Ultracapacitors Market Size, Share & Trends Analysis Report By Type (Double Layered, Pseudocapacitors, Hybrid), By Power, By Application (Automotive, Energy, Industrial), By Region, And Segment Forecasts, 2024 - 2030

Report Overview

The global ultracapacitors market size was valued at USD 3.18 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 21.5% from 2024 to 2030. Ultracapacitors are also known as supercapacitors due to their high energy storage density compared to normal capacitors. The energy is stored electrostatically in these devices and can be used multiple times without any degradation. With changing energy sources worldwide, ultracapacitors are becoming increasingly popular in the sectors of electric vehicles and renewable energy such as fuel cells. Ultracapacitors can be operated in a wide range of temperatures, making them useful across a variety of applications, from small portable devices to large-scale energy storage.

The electric vehicle industry is thriving globally, leading to strong market demand, as ultracapacitors are extensively utilized in EVs. For instance, these electronic components can store excessive amounts of energy generated during regenerative braking due to their high energy density, which can be later used during acceleration. This helps in extending battery life, as the battery is not strained during these sudden bursts of energy input and output. In addition, growing environmental concerns and regulations to curb carbon emissions are promoting the adoption of clean energy technologies. Ultracapacitors contribute substantially in this aspect by enabling efficient energy storage and reducing reliance on fossil fuels.

The storage of excess energy is a major problem in industries worldwide, as batteries cannot efficiently store full energy and a significant amount of energy is wasted during transmission and storage. The rise of renewable energy sources such as solar and wind power creates a need for reliable energy storage solutions. Ultracapacitors can effectively store excess energy from renewables for later use without much loss, addressing the intermittent nature of these sources. In addition, the fast-growing consumer electronics industry is increasingly finding applications for ultracapacitors with regard to enabling fast charging and efficient energy backup, adding significant growth potential.

Type Insights

Double layered capacitors (EDLC) dominated the market, accounting for the highest revenue share of 61.3% in 2023. EDLCs excel in delivering high power in short bursts. This makes them ideal for applications requiring rapid energy discharge, such as regenerative braking in electric vehicles and power assist in hybrid systems. Compared to other energy storage solutions such as batteries, EDLCs have significantly faster charging and discharging times. This translates to increased demand from the EV industry, leading to the domination of EDLCs in this market.

Hybrid capacitors are expected to register the highest CAGR of 23.4% during the forecast period. Hybrid capacitors utilize lithium ion technology and EDLCs for improved power and energy density. The combined effect translates to faster charging and discharging cycles, improved energy delivery, and extended lifespan, when compared to conventional ultracapacitors. These performance upgrades make hybrid capacitors more attractive for a wider range of applications. Moreover, hybrid capacitors offer a cost-effective solution to expensive capacitors, leading to rising demand for this segment.

Power Insights

The 10 volts to 25 volts segment accounted for the highest revenue share of 25.7% in the ultracapacitors market in 2023. A significant factor for the high demand for ultracapacitors stems from their integration within established electronics systems. The 10-25 volt range aligns well with the operating voltages commonly used in various electronic devices such as stereos, laptops, desktop components, and other portable devices. Fast charging and quick power backup needs are thus adequately fulfilled by ultracapacitors operating in this range.

The above 100 volts segment is anticipated to register the highest CAGR of 23.9% during the forecast period. High voltage ultracapacitors are suited for applications requiring substantial amounts of energy delivery, such as electric vehicles and hybrid vehicles, as these automotive types utilize high-voltage battery packs, and ultracapacitors with matching voltage capabilities can optimize performance in regenerative braking and power assist systems. With significant growth being witnessed in the EV industry worldwide, the demand for high-voltage ultracapacitors is expected to remain consistently strong by 2030.

Application Insights

The automotive segment accounted for the largest market revenue share of 32.7% in 2023. Supercapacitors can deliver and absorb high bursts of power, making them ideal for regenerative braking systems in EVs and Hybrid EVs. These capacitors absorb kinetic energy during braking, store it, and then redeploy it for acceleration, improving the vehicle efficiency. In addition, ultracapacitors offer improved reliability and longevity compared to traditional batteries. This makes them a very viable option for automotive applications.

The energy segment is expected to advance at the fastest growth rate of 23.3% during the forecast period. The increasing demand for energy storage solutions in renewable energy systems and grid stabilization drives the growth of this segment. In addition, advancements in ultracapacitor technology have resulted in improved efficiency, faster charging and discharging times, cost-effectiveness, better life-cycle, and energy density, making them a more attractive option for energy-related applications.

Regional Insights

North America accounted for the leading market revenue share of 36.8% in 2023. The region has a well-established and technologically advanced automotive industry. This sector's early adoption of electric and hybrid vehicles has created a strong demand for ultracapacitors to support features such as regenerative braking and power assist. North American companies are at the forefront of research and development (R&D) activities in ultracapacitor technology. This focus on innovation has resulted in advancements that enhance product performance and expand potential applications of this component.

