| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 2.78 Billion |
| CAGR (2023-2028) | 16.42% |
| Fastest Growing Segment | Pseudo capacitors |
| Largest Market | Asia-Pacific |
Market Overview
The global supercapacitor market was estimated to be worth USD 2.78 billion in 2022 and is expected to develop at a strong rate during the forecast period, with a compound annual growth rate (CAGR) of 16.42% through 2028.
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Supercapacitors, sometimes referred to as ultracapacitors or electrochemical capacitors, are energy storage devices that fall somewhere between batteries and traditional capacitors. By separating electrical charges across an electrolyte and an electrically conductive substance, usually activated carbon, it stores and releases energy. Supercapacitors offer faster cycles for charging and discharging than batteries, and they can store and deliver more energy than conventional capacitors. The industrial and market environment pertaining to the manufacture, distribution, and application of supercapacitors for diverse purposes is referred to as the global supercapacitor market. These uses consist of, but are not restricted toEnergy StorageBecause supercapacitors have the ability to store and release energy quickly, they are appropriate for applications that need brief power spikes, like backup power systems and regenerative braking systems in automobiles. Consumer electronicsTo offer short bursts of power for features like camera flashes and data retention during power outages, supercapacitors can be found in gadgets like laptops, wearables, and smartphones. Renewable EnergyTo regulate variations in energy output and offer short-term energy storage, supercapacitors can be used into renewable energy systems, such as wind or solar power plants.
Key Market Drivers
Due to growing automotive industry acceptance and consumer preference for electric/hybrid electric (HEV) vehicles, global supercapacitors are predicted to be used more frequently worldwide.
Supercapacitor (SC), also called an ultracapacitor, is a type of high-capacity battery that has a capacitance value that is much higher than that of regular capacitors yet has lower voltage constraints. It fills the void left by electrolytic capacitors and rechargeable batteries. It can tolerate many more cycles of charging and discharging than rechargeable batteries, takes and distributes charge significantly faster, and stores 10 to 100 times more energy per unit volume or mass than electrolytic capacitors. Supercapacitors (SCs) are electrochemical energy storage devices that store and release energy. Their primary function is to use reversible ion adsorption and desorption at the interfaces of electrode materials and electrolytes. Supercapacitors are used in applications like regenerative braking, short-term energy storage, or burst-mode power delivery in automobiles, buses, trains, cranes, and elevators that need multiple quick charge/discharge cycles instead of long-term compact energy storage. Static random-access memory power backup (SRAM) is used with smaller devices.
Growing Trend of Digital Gadgets Fueling the Market Growth in the Forecast Period
Supercapacitors are replacing conventional EV batteries due to their rapid charging and temperature stability. Additionally, supercapacitors are more adaptable than conventional batteries. An important trend in the market under study is the high demand for a reliable power source for products such laptops, mobile devices, GPS, and portable media players.
Further research is being conducted to provide innovative and affordable solutions based on current supercapacitor technology. It emphasizes the necessity of reducing the cost of manufacturing carbon-based electrodes and the reliance on necessary components while offering a more economical and ecologically friendly substitute for existing models. For instance, Imperial College London and University College London (UCL) researchers have developed an environmentally friendly and energy-dense electrode material for supercapacitors, paving the way for a broader market adoption of high-power, fast-charging electric vehicle technology.
Many market producers have contributed to the growth of supercapacitors in the automotive industry after seeing a sharp rise in sales in the electric vehicle sector. For example, EV volumes forecasted sales of 10.6 million units for 2022, a 57% increase over 2021, with PHEVs reaching 2.6 million units and BEVs reaching 8 million units. Additionally, it was projected that by the end of 2022, there will be nearly 27 million EVs in use, comprising 30% PHEVs, 70% BEVs, and light cars.
China's Growing Electric Automobiles Industry
China's demand for supercapacitors is expected to grow at one of the quickest rates in the world for a very long period to meet the carbon neutrality targets by 2060. The increased demand in downstream markets, such electric cars, would continue to increase China's overall market share of supercapacitors. In addition, a number of new companies have joined the market with government backing.
China has a strong degree of influence in the automotive industry and has become a major player in the global automotive market. The automobile industry, which includes the car components business, is regarded by the government as one of the core sectors of the economy. The Chinese Central Government estimates that the country will meet the demand for supercapacitors by producing 35 million cars by 2025. Electric vehicles are getting more and more popular, and China is regarded as one of the top adopters of these vehicles. The development of green mobility options, such as electric and hybrid vehicles, is encouraged by China's 13th Five-Year Plan for the transportation sector.
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Japanese Government Moving Towards Electric or Hybrid Models
Furthermore, transportation was one of the core infrastructures that supported the growth of other sectors and the Japanese economy. Furthermore, Japan is beginning to move toward electric vehicles. In order to develop electric vehicle technology for electric cars, such as minivans, passenger cars, SUVs, and light trucks, Toyota, the country's largest automaker, partnered with Mazda, another significant player. The need for supercapacitors is met by it.
The Japanese government aimed to have all new automobiles sold in the nation be hybrid or electric by 2050. To speed up the private sector's development of batteries and electric car motors, the country plans to offer subsidies. Since the government wants to reduce greenhouse gas emissions from automobiles, Japanese truck and bus manufacturers are focusing more on making electric vehicles. Hino Motors Ltd., for example, debuted its first diesel-electric hybrid truck type.
