“Global Ultracapacitors/Supercapacitors Market to reach a market value of 18.3 Billion by 2031 growing at a CAGR of 18.7%”
The Global Ultracapacitors/Supercapacitors Market size is expected to reach $18.3 billion by 2031, rising at a market growth of 18.7% CAGR during the forecast period.
The Asia Pacific segment garnered 38% revenue share in the market in 2023. This can be attributed to the region’s strong adoption of advanced technologies in the automotive, renewable energy, and industrial automation industries. The necessity for ultracapacitors in Asia Pacific, particularly in the China and India, has been expedited by the growing demand for electric vehicles (EVs) and the ongoing effort to integrate renewable energy sources.
As the global transition to sustainable and pure energy sources accelerates, renewable energy solutions, including solar and wind power, are becoming increasingly important. Nevertheless, renewable energy's intermittent nature is one of its primary obstacles. Wind turbines generate energy solely when the wind blows, while solar panels generate electricity solely when the sun comes. These fluctuations can create imbalances in the power grid, making it essential to have efficient energy storage systems in place. Hence, this increasing demand for ultracapacitors in renewable energy storage is expected to drive significant market growth in the coming years..
Additionally, the role of hybrid electric vehicles (HEVs) in the transportation ecosystem continues to be significant. While HEVs rely on internal combustion engines and electric motors, ultracapacitors are crucial in managing the power transitions between the two systems. The IEA reports that hybrid vehicle sales grew in 2023, particularly in regions like Japan and the United States. This growth is further stimulating the market growth of ultracapacitors in the automotive sector.
However, While ultracapacitors offer several long-term benefits, such as an extended lifespan, faster charge and discharge times, and better performance in extreme temperatures, their high upfront cost remains a major barrier. This is especially true in industries sensitive to price fluctuations, such as consumer electronics and automotive manufacturing, where cost management is crucial to product development and market competitiveness. Hence, the high initial cost of ultracapacitors becomes a key factor hampering their adoption.
On the basis of power, the market is divided into less than 10 volts, 10 volts to 25 volts, 25 volts to 50 volts, 50 volts to 100 volts, and above 100 volts. The above 100 volts segment recorded 5% revenue share in the market in 2023. Ultracapacitors with higher power ratings are used in more demanding applications, such as large-scale industrial machinery, grid energy storage, and heavy-duty electric vehicles. In sectors such as renewable energy and electric transportation, the demand for ultracapacitors in this segment is on the rise as industries strive to enhance energy efficiency and implement environmentally friendly technologies.
Based on type, the market is classified into double layered capacitors, pseudocapacitors, and hybrid capacitors. The hybrid capacitors segment procured 14% revenue share in the market in 2023. Hybrid capacitors aim to bridge the gap between high power and energy density, making them ideal for both applications. For example, hybrid capacitors are being explored in electric vehicles, where fast energy bursts and sustained energy storage for longer distances are needed for acceleration.
By application, the market is segmented into automotive, consumer electronics, energy, industrial, aerospace, medical, and others. The energy segment procured 19% revenue share in the market in 2023. Ultracapacitors are used in wind turbines and solar power systems to stabilize power output and manage energy fluctuations caused by variable weather conditions. In times of high demand, they can promptly discharge energy to the grid or store excess energy produced during peak production.
On the basis of electrode material, the market is divided into carbon, metal oxide, conducting polymers, and composites. The metal oxide segment witnessed 28% revenue share in the market in 2023. Metal oxides, such as manganese oxide and ruthenium oxide, are known for their superior electrochemical performance and ability to store greater amounts of energy compared to carbon-based alternatives. These materials are especially valued in aerospace systems for their high reliability in extreme environments, where stable energy storage and rapid power delivery are essential.
Free Valuable Insights: Global Ultracapacitors/Supercapacitors Market size to reach USD 18.3 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment procured 26% revenue share in the market in 2023. Europe’s focus on sustainability and the region’s commitment to reducing carbon emissions have driven investments in electric mobility and renewable energy systems. Countries like Germany, Norway, and the Netherlands are leaders in EV adoption, which has spurred the demand for ultracapacitors in automotive applications such as regenerative braking and energy storage.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 4.8 Billion |
| Market size forecast in 2031 | USD 18.3 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 18.7% from 2024 to 2031 |
| Number of Pages | 330 |
| Number of Tables | 510 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Power, Type, Application, Electrode Material, Region |
| Country scope |
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| Companies Included | Maxwell Technologies, Skeleton Technologies, NEC Corporation, Panasonic Holdings Corporation, Hitachi, Ltd. (Hitachi Energy Ltd.), Kemet Corporation, Nichicon Corporation, XS Power Batteries(Loxus), Eaton Corporation plc, and Sumitomo Corporation |
By Power
By Type
By Application
By Electrode Material
By Geography
This Market size is expected to reach $18.3 billion by 2031.
Rising Demand For Energy Storage In Renewable Energy Systems are driving the Market in coming years, however, High Initial Costs Of Ultracapacitors restraints the growth of the Market.
Maxwell Technologies, Skeleton Technologies, NEC Corporation, Panasonic Holdings Corporation, Hitachi, Ltd. (Hitachi Energy Ltd.), Kemet Corporation, Nichicon Corporation, XS Power Batteries(Loxus), Eaton Corporation plc, and Sumitomo Corporation
The expected CAGR of this Market is 18.7% from 2024 to 2031.
The 10 Volts to 25 Volts segment led the maximum revenue in the Market by Power in 2023, thereby, achieving a market value of $5.1 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $7.2 billion by 2031.
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