Ultracapacitors Market: Current Analysis and Forecast (2024-2032)

Report Description

Ultracapacitors Market Size & Forecast

The Ultracapacitors market was valued at USD 2,713.2 Million in 2023 and is expected to grow at a strong CAGR of around 16.2% during the forecast period (2024-2032) owing to rising usage in Automotive sector.

Ultracapacitors Market Analysis

The growing demand for energy-efficient technologies across sectors including automotive, renewable energy, industrial applications, and consumer electronics, is acting as a catalyst in the global ultracapacitors market. High power density, fast charge/discharge cycles, and longer operational lifespans make ultracapacitors (supercapacitors or electric double-layer capacitors, EDLCs) unlike any other type of battery. Unlike batteries, ultracapacitors store energy electrostatically and thus provide faster energy delivery and higher cycling stability. Key drivers of this market include the growing use of ultracapacitors in regenerative braking and power management systems of electric vehicles (EVs) as well as the increasing use of ultracapacitor stabilizers for power output and the support of energy storage in renewable energy grids.

Countries like China, India, and South Korea are likely to drive growth in the ultracapacitors market looking ahead, owing to strong government initiatives and fast-growing industrial segments. In China, the government’s push towards electric vehicles (EVs) along with a New Energy Vehicle (NEV) policy has promoted ultracapacitor adoption for electric buses and commercial vehicles, and it is for this reason that the automotive industry sees such country adoption. In addition, it’s also emerging as a key market with the development of energy storage solutions like ultracapacitors supported by its FAME II (Faster Adoption at Manufacturing of Hybrid and Electric Vehicles) scheme in its growing EV market​. Additionally, South Korea’s Green New Deal promoting carbon neutrality also seems to stimulate the market with its investment in renewable energy infrastructure as it grows the ultracapacitors market​​.

Ultracapacitors Market Trends

This section discusses the key market trends that are influencing the various segments of the Ultracapacitors market as identified by our team of research experts.

Rising Demand for Electric Vehicles

A major driver for the ultracapacitors market is the transition towards electric vehicles, which require efficient energy storage systems for fast charging, as well as to meet power demands for everyday functions like regenerative braking. These ultracapacitors are used in the EVs to store energy during braking and give a few quick bursts of power during acceleration. For instance, ultracapacitors enabled Tesla, along with other automakers, to explore battery performance improvement through peak load management and increased overall efficiency. The demand for ultracapacitors, especially for electric buses with fast charging cycles, has increased due to aggressive subsidies and infrastructure development by the government in China, where the demand for EVs is also on the rise.

Advancements in Renewable Energy Storage

Renewable energy systems rely heavily on ultracapacitors, and ultracapacitors play an important role, in particular in stabilizing power grids and storing energy generated by solar panels and wind turbines. One reason that they’re good candidates for applications that require efficient use of intermittent energy sources is their ability to store and release energy on demand. Siemens, for example, employs ultracapacitors in wind turbines to store energy that would otherwise not be used during times of peak generation and to feed power back into the power supply lines during periods of low wind. That’s particularly true in countries like Japan and India, where renewable energy generation is growing fast, and advanced energy storage is necessary to maintain stability on the grid.

Growing Use in Consumer Electronics

A big reason that ultracapacitors are making their way into consumer electronics is that they can provide power bursts rapidly and increase the lifetime of devices. Ultracapacitors can, for example, power functions that require instant energy, such as flashes in cameras or haptic feedback systems, in smartphones and wearable devices. Samsung, for instance, is trying to figure out how ultracapacitors could improve power management and prolong a battery’s life, but such solutions require much more work and are largely ineffective in integrating them into existing products. Smart meters and backup power systems make use of ultracapacitors for providing continuous operation in power outages or surges.

APAC is Expected to Grow with Significant CAGR During Forecast Period

Ultracapacitors have emerged as a fast-growing market in APAC due to the high industrial base, strong penetration in the automotive and electronics industries, and also a high amount of investments in renewable energy. Due to their widespread adoption of electric vehicles (EVs), renewable energy storage, and consumer electronics, countries such as China, Japan, South Korea, and India are ahead of the adoption of ultracapacitor technologies. Its major market contribution is China, which has strong EV development focus and renewable energy integration. The strong push from the Chinese government towards green transportation and favorable policy for the adoption of ultracapacitors in automotive applications has driven the ultracapacitor demand for automotive applications. As a current key player, Japan and South Korea make the most of their strong automotive and electronics industries to embed ultracapacitors in hybrid vehicles and mixed and distributed energy systems.

Ultracapacitors Industry Overview

The Ultracapacitors market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include Panasonic Corporation, Nippon Chemi-Con Corporation, NEC Corporation, Mouser Electronics, Inc., Yageo Corporation, Eaton Corporation, UCAP Power, Inc., Skeleton Technologies, LS Mtron Ltd., and CAP-XX Limited.

Ultracapacitors Market News

In July 2021, Tesla (TSLA) has sold back Maxwell Technology’s ultracapacitor business and brand after acquiring it just over two years ago. Tesla acquired the Californian supercapacitor maker in 2019, leading some to speculate its EVs would use ‘supercaps’ for top acceleration. Two years on, it appears Elon Musk has moved on and sold Maxwell to UCAP Power, but Tesla has retained the company’s dry electrode tech.

Ultracapacitors Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Ultracapacitors market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Ultracapacitors Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of global Ultracapacitors were the three major steps undertaken to create and explore the adoption of Ultracapacitors in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the global Ultracapacitors market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of Ultracapacitors through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of Ultracapacitors, we conducted a detailed secondary analysis to gather historical market insights and share for different segments and sub-segments for major regions. Major segments are included in the report, such as Type and Application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Ultracapacitors. Further, we conducted factor analysis using dependent and independent variables such as Type and Application of Ultracapacitors market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Ultracapacitors sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Ultracapacitors market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Ultracapacitors across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Ultracapacitors market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Ultracapacitors market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Type and Application in the global Ultracapacitors market.

The main objective of the Global Ultracapacitors Market Study

The current & future market trends of the global Ultracapacitors market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Ultracapacitors industry in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of Type and Application
• Define and analysis of the regulatory framework for the Ultracapacitors industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Ultracapacitors market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Ultracapacitors market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team