotive industry is undergoing a profound transformation with a focus on vehicle electrification. The adoption of electric vehicles is on trend due to cost-effectiveness, especially to contain eco-friendly technology. These benefits fuel the adoption of EVs around the globe.

Furthermore, ultracapacitors are able to prolong the life cycle of electric vehicle batteries by reducing stress in lithium-ion batteries & preventing overload. This cost-effective solution provided by the automotive industry further increases its adoption and might raise its demand during the foreseen period.

Global Ultracapacitors Market: Regional Projection

Geographically, the Global Ultracapacitors Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Asia-Pacific dominated the regional market for Ultracapacitors in recent years due to the expansion of the automotive sectors & consumer electronics and fueled sales of the pseudo ultracapacitors. Increasing disposable income of individuals is another prime factor that raises the demand for automotive & electronic devices. The growing industrialization & transportation in the region also proliferates the market's growth across the region.

Moreover, due to new product developments & considerable growth in investments by the government & key players, China is anticipated to emerge as a prominent regional country. Well-established electronics & automotive sectors in the Asia-Pacific region fueling the adoption of novel technologies and increasing adoption of EVs are supporting the Asia-Pacific Ultracapacitors Market.

Global Ultracapacitors Industry Recent Developments

• 2023: KEMET Corporation announced to release of the World’s first automotive-grade FMU supercapacitor, a 105°C supercapacitor, which is rated for 5.5V operation and long life. The aqueous-based electrolyte system is designated for real-time clock applications in unsuitable or severe conditions.
• 2023: Skeleton Technologies, announced to launch of the first completely automated supercapacitor production line.

Gain a Competitive Edge with Our Global Ultracapacitors Market Report

• Global Ultracapacitors Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
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