Supercapacitor Market

Supercapacitor Market Size:

The supercapacitor market size reached US$ 5.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 27.7 Billion by 2032, exhibiting a growth rate (CAGR) of 19.5% during 2024-2032. The market is experiencing steady growth because of the heightened adoption of electric and hybrid vehicles as sustainable transportation systems, increasing sales of various consumer electronic appliances, and rising demand for efficient energy storage solutions for industrial applications.

Supercapacitor Market Analysis:

• Major Market Drivers: The global supercapacitor market is experiencing robust growth. It is due to the increasing use of consumer electronics and the rising popularity of electric vehicles (EVs)
• Key Market Trends: Major trends include the increasing demand for efficient energy storage solutions and continuous advancements in electronics and electrical systems.
• Geographical Trends: Asia Pacific dominates the market, driven by the increasing porches of consumer electronics among the masses. However, North America is emerging as a fast growing market on account of the rising focus on electrification of the transportation system in the region.
• Competitive Landscape: Some of the major market players in the supercapacitor industry include AVX Corporation, Cap-XX Limited (Kyocera), Eaton Corporation PLC, Elna Co. Ltd. (Taiyo Yuden), Ioxus Inc. (XS Power Batteries), Kemet Corporation (Yageo Corporation), among many others.
• Challenges and Opportunities: challenges include limited energy density, cost and price sensitivity, and inherent operating voltage limitations. Nonetheless, the growing adoption of electric vehicles and rising focus on energy harvesting is projected to overcome these challenges.

Supercapacitor Market Drivers:

Increasing Demand for Energy Storage Solutions

The supercapacitor market is expanding due to the growing demand for energy storage solutions. In comparison to conventional capacitors and batteries, supercapacitors are sophisticated energy storage devices with high power density, quick charging and discharging times, and longer lifespans. Key participants in the industry are being encouraged to develop comprehensive energy storage solutions by the global drive towards renewable energy sources brought about by the growing environmental consciousness among the masses. According to a report presented by the International Energy Agency (IEA) in 2021, renewables are expected to account for almost 95% of the rise in global power capacity through 2026, with solar photovoltaic (PV) presenting more than half. This will further drive the need for efficient energy storage solutions like supercapacitors.

Continuous Advancements in Electronics and Electrical Systems

Supercapacitors are becoming increasingly necessary as a means of energy storage due to improvements in electrical and electronic systems technology. Electronic gadgets are becoming more useful because of these advancements, which is increasing the demand for dependable and efficient power sources. Supercapacitors are emerging to be more important in contemporary electrical and electronic systems because to their longevity and capacity for spontaneous charging and discharging. Furthermore, the drive for electronic device shrinking is propelling major industry participants to produce lightweight, energy-dense, and compact supercapacitors. In addition, people are increasingly buying air conditioners, refrigerators, and vacuum cleaners, among other electrical goods. In 2022, Deloitte published an article stating that the sales of computers and television sets grew significantly than those of smartphones.

Growth in Renewable Energy Integration

At present, there is a rise in the emphasis on using renewable energy sources to minimize the impact of pollution and depletion of natural resources. Renewable energy sources like solar and wind power are becoming increasingly prominent in the global energy mix, thereby driving the need for efficient energy storage solutions like supercapacitors. As renewable energy sources are inherently intermittent, external variables, such as meteorological conditions, can affect their output. By offering quick-response energy storage, supercapacitors help to reduce this unpredictability and provide a consistent and dependable power supply to the grid. As per the IEA, renewable capacity will meet 35% of global power generation by 2050.

Supercapacitor Market Opportunities:

Growing Adoption of Electric Vehicles and Hybrid Electric Vehicles

The increasing adoption of EVs as a sustainable alternative to traditional cars is supporting the market growth. EVs help to maintain proper air quality by reducing vehicular exhaust, thereby minimizing the impacts of climate change. As the automotive industry is transitioning towards electrification demand for energy storage solutions that present high power density, spontaneous charging, and extensive lifespan is rising. Supercapacitors aid the batteries of EVs and hybrid vehicles by giving them rapid energy storage and release during acceleration and regenerative braking. The IMARC Group expects the EV market to reach 381.3 Million Units by 2032, exhibiting a growth rate (CAGR) of 34% during 2024-2032.

Energy Harvesting and IoT Devices

Harvesting energy from the environment is a crucial and desirable capability in numerous emerging novel applications of smart sensing systems and other internet of things (IoT) devices. Due to the low power aspects of many smart-sensor systems, their energy harvesting systems (EHS) can acquire high efficiency by emphasizing low overhead in maximum power point tracking (MPPT) and the adoption of supercapacitors as a promising form of energy storage element (ESE). Moreover, the increasing demand for IoT devices in the industrial sector to streamline workflow and improve operations is strengthening the market growth. According to the IMARC Group, the global IoT market is expected to exhibit a compound annual growth rate (CAGR) of 15.21% during 2024-2032.

