An ultracapacitor or also referred to as a supercapacitor is a highly-capacity capacitor that possesses capacitance value much higher than other capacitors with lower voltage limits. It can store 10 to 100 times more energy per unit volume or mass than electrolytic capacitors. The application of ultracapacitors alongside batteries is expected to increase, and ultracapacitors are also expected to emerge as a replacement for batteries in the near future.
Market Statistics:
The global ultracapacitors market is expected to surpass US$ 23,582.7 Mn in terms of value by the end of 2028.
Global Ultracapacitors Market: Drivers
Increasing demand from wind, electric grid and the automotive sector is expected to propel the global ultracapacitors market growth over the forecast period
Ultracapacitors are being increasingly used in fleet vehicles, long-haul trucks, metros, trains, and buses to save fuel and reduce carbon emission. Moreover, the electric and wind sectors hold massive potential in the near future. Ultracapacitors can be better utilized in the wind industry for short bursts of heavy force exertion necessary to alter blade pitch. Governments of many countries are funding to ultracapacitor manufacturers, in order to build plants and develop this technology for renewable energy generation will further support growth of ultracapacitors. For instance, in 2013, California Energy Commission decided to fund a two-phase research program where Maxwell Technologies and Soitec Concentrix CPV system will work together. Hence, these factors are expected to drive growth of the global ultracapacitors market in the near future.
Global Ultracapacitors Market: Opportunities
Research and development activities among major market players can present lucrative growth opportunities
Key companies in the market are focused on research and development activities, in order to expand the product portfolio and gain a competitive edge in the market. For instance, in July 2011, Panasonic Corporation introduced three new gold cap alternatives EEC-ER0E153, EEC-EP, and EEC-RG0V224 to expand its electric double-layer capacitors product line. In June 2013, Ioxus Inc. introduced a new 1200 farad cell to its iCAP series for the expansion of its product line. Moreover, in November 2012, Yunasko released a new ultracapacitor 15 V module, equipped with a proprietary active balancing system. This is expected to help increase its market share in the near future.
Global Ultracapacitors Market: Recent Developments
- In February 2017, Maxwell Technologies acquired Nesscap energy business to expand company’s reach in automobile, industrial sector with “small cell” ultracapcitors technology and products
- In July 2020, LS Mtron announced the availability of 3.0V 3400F ultracapacitor, these ultracapacitors have highest power density storage cells
- In November 2019, Skeleton Technologies launches SkelCap SCA0300 ultracapacitor platform
Global Ultracapacitors Market: Restraints
Limitation of ultracapacitors as long-term energy storage solutions is expected to restrain growth of the global ultracapacitors market during the forecast period
Ultracapacitors are not suitable for long-term energy storage. The discharge rate of the ultracapacitor is significantly higher than lithium-ion batteries and can lose as much as 10-20% of their charge per day due to self-discharge. As a result of this, many end users are preferring lithium-ion batteries over ultracapacitors. Therefore, these factors are expected to hinder growth of the global ultracapacitors market during the forecast period.
Global Ultracapacitors Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, as of 3:58pm CEST, 13 October 2021, there have been 238,521,855 confirmed cases of COVID-19, including 4,863,818 deaths, reported to WHO. As of 9 October 2021, a total of 6,364,021,792 vaccine doses have been administered. The pandemic created economic pressures on businesses around the globe. Post Covid-19, the electricity demand worldwide decreased in the first quarter of 2020, though lockdown measures were in place for less than a month in most countries. Moreover, full lockdown measures further pushed down electricity demand.
Key Takeaways:
- The global ultracapacitors market was valued at US$ 3,906.2 Mn in 2020 and is forecast to reach a value of US$ 23,582.7 Mn by 2028 at a CAGR of 25.0% between 2021 and 2028. The Automotive segment was valued US$ 1,173.2 Mn in 2020 and is expected to witness a CAGR of 21.0% over the forecast period.
Market Trends:
Asia Pacific holds the largest share in the market
In 2013, Asia Pacific held the largest share of 35.2% and is further expected to gain market share of 0.6% by 2019 due to the increasing adoption of ultracapacitors in the region primarily in China, India, and Japan. Australia, Japan, India, China, and Singapore are some major economies in Asia Pacific. Ultracapacitors market in Asia Pacific is driven by robust demand in China and Japan. China is the leading manufacturer of ultracapacitors.
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https://www.coherentmarketinsights.com/market-insight/ultracapacitor-market-4879
Rising adoption in HEVs and stringent regulations to boost demand for ultracapacitors
Increasing adoption in HEVs is fueling the growth of ultracapacitors globally. Start-stop system and regenerative braking are some of the most prominent applications of ultracapacitors, supporting growth in the automotive sector. Furthermore, stringent government regulations related to carbon emissions in European countries, North America and China in the Asia Pacific are also responsible for adoption of this technology.
Global Ultracapacitors Market: Competitive Landscape
Key players operating in the global ultracapacitors market are Maxwell Technologies Inc., NEC Tokin, Nesscap CO. LTD., LS Mtron, Panasonic Corporation, Tesla, Inc., KEMET Corporation, CAP-XX, Ioxus, Inc., Supreme Power Solutions Co., Ltd., YUNASKO, Effenco, Skeleton Technologies
Key Developments
Major companies in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in December 2019, CAP-XX acquired Muruta’s supercapacitor production line.
