USD 2.08 Billion
Global Ultracapacitors Market Size, Share, Growth Analysis, By Power Type(Less than 10 Volts, 10 Volts to 25 Volts), By Application(automotive, electronics) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2129 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
66 |
Figures:
75
Global Ultracapacitors Market Insights
Global Ultracapacitors Market size was valued at USD 2.08 Billion in 2022 and is poised to grow from USD 2.40 Billion in 2023 to USD 7.67 Billion by 2031, at a CAGR of 15.6% during the forecast period (2024-2031).
Ultracapacitors have several advantages over traditional batteries, including a longer life cycle, faster charging time, and greater efficiency. They are increasingly being used in a variety of applications, including transportation, renewable energy, and consumer electronics. The purpose of the ultracapacitors market is to provide energy storage solutions for a variety of applications. Ultracapacitors are particularly well-suited for applications that require high power density, rapid charge and discharge cycles, and a long lifespan. The market for ultracapacitors is driven by the growing demand for energy storage solutions that are more efficient and environmentally friendly than traditional batteries.
Ultracapacitors are ideal for use in these vehicles because they can store and release energy quickly, which is essential for regenerative braking and acceleration. Additionally, ultracapacitors have a longer lifespan than traditional batteries, making them a more reliable and cost-effective option for vehicle manufacturers. Ultracapacitors can store excess energy generated by these sources, allowing it to be used during times of peak demand. ultracapacitors can be used in microgrids to help stabilize the grid and prevent blackouts. While ultracapacitors have several advantages over traditional batteries, they are still more expensive to produce. This can limit their adoption in certain applications, particularly those where cost is a significant factor. The main challenge facing the ultracapacitors market is the development of new materials and manufacturing processes that can reduce the cost of production. ultracapacitors face competition from other energy storage solutions such as lithium-ion batteries, which are becoming increasingly cost-effective. The ultracapacitor market presents significant opportunities for growth, particularly in the transportation and renewable energy sectors. The growing demand for renewable energy sources is expected to create new opportunities for ultracapacitors in energy storage applications.
US Ultracapacitors Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
50 Volts to 100 Volts
Fastest Growth
50 Volts to 100 Volts
Growth Rate
15.6% CAGR
Global Ultracapacitors Market ($ Bn)
Country Share for North America Region (%)
Global Ultracapacitors Market Size By Power Type ($ Bn)
Global Ultracapacitors Market Size By Power Type (%)
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Global Ultracapacitors Market Segmental Analysis
The global ultracapacitors market is segmented on the basis of power type, application, and region. In terms of power type, the market is segmented into less than 10 Volts, 10 Volts to 25 Volts, 25 Volts to 50 Volts, 50 Volts to 100 Volts, above 100 Volts. Based on application, the market is segmented into automotive, electronics, industrial, and energy. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Ultracapacitors Market Analysis by Power Type
The power segment includes products which are less than 10 volts, 10 volts to 25 volts, 25 volts to 50 volts, 50 volts to 100 volts, and above 100 volts’ products. One of these, the 50 volts to 100 volts category, held more than 20% of the market share overall in 2022 and is projected to rise by more than 25% over the course of the forecast year. This rise is ascribed to advantages including its high working temperature, which makes it perfect for uses like starting systems, ride-through/power conditioning, automotive subsystems, wind turbine pitch control, backup power/UPS, and renewable energy systems.
Ultracapacitors Market Analysis by Application
Automotive segment emerged as the fastest-growing segment with a CAGR exceeding 24% during the forecast period owing to the increased adoption of electric and hybrid electric vehicles. Many applications that need low-power assistance for vital memory systems benefit from supercapacitors. These gadgets offer solutions for a variety of high-power uses, including consumer electronics, Uninterruptible Power Supplies (UPS), commercial lasers, and electric and hybrid cars. In electric vehicle applications, ultracapacitors offer quicker acceleration, longer battery life, and higher range. Over 16% of the revenue was contributed by the automotive sector, which is dominated by electric automobiles. They exhibit the capability of absorbing regenerative braking energy, thereby limiting the high charging current to the battery. In order to guarantee that no data is lost in the event of a power outage, the electronics industry catered to a sizable market share with an independent and quickly accessible backup power source in the solid-state disc drive.
Global Ultracapacitors Market Size By Power Type, 2023 (%)
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Global Ultracapacitors Market Regional Insights
North America is expected to witness moderate growth over the forecast years. This is attributed to the increasing demand across the residential, power, and public transportation sector. Additionally, stringent government regulations to reduce carbon footprint along with robust R&D initiatives to incorporate battery components to manufacture hybrid supercapacitors provide potential opportunities in the European industry.
The fastest growing region in the ultracapacitors market is Asia Pacific. The region is experiencing rapid industrialization and urbanization, which is driving the demand for energy-efficient solutions. In addition, countries such as China and Japan are investing heavily in renewable energy sources, which require energy storage solutions like ultracapacitors. According to a report by Research and Markets, the Asia Pacific ultracapacitors market is expected to grow at a CAGR of approximately 16% from 2021 to 2028.
Global Ultracapacitors Market Size By Region, 2024-2031
- Largest
- Fastest
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Global Ultracapacitors Market Dynamics
Ultracapacitors Market Drivers
Growing Demand for Energy Storage
- Energy storage systems are essential for balancing energy supply and demand, especially with the growing use of renewable energy sources like solar and wind power, which are intermittent in nature. Ultracapacitors are an ideal solution for energy storage applications as they have a high-power density, longer lifespan, and can charge and discharge quickly. Ultracapacitors are used in various energy storage applications, including renewable energy systems, uninterruptible power supply (UPS) systems, and grid stabilization. ultracapacitors can store excess energy generated during low-demand periods and release it during high-demand periods, thereby reducing the need for fossil-fuel-based power plants.
