The supercapacitor market size is expected to grow from US$ 449.57 million in 2022 to US$ 1,270.4 million by 2030, estimated to grow at a CAGR of 13.6% from 2022 to 2030.
Supercapacitor Market Analyst Perspective:
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 Driver:
Growing Adoption of Supercapacitor in Automotive and Energy Sector to Impel Supercapacitor 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.
Supercapacitor Market Segmental Analysis:
By material, the market is categorized into activated carbon, carbide-derived carbon, carbon aerogel, and others. A supercapacitor differs in two ways from an ordinary capacitor: the surface area of the supercapacitor plates is larger, and the gap between them is much smaller than that of conventional capacitors. A supercapacitor operates like an ordinary capacitor, but tremendously large quantities of energy can be stored. A standard supercapacitor, however, can store a charge of up to some thousand farads.
The supercapacitor market is segmented based on type into double-layer capacitors, pseudocapacitors, and hybrid capacitors. The hybrid capacitors segment is anticipated to grow fastest during the forecast period. Laptops, mobile phones, barcode scanners, wearable gadgets, thermal printers, LED torches, and GPS chips are all hybrid capacitors in consumer electronics. Manufacturing these capacitors requires a large investment in research and development (R&D). Owing to the emergence of COVID-19, many hybrid capacitor manufacturers have experienced a shortage of raw materials and economic support to continue manufacturing hybrid capacitors. Thus, the supercapacitor market was impacted by the COVID-19 pandemic.
Supercapacitor Market Regional Analysis:
The Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period. 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.
Asia-Pacific accounted for the maximum share in 2022 due to the rise in India and China's automotive and electronics sectors, which have fostered the supercapacitor market growth in recent years. North America is the second largest contributor in revenue and is anticipated to observe substantial growth during the forecast period due to demand for supercapacitors in mid-sized and large automotive industries.
The European supercapacitor market will increase suggestively between 2022 and 2030 due to the growth of the automotive sector. Electric vehicles are swiftly gaining popularity in the region, home to one of the world's major automobile manufacturers. Regional manufacturers observe novel prospects due to the automobile industry's continuing environmental efforts. For instance, in October 2020, Skeleton Technologies received a contract to provide high-energy ultracapacitor modules to power hydrogen buses. Therefore, such initiatives by market players and government authorities are expected to fuel the growth of the supercapacitor market during the forecast period.
Supercapacitor Market Key Player Analysis:
The supercapacitor market landscape consists of players such as SPEL Technologies Private Limited, AVX Corporation, CAP-XX Ltd, KORCHIP Corporation, Skeleton Technologies, Nippon Chemi-Con Corporation, PANASONIC CORPORATION, Evans Capacitor Company, LS Mtron Ltd, IOXUS Inc. owing to the diversified product portfolio offered. However, the supercapacitor market also includes small to medium-sized players, which offer a range of supercapacitors and principally serves the regional and domestic market.
Supercapacitor Market Recent Developments:
Companies in the supercapacitor market highly adopt inorganic and organic strategies such as mergers and acquisitions. A few recent key Supercapacitor market developments are listed below:
- 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.
- 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.
- September 2022 - Godi India declared the development of supercapacitors to enhance battery life in EVs. The company is the first to manufacture 3000F (farads) high-power supercapacitors at its Hyderabad manufacturing facility. The company also plans to commission 200 kWh of the supercapacitor production facility to supply numerous local requirements and export markets.
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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.
The List of Companies
1. MAXWELL TECHNOLOGIES,
2. NIPPON CHEMI-CON CORP.
3. PANASONIC CORPORATION.
4. SEIKO INSTRUMENTS INC.
5. NESSCAP ENERGY INC.
6. EVANS CAPACITOR COMPANY.
7. CAP-XX LIMITED
8. GRAPHENE LABORATORIES, INC.
9. IOXUS INC.,
10. MURATA MANUFACTURING CO., LTD.
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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