Global Ultracapacitors Market Report and Forecast 2024-2032

Global Ultracapacitors Market Outlook

The global ultracapacitors market reached a value of about USD 5028.95 million in 2023. The industry is further expected to grow at a CAGR of about 26% in the forecast period of 2024-2032 to reach a value of around USD 40259.12 million by 2032.       

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The Asia Pacific and North America to be Significant Regional Markets for Ultracapacitors

The Asia Pacific is expected to be one of the fastest-growing regional markets for ultracapacitors. Industrialisation and the increase in the development of infrastructure are driving the market in this region. Regions like China, South Korea, and India are contributing significantly to this industry. The growth in the electronics sector in China and India has resulted in the growth of the market in the recent years. The rising demand for irrigation systems is fuelling the use of capacitors in the Asia Pacific region, further aiding the market growth as ultracapacitor is an important component of the irrigation system.

Another factor fostering the growth of the ultracapacitor industry in the Asia Pacific is the significant presence of leading companies in the industry in the region. In the coming years, the increasing penetration of consumer electronics is estimated to drive the regional demand. The availability of advanced smartphones and other consumer electronics product manufacturers in both developed and developing countries in the region is also projected to aid in the increasing adoption of highly efficient super and ultracapacitors. The growing adoption of electric vehicles is further expected to support the growth of the market.

North America is also likely to record a healthy growth in the ultracapacitor industry due to the rising application of ultracapacitors in the electronic industry and the growing demand for the product within the growing automotive industry. The rising demand from the residential, power, and public transportation sectors is also supporting the market growth in North America. The introduction of stringent government regulations to reduce carbon footprints and the robust R&D initiatives to incorporate battery components to manufacture hybrid ultracapacitors are projected to provide potential industry growth opportunities in the coming years in the region.

Ultracapacitors: Market Segmentation

Ultracapacitors, also known as supercapacitors, electrochemical capacitors, or electric double-layer capacitors (EDLC), are the ideal electrochemical energy storage devices that help bridge the gap between conventional capacitors and batteries. They use high surface area electrode materials and thin electrolytic dielectrics to achieve high capacitance.

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By power type, the market includes:

• Less than 10 Volts
• 10 Volts to 25 Volts Modules
• 25 Volts to 50 Volts Modules
• 50 Volts to 100 Volts Modules
• Above 100 Volts Modules

Based on application, the market is segmented into:

• Automotive
• Industrial
• Energy
• Electronics

The regional markets for ultracapacitors can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growth in Electronics and Automotive Industries Boosting the Market Growth of Ultracapacitors

The ultracapacitors industry has been driven by the rapid growth in demand for electronics products such as laptops and smartphones. The increased internet penetration augmented the demand for smartphones, communication devices, network hardware, and computers, thereby increasing the demand for ultracapacitors. The market growth can also be attributed to the product’s usage in automotive applications, thus, driving the market within the automotive sector. The increasing popularity of hybrid and electric vehicles and increased investment in mass rapid transport systems in many developed and developing countries globally is contributing to the growth of the global market for ultracapacitors. Long shelf life, battery longevity, and a capacitor with a fast-charging option are the other factors that have further contribute to the growth of the ultracapacitors industry.

The rising use of ultracapacitors in trains and aircraft is anticipated to drive the industry growth. The industry is also expected to grow due to the increasing demand for renewable energy sources and favourable government regulations. An increase in gasoline demand for fuel-efficient modes of transportation is further projected to augment the market growth. The market is also witnessing the rising need for ultracapacitors used for energy re-filling in buses, trams, and trains, owing to a strong demand for energy-efficient products. Thus, the increasing use of ultracapacitors in solar and wind energy applications is expected to increase the growth opportunities for the ultracapacitors industry.

Key Industry Players in the Global Ultracapacitors Market

The report gives a detailed analysis of the following key players in the global ultracapacitors market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Maxwell Technologies Inc.
• Supreme Power Solutions Co. Ltd. 
• SECH SA 
• Skeleton Technologies 
• LICAP Technologies, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Ultracapacitors Market Report Snapshots

Ultracapacitors Market Size

Ultracapacitors Market Growth

Ultracapacitors Companies