Ultracapacitor Market Analysis

Global Ultracapacitor Market Overview:

Ultracapacitor Market Size was valued at USD 1.8 Billion in 2022. The Ultracapacitor Market industry is projected to grow from USD 2.0 Billion in 2023 to USD 6.58 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.50% during the forecast period (2023 - 2032). An increase in demand for ultracapacitors due to their wide usage in electronic devices and the incorporation of ultracapacitors into any device increases its functionality, accuracy, and efficiency, which leads to an increase in its automation is expected to be a significant market driver for the Ultracapacitor Market.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Ultracapacitor Market Trends

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  Longer life cycle as compared to batteries and Growing Stringent Emission Regulations is driving the market growth

  
  

Market CAGR for Ultracapacitor is being driven by the Longer life cycle as compared to batteries and Growing Stringent Emission Regulations. Ultracapacitors, on average, offer a lifespan ranging from 8 to 15 years, which significantly surpasses the typical 3 to 4-year life expectancy of conventional automotive batteries. Furthermore, in various applications such as solid-state devices, standard batteries tend to last just 1-2 years. The relatively high cost of lithium-ion batteries contributes to the depreciation in the resale value of electric vehicles, thereby impeding the growth of electric car sales. In this context, ultracapacitors emerge as a promising alternative to batteries, offering an extended lifespan that eliminates the need for replacement every few years.

The integration of ultracapacitors in-vehicle systems enhances battery capacity and enables automobile manufacturers to achieve key advantages, including enhanced fuel efficiency, prolonged battery life, reduced vehicle weight, and diminished carbon dioxide (CO2) emissions. To align with stringent global emissions regulations, ultracapacitors are anticipated to gain broader acceptance across various vehicle types, encompassing conventional, hybrid, and electric vehicles. For instance, in the United States, carbon dioxide emissions per mile showed a steady decline from 369 grams per mile in 2013 to 352 grams per mile (preliminary) for FY 2017, as per the US Environmental Protection Agency (EPA). The European Union (EU) has also implemented emission standards to govern CO2 emissions from both passenger cars and commercial vehicles. Transport emissions have seen an uptick, constituting a quarter of the EU's overall greenhouse gas (GHG) emissions. Notably, the average carbon emission for new cars registered in the EU in 2016 was approximately 118.1 grams per kilometer (g/km), comfortably surpassing the 2015 target of 130g. These developments reflect the growing focus on reducing emissions and promoting cleaner, more efficient transportation solutions in the business landscape.

As a result, it is anticipated that throughout the projection period, demand for the Ultracapacitor Market will increase due to the Longer life cycle as compared to batteries and Growing Stringent Emission Regulations. Thus, driving the Ultracapacitor Market revenue.

Ultracapacitor Market Segment Insights:

Ultracapacitor Market Type Insights

The Ultracapacitor Market segmentation, based on Type includes Layered Capacitors, Pseudocapacitors, and Hybrid Capacitors. The Double Layered Capacitors segment dominated the market, accounting for 58% of market revenue (1.04 Billion). One of the primary advantages of DLCs is their exceptionally high power density. They can deliver and store energy at a much faster rate than batteries. This makes them suitable for applications where rapid energy discharge and recharge are essential, such as in electric vehicles (EVs), industrial machinery, and renewable energy systems.

Figure 1: Ultracapacitor Market, by Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Ultracapacitor Market Application Insights

The Ultracapacitor Market segmentation, based on Application includes Automotive, Consumer Electronics, Energy, Industrial, and Others. The Automotive segment dominated the market, accounting for 60% of market revenue (1.08 Billion). Ultracapacitors are gaining increased traction in electric vehicles and other automobile applications, either as substitutes for or in conjunction with conventional batteries. These applications encompass a range of electric vehicle types, including hybrid vehicles and fuel cell vehicles. Ultracapacitors are primarily deployed in diverse automotive scenarios, including providing support to the drivetrain in hybrid and electric vehicles, fuel cell and hydrogen-powered vehicles, electric buses, trucks, motorcycles, and more. Additionally, they are instrumental in capturing and storing renewable energy generated during braking and coasting and play a pivotal role in the efficient Stop-Start systems utilized in fuel-efficient automobiles.