Key Market Challenges
High Cost of Supercapacitors/Ultracapacitors Hinders the Market's Expansion
Supercapacitors and ultracapacitors are expensive, which restricts their use in many potential applications and prevents the industry from growing. The cost of supercapacitors as a whole is significantly influenced by the materials used to cover the electrodes, such as activated carbons. The high cost of the finished goods is demonstrated by the estimated price of over USD 15 per kg for grade activated carbons for supercapacitors. Supercapacitors are costly, which affects how much it costs to adopt them per watt-hour. Non-aqueous supercapacitors can cost up to USD 2400/KWh, according to studies, which is significantly more than the cost of conventional and light ion batteries.
Key Market Trends
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Growing Demand for Energy Storage Solutions
Supercapacitors were in high demand due to the necessity for effective energy storage solutions for both small devices and larger-scale uses like electric vehicles and the integration of renewable energy sources. Their high cycle life and rapid power bursts made them appealing for a range of energy storage applications. Supercapacitors and the rise in electric vehicles (EVs) are being investigated as complimentary parts for hybrid and electric cars. By controlling high-power demands, they were able to capture and release energy during braking and acceleration, increasing overall efficiency and prolonging battery life. Combining Renewable Energy SystemsIn order to improve grid stability and control variations in energy generation, supercapacitors were being added to renewable energy systems, such as wind and solar installations. They offered quick reaction times to balance the supply and demand for energy. Supercapacitors' energy density, power density, and overall performance were all improving as a result of ongoing research into new materials and production processes. Graphene and nanomaterials were two particularly intriguing research topics.
Miniaturization for Wearable Electronics
Compact and lightweight energy storage solutions were being developed in response to the trend toward wearable electronics that are more efficient and smaller. Wearable technology was incorporating supercapacitors to deliver rapid energy boosts without significantly increasing weight. Many businesses were spending money on research and development to improve supercapacitor technology as the need for energy storage solutions grew. This involved decreasing internal resistance, increasing cycle life, and enhancing energy storage efficiency. Put an emphasis on environmental sustainability. Because they employ non-toxic materials and have the ability to be recycled, supercapacitors are typically thought to be more environmentally friendly than conventional batteries. The market saw a rise in interest in sustainable energy storage technologies as environmental concerns gained traction. Internet of Things (IoT) Device IntegrationSupercapacitors have been used in Internet of Things devices to offer rapid energy bursts for data transmission, sensor readings, and device operation during power outages. In order to pool resources and expertise for more creative and all-encompassing energy storage solutions, companies in the supercapacitor business were collaborating and forging partnerships.
Segmental Insights
Product Type Insights
Because of their capacity to store electrical energy by transferring electronic charges between the electrode and the electrolyte, pseudo capacitors accounted for the greatest segment. Furthermore, the market is benefiting from the rising demand for pseudo capacitors, which have high energy and power requirements.
Material Insights
Because it makes it difficult to manufacture different supercapacitors with attractive performance over a wide voltage window, carbon and metal oxide had the highest market share. Additionally, batteries with greater capacity, longer lifespans, and greater dependability are part of the expanding demand for carbon and metal oxide-based supercapacitors, which will benefit the market.
Module Type Insights
Since these modules come in a variety of forms and are thought to be appropriate for applications needing modest capacitance and pulsed power, below-25V supercapacitors accounted for the greatest portion of the market. Their lengthy service life and extremely low equivalent resistance guarantee that the systems they are utilized in require little maintenance. Additionally, the increasing demand for these modules in automatic meter reading would have a beneficial impact on the industry.
Regional Insights
The Asia Pacific region has established itself as the leader in the Global Supercapacitor Market with a significant revenue share in 2022.
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Recent Developments
- In September 2022, Godi India announced the creation of supercapacitors to lengthen the battery life in electric vehicles. With its plant in Hyderabad, the company is the first to produce 3000F (farads) high-power supercapacitors. A 200-kWh supercapacitor production facility will also be put into operation by the company to meet various local and international demand.
- According to CAP-XX Limited the thin prismatic Murata supercars were put into full-scale production and began shipping in January 2021.
- July 2021- The AVX Company, a leading manufacturer and provider of innovative electronic components and interconnect, sensor, control, and antenna systems, has introduced a brilliant new collection of standard and custom supercapacitors.
- May 2022 saw the formation of a joint venture between CAP-XX Limited and Iconic Industries. This company is responsible for commercializing reduced graphene oxide (rGO), which is used in supercapacitors and other energy storage devices. On behalf of the joint venture, CAP-XX will use rGO to produce and market supercapacitors and other energy storage devices under the CAP-XX name.
- Kyocera AXA unveiled a line of pouch-style supercapacitors in August 2022 to reduce current surge batteries. These capacitors can be used independently as system power backup devices, sometimes taking the place of batteries, or they can be used in conjunction with primary or secondary batteries.
Key Market Players
- Maxwell Technologies
- Skeleton Technologies
- Nesscap Energy (part of Maxwell Technologies)
- Panasonic Corporation
- CAP-XX
- Nippon Chemi-Con Corporation
- Ioxus (acquired by Eaton)
- Yunasko
- Elton Super Capacitor
- VINATech
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