Supercapacitor Market Size, Growth, Share by 2031
The supercapacitor market size is expected to grow from US$ 510.71 million in 2023 to US$ 1,462.26 million by 2031; it is estimated to grow at a CAGR of 14.1% from 2023 to 2031. Growing focus on technological advancements is likely to remain key supercapacitor market trends.
Supercapacitor Market Analysis
Supercapacitors are substituting traditional electric car batteries with rapid charging features and temperature constancy. Furthermore, supercapacitors are more flexible than standard batteries. The high demand for a constant power supply for applications such as portable media players, GPS, laptops, and mobile devices is an evolving trend in the supercapacitor market.
The principal factor that boosts the supercapacitor market growth includes growth in demand for supercapacitors in the automotive industry. Several qualities, such as high power density, extended shelf life, and fast charging features, make supercapacitors viable for automotive applications. Additionally, favorable government regulations and a rise in demand for renewable energy systems are anticipated to drive the supercapacitor market growth. On the other hand, higher initial costs and lack of awareness about the advantages of supercapacitors are some of the factors anticipated to hinder supercapacitor market growth. Furthermore, supercapacitors are extensively used in wind and solar energy applications due to their extended operational life. Additionally, the rise in demand for micro-supercapacitors is expected to offer lucrative opportunities for the growth of the supercapacitor industry during the forecast period.
Supercapacitor Market Overview
Supercapacitors, or ultracapacitors, utilize high surface area electrode materials and thin electrolytic dielectrics to attain higher capacitance values. They have more capacitance than conventional capacitors and store additional energy. Supercapacitors can be of numerous types, such as pseudo, double-layer, and hybrid capacitors. They can be used for several end-user industries, such as energy and utilities, consumer electronics, industrial, and automotive. Supercapacitors store 10 to 100 times the power stored in ordinary electrolytic capacitors and are used for speedy charge & discharge, as they display zero resistance. These can be characterized between capacitor and battery in the electric device arrangement and are used as supplements with conventional batteries that can also be used for interim backup supply, as supercapacitor circuits aid with uninterrupted power supply.
Supercapacitor is an advanced technology for numerous energy storage systems, which can deliver advanced power density compared to batteries and higher energy density over traditional capacitors. Solar lighting and solar PV panels are feasible areas where supercapacitor usage is increasing rapidly. Furthermore, solar panels are used in both modes, online and offline, for which supercapacitors are reliable options. Environment-friendliness being a priority, there is a heightened awareness among users of energy storage equipment about minimizing emissions. Major companies are increasing their efforts to reduce greenhouse gas emissions and representing market growth for alternative energy techniques. Among all energy storage devices, supercapacitors cause minimum environmental damage. All materials in an electrochemical double-layer capacitor are made of biodegradable carbon.
Strategic Insights
Supercapacitor Market Drivers and Opportunities
Growing Adoption of Supercapacitors in the Automotive and Energy Sector to Favor Market Growth
The prominent factors that drive the supercapacitor market growth include the need for supercapacitors in the automotive industry, the rise in demand for renewable energy systems, and favorable government guidelines. Moreover, the rise in demand for newer applications in wind and solar energy and growth in demand for micro-supercapacitors is anticipated to offer lucrative growth opportunities for the supercapacitor market during the forecast period. Supercapacitors are substituting conventional electric car batteries with advanced features like temperature stability and quick charging. Furthermore, supercapacitors are more flexible than ordinary batteries. In line with this, changing consumer preference for hybrid and electric vehicles (HEV) also supports the supercapacitor market growth.
Furthermore, the growing utilization of supercapacitors by the utility segment is acting as another growth factor for the supercapacitor market. They are generally used for generator ramping, bridging, and voltage sag mitigation in microgrid monitoring and stabilization. Development in storage technology with evolving market segments such as smart grids, hybrid electric vehicles (HEV), and renewable energy systems and the capability of supercapacitors to deliver emergency shutdown power or backup to low-power equipment such as SRAM, RAM, microcontrollers, and PC cards are the foremost driving factors for the global supercapacitors market. In such a scenario, micro-supercapacitors (MSCs), especially those with interdigital structures, have gained huge attraction.
Development of Micro Supercapacitor- An Opportunity in the Supercapacitor Market
The rapid development of wearable, highly integrated, and flexible electronics has increased the demand for on-chip and miniaturized devices. Micro-supercapacitors (MSCs) are the primary consideration for advanced miniaturized energy storage devices due to their adequate power density and fast frequency response. Although MSCs are still in the development stage, the research on MSCs has developed rapidly and made great progress. Thus, the development of micro-supercapacitors will provide growth opportunities for the supercapacitor market.
Supercapacitor Market Report Segmentation Analysis
Key segments that contributed to the derivation of the supercapacitor market analysis are type, material, and application.
- Based on the component, the supercapacitor market is segmented into double-layer capacitors, pseudocapacitors, and hybrid capacitors.
- Based on material, the supercapacitor market is segmented into activated carbon, carbide-derived carbon, carbon aerogel, and others.
- Based on application, the supercapacitor market is segmented into automotive, industrial, energy, medical, consumer electronics, and aerospace & defense.
Supercapacitor Market Share Analysis by Geography
- The supercapacitor market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2023. China's automotive industry is expanding and becoming progressively dominant in the global automotive market. The Chinese government considers automobile manufacturing one of its fundamental sectors. According to the Chinese central government, China's vehicle output will exceed 35 million units by 2025. Electric vehicles are becoming more prevalent globally, with China being the faster implementation. China's 13th Five-Year Plan encourages green mobility options such as electric and hybrid automobiles to improve the country's transportation sector. The country is a forerunner in developing advanced technology to aid electric automobiles.
Supercapacitor Market Report Scope
Supercapacitor Market News and Recent Developments
The supercapacitor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the supercapacitor market:
- In August 2022 - Kyocera AXA announced a series of pouch-style supercapacitors for reducing current surge batteries. These capacitors can be used as system power backup devices, replacing batteries in some cases, or deployed in conjunction with secondary or primary batteries. (Source: Kyocera AXA, Press Release)
- In May 2022 - CAP-XX Limited entered into a joint venture with Iconic Industries, which is developing new forms of graphene for numerous markets and involves the commercialization of reduced graphene oxide (rGO) for supercapacitors and other energy storage devices. With this joint venture, CAP-XX will produce and sell energy storage devices and supercapacitors using rGO. (Source: CAP-XX Limited, Press Release)
Supercapacitor Market Report Coverage and Deliverables
The "Supercapacitor Market Size and Forecast (2021-2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Supercapacitor market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Supercapacitor market dynamics, such as drivers, restraints, and key opportunities
- Supercapacitor market trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Supercapacitor market industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Material, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global supercapacitor market was estimated to be US$ 510.71 million in 2023 and is expected to grow at a CAGR of 14.1% during 2023 - 2031.
The major factors driving the supercapacitor market are the growing adoption of supercapacitors in the automotive and energy sectors and the growing popularity of electric vehicles.
Growing focus on technological advancements is anticipated to play a significant role in the global supercapacitor market in the coming years.
The key players holding majority shares in the global supercapacitor market are Panasonic Corporation, Evans Capacitor Company, LS Mtron Ltd, IOXUS Inc, and AVX Corporation.
Asia Pacific is expected to hold the highest market share in the supercapacitor market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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