Supercapacitor Market

Supercapacitor Market Size

The global Supercapacitor Market size was valued at USD 1,134.5 million in 2023 and is projected to grow from USD 1,340.9 million in 2024 to USD 4,888.3 million by 2031, exhibiting a CAGR of 20.30% during the forecast period.

The growth of the market is driven by ongoing advancements in energy storage technology, increasing demand for electric vehicles, expanding applications in renewable energy systems, and rising investments in innovative supercapacitor materials and manufacturing processes.

In the scope of work, the report includes solutions offered by companies such as Cornell Dubilier, Eaton, Maxwell Technologies, Nippon Chemi-Con Corporation, Panasonic Industry Co., Ltd., Skeleton Technologies., Systematic Power Manufacturing, LLC, LS Mtron, CAP-XX, SPEL TECHNOLOGIES PRIVATE LIMITED, and others.  

The expansion of the supercapacitor market is primarily fueled by the growing demand for energy-efficient systems and the increasing need for sustainable energy solutions. Technological advancements in energy storage, coupled with the rising adoption of electric vehicles, significantly contribute to market growth. Additionally, the expanding consumer electronics sector, propelled by the surging need for fast-charging and durable power sources, fuels the demand for supercapacitors.

• According to the India Brand Equity Foundation (IBEF), in April 2024, electronics exports from India grew by 25.8% year-on-year, reaching USD 2.65 billion. India has set a goal to achieve USD 300 billion in electronics manufacturing and USD 120 billion in exports by FY26. From April 2000 to December 2023, the electronics sector attracted USD 4.57 billion in foreign direct investment.

Government initiatives that promote renewable energy and enforce stringent regulations on carbon emissions further propel market development. These factors collectively expand the application range of supercapacitors across various industries, including automotive, industrial, and consumer electronics.

The supercapacitor market has experienced notable growth in recent years, mainly due to its unique energy storage capabilities and extensive range of applications. Supercapacitors, also known as ultracapacitors, offer rapid charging and discharging cycles, making them suitable for high-power applications.

Asia-Pacific leads the market due to ongoing technological advancements and high adoption rates. Market players are focusing on innovation and strategic partnerships to gain a competitive edge.

A supercapacitor, also referred to as an ultracapacitor, is an electrochemical energy storage device characterized by its capacity to store and release energy rapidly. Unlike traditional batteries, supercapacitors possess the ability to withstand numerous charge-discharge cycles with minimal degradation. They consist of two electrodes separated by an electrolyte, which utilizes electrostatic and electrochemical processes to store energy.

Supercapacitors are categorized into three types: double-layer capacitors, which store energy through electrostatic separation; pseudocapacitors, which store energy through reversible redox reactions; and hybrid capacitors, which combine both mechanisms. These attributes make supercapacitors ideal for applications that require quick bursts of energy and high power density.

Analyst’s Review

The supercapacitor market is witnessing significant developments, with manufacturers increasingly focusing on enhancing performance and reducing costs. These efforts include innovations in materials, such as graphene and carbon nanotubes, which are improving energy density and power output.

Furthermore, companies are investing in advanced manufacturing technologies to achieve cost efficiencies and expand their product portfolios. New product launches, such as hybrid capacitors that combine supercapacitors with batteries, are addressing diverse application needs. It is recommended that stakeholders focus on strategic partnerships and collaborations to foster technological advancements.

• For instance, in December 2023, CAP-XX signed a joint venture agreement with Ionic Industries to commercialize reduced graphene oxide (rGO) technology for enhancing supercapacitor electrode density. This partnership was intended to strengthen CAP-XX's local supply chain and incolve local universities. The new technology was expected to improve energy density, making supercapacitors more competitive with lead-acid battery energy density, while also offering superior power density and cycle life.

 Additionally, investing in research and development to explore new applications and improve cost-effectiveness is crucial for maintaining a competitive edge in the evolving market.

Supercapacitor Market Growth Factors

The increasing adoption of electric vehicles (EVs) is stimulating the expansion of the supercapacitor market. Supercapacitors are providing efficient energy storage solutions crucial that are essential for the automotive industry.

EVs require rapid charging and high power density, which supercapacitors effectively deliver. The growing emphasis on reducing carbon emissions and promoting sustainable transportation solutions is boosting the demand for EVs, leading to the widespread adoption of supercapacitors.

Moreover, government incentives and subsidies for EV manufacturers and buyers are supporting market growth. The integration of supercapacitors in hybrid and electric vehicles enhances overall performance, thereby providing a significant competitive advantage in the evolving automotive sector.

A major challenge hampering the development of the supercapacitor market is the high production cost. Supercapacitors require the use of expensive materials and advanced manufacturing processes, which lead to higher prices compared to traditional batteries.

To overcome this challenge, industry participants are actively focusing on research and development to discover cost-effective materials and manufacturing techniques. Innovations in nanomaterials and advancements in production technologies are leading to cost reductions.

Additionally, economies of scale achieved through mass production contribute to lowering prices. Collaboration between industry players, research institutions, and government bodies is essential for advancing these technologies and make supercapacitors more economically viable for widespread adoption.

Supercapacitor Market Trends

The integration of supercapacitors with renewable energy systems is emerging as a notable trend reshaping the market landscape. As the global focus shifts toward sustainable energy solutions, supercapacitors are playing a crucial role in enhancing the efficiency of renewable energy sources such as solar and wind power.

They are utilized to store excess energy generated during peak production times and to release it during periods of low generation. This integration contributes to stabilizing the energy supply and improving the overall efficiency of renewable energy systems. Companies are increasingly focusing on developing hybrid systems that combine supercapacitors with traditional batteries to optimize energy storage and management in renewable energy applications.

