The global ultracapacitor market is likely to grow rapidly. The increasing demand for ultracapacitors due to their wide usage in electronic devices would drive the market growth. According to Market Research Future (MRFR), the global ultracapacitor market value is poised to grow from USD 1.8 BN in 2022 to USD 6.58 BN by 2032, registering a 15.50% CAGR throughout the assessment period (2023-2032).
Market Players
Players active in the ultracapacitor market include
· Nippon Chemi-Con Corporation
· Maxwell Technologies
· Eaton
· Ness Capacitor Co., Ltd.
· LS MTRON LTD
· NEC Corporation
· KEMET Corporation (YAGEO Group)
· Skeleton Technologies
· Panasonic Corporation, among others.
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The market growth is fostered by the extensive use of ultracapacitors in various applications, including high-powered lasers, wireless telecommunications, and electric vehicle regenerative braking systems. Besides, the huge uptake of these capacitors in rapidly developing end-user industries, such as consumer electronics, energy, and automotive, drives the market.
Increasing applications of ultracapacitorsin portable electronic medical devices is a major tailwind defining the growing landscape of the market. Additionally, the increasing demand for energy conservation and consumption of high-performance ultracapacitors in the automotive sector bolsters the market growth. Augmenting demand for additional capabilities and high implementation of ultracapacitors across various sectors positively impact the market size.
Conversely, the high investments required for technological innovations and integrations impede market growth. Also, the fierce competition across high-capacity battery vendors is a significant challenge facing the market. Nevertheless, the evolution of ultracapacitorsand increasing demand for advanced battery life would support the market rise throughout the assessment period.
Furthermore, evolving storage technologies and vast product developments substantiate the market's growth excellently. Also, the increasing demand for stabilized power supply in applications such as laptop computers, GPS, and portable media players provides a massive impetus to the market's growth.
Global Ultracapacitor Market – Segmentation
The MRFR analysis is segmented into type, application, and region. The type segment is sub-segmented into pseudocapacitors, hybrid capacitors, and double-layer capacitors. The application segment is sub-segmented into automotive, consumer electronics, energy, industrial, and others. By region, the ultracapacitor market is segmented into North America, Europe, APAC, and the rest of the world.
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Global Ultracapacitor Market – Geographical Analysis
North America dominates the global ultracapacitor market. The substantial demand for energy storage solutions due to the diverse energy landscape accelerates the region's ultracapacitor market share. Besides, the growing use of ultracapacitors in developing high-power and short-duration energy storage devices catering to various applications boosts the ultracapacitor market size. The increasing focus on renewable energy sources, including wind and solar power, substantiates the ultracapacitor market demand.
Global Ultracapacitor Market – Competitive Landscape
Characterized by the presence of many notable players, the global ultracapacitor market appears to be highly competitive. Market players incorporate strategic approaches such as collaboration, acquisitions, technology launch, and expansion to gain a larger competitive advantage over other market players.
Industry/ Innovation/ Related News
In June 2023 -- Tallinn-based Skeleton Technologies, a leading manufacturer and developer of high-energy and power-density ultracapacitors announced securing fresh funding from Marubeni Corporation in June 2023. Estonian ultracapacitor manufacturer plans to use the funds to build a mass production factory for the next-generation storage, SuperBattery.
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