Ultracapacitor Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Ultracapacitor market in North America can be attributed to several key factors. In North America, there exists a substantial demand for energy storage solutions, primarily driven by the region's diverse energy landscape. Ultra-capacitors, often referred to as supercapacitors, present a valuable option for high-power, short-duration energy storage, catering to the requirements of various applications. Moreover, North America's increasing emphasis on renewable energy sources, such as wind and solar power, is noteworthy. In 2021, the United States witnessed an 11% growth rate in renewable energy production across multiple sectors. This surge has led to a cumulative installed capacity of approximately 325,391 megawatts (MW) of renewable energy as of 2021. Furthermore, the proportion of renewable energy in electricity generation is projected to ascend to 24% by 2030. In this context, ultra-capacitors offer an efficient means to store and release energy, making them exceptionally well-suited for stabilizing the intermittent energy supply stemming from renewable sources. This capability contributes significantly to enhancing grid reliability, a pivotal factor in the energy sector.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Ultracapacitor Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Ultracapacitor Market accounts for the second-largest market share as the industrial sector in Europe utilizes ultra-capacitors for various applications, including uninterruptible power supplies (UPS) and grid stabilization. They provide a reliable source of power in critical industrial processes and help ensure grid stability. European governments have been proactive in supporting clean energy technologies. Subsidies, incentives, and regulations encouraging the adoption of electric vehicles and clean energy solutions have boosted the ultra-capacitors market. Further, the German Ultracapacitor Market held the largest market share, and the UK Ultracapacitor Market was the fastest-growing market in the European region

The Asia-Pacific Ultracapacitor Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to substantial investments from major industry players and government institutions, as well as a focus on new product developments. Furthermore, the region's well-established electronics industry and its proclivity for embracing cutting-edge technologies have conferred a competitive advantage upon organizations operating in this market. According to BizVibe's analysis, China's manufacturing output in the consumer electronics sector accounts for over a third of the global production. Research conducted by the European Council reveals that between 2012 and 2017, China's share of worldwide production in this industry increased from 36% to 38%. This growth significantly outpaced other major electronics manufacturing regions, including North America (15%), Europe (14%), and Japan (12%). China also holds the distinction of being the largest exporter of consumer electronics globally, with estimated revenues of $557 billion. This constitutes 24% of the total $2 trillion worth of consumer electronics exports worldwide. This confluence of factors underscores the dynamic business landscape in the Asia-Pacific ultracapacitor market. Moreover, China’s Ultracapacitor Market held the largest market share, and the Indian Ultracapacitor Market was the fastest-growing market in the Asia-Pacific region.

Ultracapacitor Market Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Ultracapacitor market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Ultracapacitor industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Ultracapacitor industry to benefit clients and increase the market sector. In recent years, the Ultracapacitor industry has offered some of the most significant advantages to the energy storage sector. Major players in the Ultracapacitor Market, including Maxwell Technologies, Nippon Chemi-Con Corporation, Eaton, LS MTRON LTD, Ness Capacitor Co., Ltd., NEC Corporation, Skeleton Technologies, KEMET Corporation (YAGEO Group), Panasonic Corporation are attempting to increase market demand by investing in research and development operations.

Panasonic Corporation is a diversified company engaged in the development, manufacturing, sales, and servicing of a wide range of electric and electronic products. Their product lineup includes various items such as room air-conditioners, televisions, landline phones, digital cameras, video equipment, home audio systems, rice cookers, lighting fixtures, wiring devices, air conditioning systems, air purifiers, and even bicycles. Furthermore, Panasonic offers electronic components, manufacturing equipment, welding machinery, personal computers, tablets, projectors, batteries, electric motors, electronic materials, semiconductors, and LCD panels. Panasonic provides comprehensive solutions across multiple sectors, catering to consumer electronics, logistics, automotive, aviation, entertainment, manufacturing, and housing industries, among others. The company operates and manages facilities and research and development centers across Japan, Asia, the Americas, and Europe. Panasonic is headquartered in Kadoma-shi, Osaka, Japan. In November 2021, Panasonic Corporation introduced the JX series of SP-Cap conductive polymer aluminum electrolytic capacitors, setting a new industry benchmark for reliability. These capacitors are designed for use in power circuits, particularly in advanced communication base stations like those used in 5G technology and servers that handle increasing data traffic. This development aligns with Panasonic's commitment to providing cutting-edge solutions for the ever-evolving demands of the technology and communication sectors.