The development of advanced materials is revolutionizing the supercapacitor market. Researchers and manufacturers are exploring new materials, such as graphene and carbon nanotubes, to enhance the performance of supercapacitors. These advanced materials are improving the energy density, power density, and cycle life of supercapacitors, making them more attractive for various applications.

Companies are investing heavily in R&D to innovate and incorporate these materials into their products, aiming to deliver superior performance and cost-efficiency. The continuous evolution of material science is fostering market expansion, enabling supercapacitors to meet the growing demands of high-tech applications and emerging industries.

Segmentation Analysis

The global market is segmented based on type, format, application, and geography.

By Type

Based on type, the market is categorized into electrochemical double-layer capacitors, pseudo capacitors (PCs), hybrid electrochemical capacitors (HECs), and others. The electrochemical double-layer capacitors segment led the supercapacitor market in 2023, reaching a valuation of USD 472.4 million. This considerable expansion is largely attributed to their superior performance characteristics and widespread applications.

EDLCs offer high power density and extended cycle life, making them particularly ideal for applications that require rapid energy discharge and efficient power storage. Their cost-effectiveness compared to other types, combined with their ability to deliver consistent performance across various conditions, is fueling their increasing popularity.

The segment's leading position reflects the growing preference for EDLCs in energy-intensive applications. Additionally, advancements in manufacturing technologies and materials are enhancing the performance and reducing the costs of EDLCs, thereby their dominance.

By Format

Based on format, the market is classified into button/ coin, prismatic, cylindrical, and others. The prismatic segment is poised to witness significant growth at a staggering CAGR of 25.70% through the forecast period (2024-2031), mainly due to its advantages in specific applications.

Prismatic capacitors provide high energy density and a compact design, both of which are critical for modern electronic devices and energy storage systems. Their ability to fit into various shapes and sizes while maintaining high performance is fostering their adoption across multiple sectors.

The growth of the segment highlights the increasing demand for prismatic capacitors in consumer electronics and automotive applications. Companies are focusing on innovations and improvements in prismatic designs to meet the growing demand for efficient and space-saving energy storage solutions.

By End Use Industry

Based on end use industry, the market is segmented into automotive, consumer electronics, energy, aerospace, medical, and others. The automotive segment secured the largest supercapacitor market share of 30.17% in 2023, primarily fueled by the increasing adoption of advanced energy storage solutions in vehicles. Supercapacitors are enhancing the performance of hybrid and electric vehicles by providing quick bursts of power and supporting regenerative braking systems.

The automotive industry's focus on improving energy efficiency and reducing emissions is increasing the demand for supercapacitors. Ongoing advancements in automotive technology and growing investments in electric vehicle infrastructure are further bolstering the expansion of the automotive segment.

Supercapacitor Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

The Asia-Pacific supercapacitor market held a major share of around 37.89% in 2023, with a valuation of USD 429.9 million. This dominance is reinforced by the region’s robust industrial base and rapid technological advancements.

The region is home to leading manufacturers and major consumers of supercapacitors, supporting regional market expansion. This growth is further fueled by the increasing demand for supercapacitors across various applications, including automotive, consumer electronics, and renewable energy systems.

The strong presence of key players, along with supportive government policies that promote industrial development and innovation, is solidifying the region's leading position. Additionally, the rising adoption of electric vehicles and ongoing advancements in energy storage technologies are contributing to the development of the regional market.

Europe is poised to experience significant growth at a robust CAGR of 19.85% through the projection period. This considerable growth is fostered by the region's growing focus on advancing energy storage technologies and increasing investments in renewable energy projects. The European market is witnessing a surge in demand for supercapacitors as a result of their crucial role in enhancing the performance and efficiency of electric vehicles and renewable energy systems.

Stringent environmental regulations and government incentives for sustainable technologies are further boosting market expansion. Significant research and development activities and a growing emphasis on innovation are further supporting the growth of the Europe supercapacitor sector.

Competitive Landscape

The global supercapacitor market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Manufacturers are adopting a range of strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, to strengthen their market standing.

List of Key Companies in Supercapacitor Market

• Cornell Dubilier
• Eaton
• Maxwell Technologies
• Nippon Chemi-Con Corporation
• Panasonic Industry Co., Ltd.
• Skeleton Technologies.
• Systematic Power Manufacturing, LLC
• LS Mtron
• CAP-XX
• SPEL TECHNOLOGIES PRIVATE LIMITED

Key Industry Developments

• October 2023 (Launch): Nippon Chemi-Con developed the HXK series, which provides higher capacitance and ripple current compared to the HXJ series. The HXK series maintains the reliability of the HXJ series while achieving nearly 1.2 times higher capacitance and up to 1.5 times higher ripple current, enabling more compact and efficient ECU designs for EVs and HVs.
• February 2023 (Launch): CAP-XX, a prominent supercapacitor manufacturer, launched the DMV750, an ultra-thin 2.2mm prismatic 3V supercapacitor designed specifically for high performance in medical, IoT, and other space-constrained electronic devices. This 3V supercapacitor offers 23% more energy than its 2.7-volt counterpart and support applications such as asset tracking, energy harvesting, and memory backup. It further enables battery-less or more battery-efficient designs by complementing or replacing traditional batteries.

The global supercapacitor market is segmented as:

By Type

• Electrochemical Double-Layer Capacitors
• Pseudo Capacitors (PCs)
• Hybrid Electrochemical Capacitors (HECs)
• Others

By Format

• Button/ Coin
• Prismatic
• Cylindrical
• Others

By End Use Industry

• Automotive
• Consumer Electronics
• Energy
• Aerospace
• Medical
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America