Key Technological Trends & Development:

Advancements in Electrode Materials

Advances in electrode materials are essential for stimulating innovation and improving supercapacitor performance, which, in turn, fuels industry expansion. Supercapacitors' electrode materials play a crucial role in determining their overall efficiency, cycle stability, and energy storage capacity. Because of their superior electrical conductivity and increased capacity for charge storage, nanomaterials are gaining traction and are therefore frequently used in the production of supercapacitors. For instance, an analysis published in the Journal of Electroanalytical Chemistry in 2022 details the application of MXene nanoparticles to the production of superior supercapacitors.

Development of Hybrid Supercapacitors

Hybrid supercapacitors are manufactured by the amalgamation of electric double layer capacitor (EDLC) materials, several forms of pseudocapacitive, and battery type materials. The progress made under the enhancement of energy density without sacrificing the power density encouraged researchers to move towards hybrid supercapacitors. Hybrid supercapacitors have extensive operating voltage end capacitance along with the energy density compared to symmetric supercapacitors. They also possess much lower self-discharge and standby current. For example, Jolta Technology DMCC developed solid-state hybrid graphene supercapacitors, which offer a novel energy storage solution.

Innovation in Electrolyte Solutions

Technological developments in supercapacitors are largely driven by innovations in electrolyte solutions, which promote market expansion by enhancing performance, dependability, and adaptability. Supercapacitors depend on electrolytes to enable the storage and release of electrical energy by promoting ion transport between electrodes. Key market players are investing in developing electrolyte solutions that offer a wider voltage window, high electrochemical stability, extensive ionic concentration, and low viscosity. Skeleton Technologies developed an innovative electrolyte solution by dissolving organic conductive salts in acetonitrile to improve the functionalities of its supercapacitors.

Supercapacitor Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product type, module type, material type, and end use industry.

Breakup by Product Type:

• Electric Double-Layered Capacitors
• Pseudocapacitors
• Hybrid Capacitors
   

Psuedocapacitors account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the product type. This includes electric double-layered capacitors, pseudocapacitors, and hybrid capacitors. According to the report, pseudocapacitors represented the largest segment.

Pseudocapacitors, also known as faradaic capacitors, are equipment with electrodes made of redox active materials. The function to store electrical energy by transferring electron charge between electrode and electrolyte via reduction oxidation reactions, electrosorption, and intercalation processes are called pseudocapacitance. In EVs, pseudocapacitors are utilized to deliver power surges during braking and acceleration. They also enhance overall vehicle performance, energy efficiency, and battery lifespan by enhancing the energy storage capacity of batteries.

Breakup by Module Type:

• Less than 25V 
• 25-100V 
• More than 100V
   

Less than 25V holds the largest share of the industry

A detailed breakup and analysis of the market based on the module type have also been provided in the report. This includes less than 25V, 25-100V, and more than 100V. According to the report, less than 25V accounted for the largest market share.

In the supercapacitor market, the less than 25V module type is in high demand, primarily due to its flexible application in a range of end-use situations. The market is propelled by the rising demand for consumer electronics, where these low-voltage modules work well with devices. Less than 25V supercapacitors are ideal for energy storage solutions for these devices because they can provide rapid cycles of charging and discharging without sacrificing longevity. In addition, low-voltage supercapacitors are finding applications in industrial settings in control systems and backup power supplies. According to IEA, the global energy demand grew 2.2% in 2023 and is expected to grow by an average 3.4% annually by 2026. This will further drive the demand for efficient energy storage equipment like supercapacitors.

Breakup by Material Type:

• Carbon and Metal Oxide
• Conducting Polymer
• Composite Materials
   

Carbon and metal oxide represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the material type. This includes carbon and metal oxide, conducting polymer, and composite materials. According to the report, carbon and metal oxide represented the largest segment.

Carbon and metal oxide represent the largest segment owing to their essential role in improving conductivity, streamlining cyclic ability, and enhancing current density in supercapacitors. Metal oxides like metal nitrides possess a higher electrical conductivity, better corrosion resistance, electrical and electrochemical stability, and chemical reactivity. Apart from this, metal oxides provide superior electrochemical properties and nanostructured formats that make them highly suitable for improved-performance supercapacitors. In 2021, the chemists at the Department of Energy’s Oak Ridge National Laboratory created a record-setting carbonaceous supercapacitor material that stores four times more energy than the best commercial material.

Breakup by End Use Industry:

• Automotive and Transportation
• Consumer Electronics
• Power and Energy
• Healthcare
• Others
   

Consumer electronics exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the end use industry have also been provided in the report. This includes automotive and transportation, consumer electronics, power and energy, healthcare, and others. According to the report, consumer electronics accounted for the largest market share.

Consumer electronics are often integrated with supercapacitors due to their efficient energy storage capabilities. Supercapacitors are widely incorporated into control panels, smart door locks, home theater systems, intercom systems, burglar alarms, television sets, and vacuum cleaners. They are also added to the system of burglar alarms to provide a reliable source of power and maintain continuous operations even during power outages. According to a report published by Forbes, holiday spending between November and December 2023 accounted for $222.1 billion in online sales, and the biggest portion of this holiday spending was electronics, accounting for $50.8 billion. 

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East
• Africa
   

Asia Pacific leads the market, accounting for the largest supercapacitor market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); the Middle East; and Africa. According to the report, Asia Pacific represents the largest regional market for supercapacitor.

Asia Pacific supercapacitor market is driven by the rising advancements in the electronics industry. People are increasingly installing heating, ventilation, and air conditioning (HVAC) systems to maintain pleasant temperatures indoors. Investments in smart door locks and TV sets are also rising, thereby driving the demand for efficient supercapacitors. According to a news published by The Economic Times in 2024, Voltas air conditioners (ACs) crossed 2-million-unit sales FY24 due to the consistent need for cooling equipment in India. Moreover, governing agencies in the region are emphasizing the electrification of the transportation system, thereby driving the sales of supercapacitors.

Analysis Covered Across Each Country:

• Historical, current, and future market performance
• Historical, current, and future performance of the market based on product type, module type, material type, and end use industry
• Competitive landscape
• Government regulations

Competitive Landscape:

• The market research report has provided a comprehensive analysis of the competitive landscape covering market structure, market share by key players, market player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant, among others. Detailed profiles of all major companies have also been provided. This includes business overview, product offerings, business strategies, SWOT analysis, financials, and major news and events. Some of the major market players in the Supercapacitor industry include AVX Corporation, Cap-XX Limited (Kyocera), Eaton Corporation PLC, Elna Co. Ltd. (Taiyo Yuden), Ioxus Inc. (XS Power Batteries), Kemet Corporation (Yageo Corporation), LS Mtron Ltd., Nippon Chemi-Con Corporation, Panasonic Corporation, Seiko Instruments Inc., Skeleton Technologies GmbH, Tesla Inc., etc.
• Prominent firms operating in the supercapacitor industry allocate substantial resources towards research and development (R&D) endeavors aimed at augmenting product efficacy, creating novel materials, and investigating inventive technologies. Companies are able to launch cutting-edge supercapacitor solutions with enhanced energy density, power density, and cycle life, satisfying the changing needs of a variety of applications.
• Strategic alliances and collaborations are formed by numerous major players in the supercapacitor market with other businesses, academic institutions, and industry participants to take advantage of complementary skills, pool resources, and spur innovation. By facilitating cooperative development efforts, technology transfer, and access to new markets, these collaborations help the parties involved in the global supercapacitor ecosystem become more competitive.

Analysis Covered for Each Player:

• Market Share
• Business Overview
• Products Offered
• Business Strategies
• SWOT Analysis
• Major News and Events

Supercapacitor Market News:

• In February 2023, AVX Corporation announced its first automotive-qualified supercapacitors, which are also called cylindrical, electrochemical, double-layer capacitors.
• In July 2022, Skeleton Technologies and Siemens entered a partnership for the development, planning and implementation of a fully automated, digital manufacturing technology for the production of supercapacitors in Germany.

Supercapacitor Market Report Scope:

Key Questions Answered in This Report:

• How has the global supercapacitor market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global supercapacitor market?
• What is the impact of each driver, restraint, and opportunity on the global supercapacitor market?
• What are the key regional markets?
• Which countries represent the most attractive supercapacitor market?
• What is the breakup of the market based on the product type?
• Which is the most attractive product type in the supercapacitor market?
• What is the breakup of the market based on the module type?
• Which is the most attractive module type in the supercapacitor market?
• What is the breakup of the market based on the material type?
• Which is the most attractive material type in the supercapacitor market?
• What is the breakup of the market based on the end use industry?
• Which is the most attractive end use industry in the supercapacitor market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global supercapacitor market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the supercapacitor market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global supercapacitor market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the supercapacitor industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.