Austin, July 19, 2024 (GLOBE NEWSWIRE) -- The Ultra Capacitors Market Size was valued at USD 2.75 Billion in 2023, and it is expected to reach USD 9.62 Billion by 2032 and expand at a CAGR of 15.04% over the forecast period 2024-2032.
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The growth of the Ultra Capacitors Market is propelled by the use of consumer electronics like cameras, laptops, and smartphones to provide them with high energy instantly. However, ultra capacitors also find application in energy storage from the power outlet for power amplification, unlike batteries. The ultra capacitors market is driven by the increased use of the technology in EVs, which require fast energy output to use in regenerative braking systems or as an accelerator.
The growing integration of Renewable Energy sources like solar and wind power requires efficient energy storage solutions. Many governments are investing globally to change into renewable systems. According to the latest update of the IEA’s Government Energy Spending Tracker, the amount of money governments have been allocating to support clean energy investment has now risen to USD 1.34 trillion since 2020. There may be more to come, however, as additional policy packages are currently under discussion in Australia, Brazil, Canada, the European Union, and Japan.
Ultra Capacitors Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.75 Billion |
| Market Size by 2032 | USD 9.62 billion |
| CAGR | 15.04% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis
By Type
Electric Double-layered ultra capacitors captured a market share of over 42% in 2023 becoming the dominating segment. This ultra capacitor possesses a high-power density and extensive lifecycle. Among the automotive applications, they are highly incorporated into electric vehicles and hybrid electric vehicles. For instance, they store energy for rapid bursts of energy, facilitating vehicle acceleration and regenerative braking.
Hybrid Capacitors have begun to increase in popularity due to their ability to provide both energy and power density. Hence, the market is having a fast-growing CAGR during the forecast period 2024-2032. Capable of fast charging, they assist in efficient energy storage across electric vehicles and consumer electronics or the charging of industrial machinery.
By Application
The automotive segment held the maximum share of over 40% in 2023. Ultra capacitors are devices that can deliver massive shots of power very quickly, the best example of which is regenerative braking. In a hybrid or fully electric car, the ultra capacitor acts as a generator after the driver lowers the accelerator. It absorbs that energy as though it were a battery and then filters it slowly back to the battery thus ensuring the battery is not overworked or damaged.
The industrial segment is growing at a fast CAGR during the forecast period 2024-2032. Ultra capacitors can provide backup power for complex systems in industrial automation systems which raise the demand in this sector.
Key Regional Developments
The Asia-Pacific held a market share of over 35% in 2023, as it is the highest Ultra capacitor market share, due to the growth of the electronics market. China has emerged as one of the prominent ultra capacitor market as key players are already focusing on the development of new products per end-use application.
The North American region has a fast CAGR of around 25% during the forecast period 2024-2032. The United States is the market leader in the electric vehicle sensor market, due to the significant advancements that are being taken place in the automotive and connected devices industries, raising the demand for ultra capacitors.
Recent Developments
- In December 2022, the Swiss technology startup Morand kicked off the launch of a hybrid energy storage system that combines an Ultra Capacitor’s characteristics with a chemical battery. The latter resulted in a much more durable and ultra-fast energy pack that can be recharged in seconds. The technology is developed to fit the application that would require fast and frequent charges of 5 minutes or less.
- In December 2023, Godi, the famous and one of the largest lithium-ion cell manufacturers across the country in India, declared the information through the press release that the company has successfully produced possession India’s first-ever 3000F high-power supercapacitors in Hyderabad.
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Key Takeaways
- The report assists as a tool for informing clients about market dynamics, in-depth analysis, and insights into the Ultra capacitors Market.
- In-depth analysis of drivers, opportunities and segment analysis allows us to see what areas will be the most beneficial for the development.
- Learning information about the main market trends and recent product launches helps the customers not to stay behind the many competitors and foresee emerging opportunities.
- Understanding the regional dominance of Asia-Pacific and the factors that help the North American market to grow further.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Ultra Capacitors Market Segmentation, By Type
8. Ultra Capacitors Market Segmentation, By Power Type
9. Ultra Capacitors Market Segmentation, By End User
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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