Eaton is a prominent player in power management. The company specializes in designing, developing, and marketing energy-efficient products, technologies, and services that empower customers to effectively and sustainably manage electrical, aerospace, hydraulic, and mechanical power. Eaton's clientele spans various industries, including utilities, government, industrial, information technology, residential, institutional, machine tools, marine, material handling, commercial, construction, agriculture, renewable energy, oil and gas, mining, forestry, automotive, molding, primary metals, power generation, and aerospace. Their operations extend across regions in North America, Europe, Latin America, Asia Pacific, Africa, and the Middle East. Eaton maintains an extensive global manufacturing presence, and its corporate headquarters are located in Dublin, Ireland.

Key companies in the Ultracapacitor Market include

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  Maxwell Technologies

  
  


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  Nippon Chemi-Con Corporation

  
  


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  Eaton

  
  


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  LS MTRON LTD

  
  


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  Ness Capacitor Co., Ltd.

  
  


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  NEC Corporation

  
  


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  Skeleton Technologies

  
  


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  KEMET Corporation (YAGEO Group)

  
  


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  Panasonic Corporation

  
  

Ultracapacitor Industry Developments

Panasonic Corporation announced the launch of a KX series of conductive polymer aluminum electrolytic capacitors (also called SP-Cap) in February 2022, which they say have the highest level of reliability in the industry, up to 5,500 hours of endurance at 125°C. This series can be applied to server and communication base station power circuits, among other things.

In November 2021, Panasonic Corporation announced the JX series; these are SP-Cap conductive polymer aluminum electrolytic capacitors with the highest level of reliability in this industry. Today, this range is suitable for use in demanding power circuits such as those found in increasingly sophisticated communication base stations, e.g., 5G, and servers experiencing more and more data traffic.

KEMET announced its high-performance supercapacitors for automotive electronics –the FMD and FU0H series- in August 2021. The latter has an operational temperature range from -40 °C to +85 °C and delivers 1,000 hours at 85°C/85% RH-rated voltage. Specifically, FMD has a maximum duration time of roughly 4k hours while operating under these conditions. These supercapacitors meet an automotive testing protocol.

Richardson Electronics, Ltd., a global provider of engineered solutions for renewable energy and other power management applications, hit a significant milestone when it shipped and installed over fifty thousand patented ultracapacitors ULTRA3000® pitch energy modules (“PEMs”) in March 2024.

EnyGy is a Melbourne-based start-up that originated from Monash University’s research by Prof. Dan Li and Dr. Yufei Wang; they launched an ultracapacitor based on graphene technology in November 2023.

Skeleton Technologies is a Tallinn-based company that manufactures and develops high-energy & power-density ultracapacitors. Under new funding announced this October, the company collected €108M.

Estonia Invest and Skeleton Technologies received USD 53.74 million from the German government and the state of Saxony in March 2023 for a second production unit that will be built in Leipzig. Through this fund, it expanded its products, including ultra-capacitor.

Ultracapacitor Market Segmentation:

Ultracapacitor Type Outlook

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  Double Layered Capacitors

  
  


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  Pseudocapacitors

  
  


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  Hybrid Capacitors

  
  

Ultracapacitor Application Outlook

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  Automotive

  
  


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  Consumer Electronics

  
  


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  Energy

  
  


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  Industrial

  
  


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  Others

  
  

Ultracapacitor Regional Outlook

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  North America

  
  
  
  
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    US

    
    
  
  
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    Canada

    
    
  
  
  
  


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  Europe

  
  
  
  
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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  


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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America