U.S. Ultracapacitors Market Trends

The U.S. ultracapacitors market is growing as the country is considered a global hub for the automotive industry. The emergence of prominent companies in the electric vehicle category, such as Tesla, and requirements for ultracapacitors in various other electrical applications in automobiles has resulted in creating a substantial demand from the U.S. for ultracapacitors. The country is a huge market for portable electronic devices that require ultracapacitors for their energy charge and discharge cycles. Furthermore, a widening range of industrial applications for ultracapacitors is expected to further increase the product demand.

Europe Ultracapacitors Market Trends

Europe ultracapacitors market is expected to grow significantly as it emphasizes clean energy alternatives for fossil fuels. The region’s commitment to reduce carbon emissions and increase the use of renewable energy sources has prompted a strong demand for energy storage solutions. This leads to increased popularity of ultracapacitors, which are used in stabilizing power grids and supporting renewable energy systems. Moreover, the automotive sector is highly developed in Europe, with there being an increased emphasis on EVs among consumers.

UK Ultracapacitors Market Trends

The UK aims to transition to completely carbon-free energy solutions in the near future. Adhering to this commitment, in December 2020, the UK’s National Grid installed a 5 MW ultracapacitor to detect power grid inertia. According to National Grid’s review for 2023, wind energy accounted for around 29.4% of the UK’s overall energy generation. With increase in the amount of renewable energy generation, there arises a need for ultracapacitors to manage the grid and offer a suitable solution for mitigating voltage fluctuations, thus ensuring smooth power delivery and enabling efficient storage of excess energy.

Asia Pacific Ultracapacitors Market Trends

The Asia Pacific ultracapacitors market is anticipated to register the highest growth rate of 23.9% from 2024 to 2030. Rapid economic prosperity in regional economies has led to significant industrialization and urbanization. This creates a growing demand for efficient and sustainable energy solutions, propelling the adoption of ultracapacitors in sectors such as industrial automation for powering backup systems in factories and industrial facilities to ensure uninterrupted operations and renewable energy integration. In addition, regional governments are prioritizing electric vehicle adoption to address environmental concerns and reduce the dependence on fossil fuels, leading to a surge in demand for ultracapacitors.

China Ultracapacitors Market Trends

China has a robust and cost-competitive manufacturing base for electronic components. This allows for the efficient production of ultracapacitors at a lower cost. The proximity of promising markets such as India and South Korea leads to faster and more efficient logistics. Moreover, China is well-known for finding innovative applications of electronic components. For instance, in March 2024, the country conducted a trial run for a train running on hydrogen fuel with a supercapacitor buffer. Such technological advancements have paved the way for surged demand of ultracapacitors.

Key Companies & Market Share Insights

Some key companies involved in the ultracapacitors market include Eaton Corporation, KEMET Corporation (YAGEO Group), and Skeleton Technologies.

• Eaton Corporation is a multinational company having business operations in over 175 countries. The company offers products in the electrical, industrial, aerospace, and automotive segments. Eaton offers capacitors for various applications in the consumer, computing, energy, medical, and transportation sectors. The company’s supercapacitor range comes in various formats such as cylindrical, large cells, small cells, and modules, with a voltage range from 2.5 V to 259V.

• KEMET Corporation is a U.S.-based subsidiary of YAGEO Group. The company offers a range of capacitors made of ceramic, tantalum, aluminum, and polymer and ultracapacitors in surface-mount and radial, radial molded, radial pin, and snap-in construction. These components are in the range of 2.5 VDC to 12 VDC and showcase high-performance capabilities.

Recent Developments

• In October 2023, KYOCERA AVX Components Corporation introduced Gen-II PrizmaCap Capacitors. These products have extensive applications across industrial, energy, medical, telecommunications, and automotive sectors. They operate at a wider range of temperatures and offer better voltage, capacitance, and energy density as compared to the previous generation.

• In March 2023, KEMET Corporation introduced a new supercapacitor for the automotive industry that can operate effectively at temperatures ranging from -40 to 105 degree Celsius. The FMU series of supercapacitors offers extended life, high power density, and high reliability in a range of applications for autonomous vehicles, ADAS, and central gateway ECUs.

Ultracapacitors Market Report Scope

Global Ultracapacitors Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global ultracapacitors market report based on type, power, application, and region.

• Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Double Layered Capacitors

  • Pseudocapacitors

  • Hybrid Capacitors

• Power Outlook (Revenue, USD Billion, 2018 - 2030)

  • Less than 10 Volts

  • 10 Volts to 25 Volts

  • 25 Volts to 50 Volts

  • 50 Volts to 100 Volts

  • Above 100 Volts

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Automotive

  • Consumer Electronics

  • Energy

  • Industrial

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • Japan

    • India

    • China

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE