Ultracapacitors Market Size, Share & Trends Analysis grow at a CAGR of 21.5% from 2024 to 2030
The global ultracapacitors market size was valued at USD 3.18 billion in 2023 and is projected to grow at a CAGR of 21.5% from 2024 to 2030. Ultracapacitors are also known as supercapacitors due to their high energy storage density compared to normal capacitors. The energy is stored electrostatically in these devices and can be used multiple times without any degradation. With changing energy sources worldwide, ultracapacitors are becoming increasingly popular in the sectors of electric vehicles and renewable energy such as fuel cells. Ultracapacitors can be operated in a wide range of temperatures, making them useful across a variety of applications, from small portable devices to large-scale energy storage.
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The electric vehicle industry is thriving globally, leading to strong market demand, as ultracapacitors are extensively utilized in EVs. For instance, these electronic components can store excessive amounts of energy generated during regenerative braking due to their high energy density, which can be later used during acceleration. This helps in extending battery life, as the battery is not strained during these sudden bursts of energy input and output. In addition, growing environmental concerns and regulations to curb carbon emissions are promoting the adoption of clean energy technologies. Ultracapacitors contribute substantially in this aspect by enabling efficient energy storage and reducing reliance on fossil fuels.
The storage of excess energy is a major problem in industries worldwide, as batteries cannot efficiently store full energy and a significant amount of energy is wasted during transmission and storage. The rise of renewable energy sources such as solar and wind power creates a need for reliable energy storage solutions. Ultracapacitors can effectively store excess energy from renewables for later use without much loss, addressing the intermittent nature of these sources. In addition, the fast-growing consumer electronics industry is increasingly finding applications for ultracapacitors with regard to enabling fast charging and efficient energy backup, adding significant growth potential.
Type Insights
Double layered capacitors (EDLC) dominated the market, accounting for the highest revenue share of 61.3% in 2023. EDLCs excel in delivering high power in short bursts. This makes them ideal for applications requiring rapid energy discharge, such as regenerative braking in electric vehicles and power assist in hybrid systems. Compared to other energy storage solutions such as batteries, EDLCs have significantly faster charging and discharging times. This translates to increased demand from the EV industry, leading to the domination of EDLCs in this market.
Hybrid capacitors are expected to register the highest CAGR of 23.4% during the forecast period. Hybrid capacitors utilize lithium ion technology and EDLCs for improved power and energy density. The combined effect translates to faster charging and discharging cycles, improved energy delivery, and extended lifespan, when compared to conventional ultracapacitors. These performance upgrades make hybrid capacitors more attractive for a wider range of applications. Moreover, hybrid capacitors offer a cost-effective solution to expensive capacitors, leading to rising demand for this segment.