Increasing Adoption of Electric Vehicles
- Ultracapacitors are used in EVs for regenerative braking, providing additional power for acceleration, and other functions. They can also be used to improve the performance of batteries by reducing their load and extending their lifespan. Ultracapacitors can store and release energy quickly, which is important in electric vehicles where quick charging and discharging is necessary. They are also more efficient in cold temperatures compared to batteries, making them suitable for use in electric vehicles in cold climates. As the demand for electric vehicles continues to grow, so will the demand for ultracapacitors.
Ultracapacitors Market Restraints
Drinks Low Awareness Regarding Ultracapacitor Technology
- Ultracapacitors have been in the market, most consumers still prefer batteries and are hesitant to use ultracapacitors. There is low awareness regarding the benefits of ultracapacitors among consumers. Manufacturers have close associations with battery companies for providing energy storage solutions in their vehicles. Although more efficient as compared to batteries, ultracapacitors are not batteries and people are yet to be educated about this product. These factors are expected to restrain the market growth in the near future.
High Price of ultracapacitors
- Ultracapacitors are expensive as compared to batteries, which hinders their demand. Although ultracapacitors are cost-effective in the long run, the initial capital price to be paid is significantly high as compared to other products. However, the price of ultracapacitors is decreasing gradually though it still faces severe competition from lithium batteries. Hence, these factors are expected to hinder growth of the global ultracapacitors market over the forecast period.
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Global Ultracapacitors Market Competitive Landscape
The global ultracapacitors market is highly competitive, owing to the strong presence of existing vendors. Due to their ability to meet consumer demand, vendors in the ultracapacitor industry with abundant technological and financial resources should be able to outperform their rivals. As product introductions and the variety of methods used by major vendors rise, the competition climate in this market is predicted to get more intense. To meet the expanding consumer needs, the top companies in the ultracapacitors market are launching new, cutting-edge products. Global companies are expanding into emerging markets to increase their consumer bases and market share.
Ultracapacitors Market Top Player’s Company Profiles
- Maxwell Technologies LLC (US)
- Nesscap Energy Inc. (Canada)
- Panasonic Corporation (Japan)
- Skeleton Technologies Group OU (Estonia)
- Ioxus Inc. (US)
- Nippon Chemi-Con Corporation (Japan)
- LS Mtron Ltd. (South Korea)
- Yunasko (Ukraine)
- Supreme Power Solutions Co., Ltd. (China)
- CAP-XX Limited (Australia)
- Eaton Corporation Plc (Ireland)
- VINATech Co., Ltd. (South Korea)
- Murata Manufacturing Co., Ltd. (Japan)
- Tesla, Inc. (US)
- Tecate Group (US)
- Kemet Corporation (US)
- Shanghai Aowei Technology Development Co., Ltd. (China)
- Blue Solutions SA (France)
- Cornell Dubilier Electronics, Inc. (US)
- Axion Power International, Inc. (US)
Ultracapacitors Market Recent Developments
- In March 2024, Richardson Electronics, Ltd., a global provider of engineered solutions for renewable energy and other power management applications, reached a significant milestone with the shipment and installation of over 50,000 patented ultracapacitors ULTRA3000® pitch energy modules ("PEMs").
- In November 2023, EnyGy, a Melbourne-based startup with its roots at Monash University and research by Prof. Dan Li and Dr. Yufei Wang, announced the launch of an ultracapacitor relying on the latest graphene technology.
- In October 2023, Tallinn-based Skeleton Technologies, a company that manufactures and develops high-energy and power-density ultracapacitors, announced that it has secured €108M in a fresh round of funding.
Global Ultracapacitors Key Market Trends
- Carbon is a crucial role in the manufacturing of ultracapacitors: There the various raw materials used to manufacture ultracapacitors, carbon plays the most important role. Ultracapacitors use powdered activated carbon made from coconut shells. However, this market is not expected to foresee any raw material availability issues in the coming years and research and development will continue based on the market needs.
- Energy sector is expected to be the most lucrative sector: Energy is the most attractive application segment for ultracapacitors followed by electronics. Rising need for renewable and lasting energy sources to replace fossil fuels is one of the major factors expected to drive the growth of ultracapacitors in the near future.
Global Ultracapacitors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Global Ultracapacitors Market is expected to experience significant growth during the forecast period from 2022 to 2030. Due to rising investments in renewable energy projects, expanding acceptance of electric vehicles, and rising need for energy storage solutions, the global ultracapacitors market is anticipated to expand significantly in the upcoming years. Due to its high efficiency and low cost, the double-layer capacitors category is anticipated to occupy the greatest share of the market. Due to the growing popularity of electric vehicles, it is anticipated that the automotive sector would account for the biggest market share. With numerous large firms present, the industry is rather cutthroat. Through strategic alliances and collaborations, the players are concentrating on boosting their market share and diversifying their product offering. Additionally, the market is observing rising investments in R&D projects to create cutting-edge ultracapacitor technologies.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.08 Billion |
| Market size value in 2031 | USD 7.67 Billion |
| Growth Rate | 15.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Ultracapacitors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Ultracapacitors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Ultracapacitors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ultracapacitors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Ultracapacitors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Ultracapacitors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Ultracapacitors Market Report Snapshots
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