Supercapacitor Market Analysis, Size, Share, Growth, Trends, and Forecast 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.

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Supercapacitor Market: Strategic Insights

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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 2031. 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 Regional Insights

The regional trends and factors influencing the Supercapacitor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Supercapacitor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Supercapacitor Market Report Scope

Supercapacitor Market Players Density: Understanding Its Impact on Business Dynamics

The Supercapacitor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Supercapacitor Market are:

1. SPEL Technologies Private Limited
2. AVX Corporation
3. CAP-XX Ltd
4. KORCHIP Corporation
5. Skeleton Technologies
6. Nippon Chemi-Con Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

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