Need for environmentally friendly solutions for storing energy has increased due to the growing popularity of green technology is expected to drive market expansion shortly at a CAGR of 15.50% during the forecast period 2023 to 2032.
Market Research Future (MRFR) has published a cooked research report on the “Ultracapacitor Market” that contains information from 2018 to 2032. The Ultracapacitor Market is estimated to register a CAGR of 15.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Ultracapacitor Market— Maxwell Technologies, Nippon Chemi-Con Corporation, Eaton, LS MTRON LTD, Ness Capacitor Co., Ltd., NEC Corporation, Skeleton Technologies, KEMET Corporation (YAGEO Group), Panasonic Corporation.
The global Ultracapacitor Market is accounted to register a CAGR of 15.50% during the forecast period and is estimated to reach USD 6.58 billion by 2032.
The integration of ultra-capacitors into vehicles has substantially impacted battery performance. This development has enabled vehicle manufacturers to achieve several key advantages, including improved fuel efficiency, extended battery life, reduced vehicle weight, and decreased CO2 emissions. With increasingly strict emissions regulations worldwide, the adoption of ultra-capacitors is expected to accelerate across all vehicle categories, encompassing conventional, hybrid, and electric vehicles.
The global Ultracapacitor Market has been segmented based on Type, and Application.
Based on Type, the market is segmented into Double Layered Capacitors, Pseudocapacitors, and Hybrid Capacitors. The Double Layered Capacitors segment was attributed to holding the largest market share in 2022. Double-layer capacitors fall under the category of supercapacitors or ultracapacitors. These devices store energy by adsorbing both anions and cations and gathering this energy or charge at the interface between the electrode and electrolyte, specifically on their surfaces. The term "double layer" pertains to the area on the surface where the electrolyte and electrode store this charge. DLCs are constructed using two electrodes made of carbon, an electrolyte, and a separator. They utilize the electrochemical double-layer phenomenon to store and manage energy. When voltage is applied, charge accumulates on the surfaces of the electrodes.
Based on the Application, the Ultracapacitor Market has been segmented into Automotive, Consumer Electronics, Energy, Industrial, and Others. The Automotive segment was expected to hold the largest market share in 2022. This is primarily due to the growing demand for these energy storage solutions as supplementary power sources in conjunction with primary sources such as internal combustion engines, fuel cells, or batteries. ultracapacitors are valued for their ability to deliver quick bursts of high power, especially during the startup of automotive vehicles, which enhances their appeal as cost-effective energy-efficient solutions.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Ultracapacitor Market Research Report
The global Ultracapacitor Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The European ultracapacitor Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Ultracapacitor Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Ultracapacitor Market comprises of Middle East, Africa, and Latin America.
The largest market share for the Ultracapacitor Market was maintained by the North American regional sector. The surging enthusiasm for electric mobility, encompassing electric cars and buses, has propelled the adoption of ultra-capacitors in this sector. According to estimates from the US Environmental Protection Agency (EPA), the United States currently boasts approximately 3 million electric cars, constituting roughly 1% of the total vehicular population. Notably, in 2022, manufacturers rolled out approximately 442,000 electric vehicles, signifying a noteworthy upswing in automakers' electric car production. Ultra-capacitors play a pivotal role in this context by furnishing swift power surges for acceleration and regenerative braking, thereby enhancing battery longevity and augmenting overall vehicle operational efficiency.
Moreover, the Europe market has been persistently growing over the forecast period. Numerous European municipalities are making substantial investments in electric buses and trams, driven by their commitment to reducing environmental pollution and promoting sustainable urban mobility. As per the data from the Federal Motor Transport Authority (FMTA), Germany experienced a remarkable 25% increase in electric car registrations in the first half of 2022 compared to the same period in the previous year. During this timeframe, the share of fully electric vehicles among all new car registrations surged to 13.5%. In total, registrations of alternative-drive vehicles, encompassing battery electric vehicles, hybrids, plug-in hybrids, hydrogen fuel cell vehicles, and gas vehicles, witnessed a substantial 14.2% increase, constituting more than half of all new car registrations. In public transportation systems, ultra-capacitors are strategically employed to capture and store energy during braking, thus ensuring an effective and efficient utilization of energy resources. This underscores the practical and sustainable approach that businesses and governments are adopting to address mobility and environmental concerns.
The Asia-Pacific region is poised for rapid growth in the upcoming forecast period, primarily attributed to significant infrastructure development and a surge in vehicle sales. Notably, China is the dominant player in this market, leading in terms of revenue generation. This leadership is driven by China's extensive utilization of electronic components in vehicles. Other key contributors to this growth trend include Japan, Korea, and India. China's prominence in the market is exemplified by its remarkable annual sales of electric vehicles, surpassing both the European and US markets. To illustrate, China has achieved nearly four times the sales of plug-in electric vehicles compared to the United States. To support this trend, the Chinese government has made substantial investments in the establishment of charging stations nationwide to encourage the sales of electric vehicles. As a noteworthy example, in January 2022, the Chinese government unveiled plans to create a sufficient number of charging stations to accommodate 20 million electric vehicles by 2025. Additionally, China has already integrated supercapacitors into its hybrid buses, where these supercapacitors play a pivotal role in vehicles with stop-start engines. They effectively reduce the strain on batteries, ultimately extending their lifespan. This strategic use of supercapacitors aligns with China's commitment to enhancing energy efficiency in transportation, reflecting a forward-thinking approach in the business landscape.
Furthermore, the rest of the world's Ultracapacitor Market is divided into the Middle East, Africa, and Latin America. This is due to the adoption of new technologies, digital transformation, and connectivity are reshaping the future of the automotive and consumer electronics industry in the region.
Key Findings of the Study
- The global Ultracapacitor Market is expected to reach USD 6.58 billion by 2032, at a CAGR of 15.50% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market owing to new product developments and a significant rise in investment by prime players and government institutions.
- Based on Type, the Double Layered Capacitors segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.
- Maxwell Technologies, Nippon Chemi-Con Corporation, Eaton, LS MTRON LTD, Ness Capacitor Co., Ltd., NEC Corporation, Skeleton Technologies, KEMET Corporation (YAGEO Group), Panasonic Corporation.