Wilmington, Delaware, United States, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The global market for ultracapacitors was estimated to have acquired US$ 2.9 billion in 2020. It is anticipated to advance with a rapid 16.28% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 11.22 billion.
The ultracapacitor is a fast evolving technology that is widely used in hundreds of energy storage applications. Some of the key benefits that ultracapacitors offer over batteries are operational efficiency, improved protection, high reliability, large capacity, and the ability to charge and discharge quickly at adverse conditions. In the near future, the market for ultracapacitors is anticipated to grow rapidly as a result of these advantages.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 2.19 Bn | |
| Estimated Value | US$ 11.22 Bn | |
| Growth Rate - CAGR | 16.28% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 149 Pages | |
| Market Segmentation | Type, Power Type, End-use Industry | |
| Regions Covered | North America,Europe,Asia Pacific,Middle East & Africa,South America | |
| Companies Covered | CAP-XX Limited,Nippon Chemi-Con Corp.,Panasonic,Maxwell Technologies,Eaton Corporation,Ls Mtron,Cornell-Dubilier Electronics, Inc.,Ioxus Inc,Nawa Technologies,Paper Battery Company | |
Key Findings of Market Report
- The need for environmentally friendly solutions for storing energy has increased due to the growing popularity of green technology, and it is anticipated that this demand will enhance the industry as a whole over the next years.
- Governments' recent adoption of strict laws and regulations on carbon emissions is projected to have a positive impact on the worldwide ultracapacitors market.
- One of the main energy sources that provides quick bursts of energy amid peak power needs are automotive ultracapacitors.
- A vehicle's performance is increased when an ultracapacitor is used since it increases fuel efficiency, lowers hazardous emissions, and lengthens the life of the vehicle.
- In the years to come, the automobile market is expected to rise significantly.
- The expected increase in demand for ultracapacitors in buses and cars is anticipated to boost the global market growth.
Market Trends for Ultracapacitors
- It is projected that more ultracapacitors will be used in a variety of fields, such as construction equipment, public transit, medicine, and residential power, strengthening the relationship between pulse power design and particular energy storage. Over the coming years, it is anticipated that these capacitors' increasing relevance would drive the global ultracapacitors market.
- A fast developing technology, ultracapacitors are widely used in tens of thousands of energy storage applications. Some of the key benefits that ultracapacitors have over batteries are operational efficiency, increased protection, high reliability, large capacity, and the ability to charge and drain quickly in adverse conditions. In the near future, the market for ultracapacitors is anticipated to grow rapidly as a result of these advantages.
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Ultracapacitors Regional Market Outlook
Various reasons are propelling the growth of the ultracapacitors market in different regions. These are:
- The United States has gained a considerable market share in the North American ultracapacitor market in 2020 and is anticipated to expand at a high CAGR over the forecast period.
- The country now enjoys a strong position in the global market for electric car sensors due to increased improvements in the automotive sector and connected devices, which are likely to speed up the use of ultracapacitors. During the projected period, it is anticipated that the United States will continue to lead the ultracapacitors market.
- In terms of revenue, the United Kingdom dominated the market for electric vehicle sensors in 2020, and it is anticipated that this trend would continue throughout the projected period.
- Germany is anticipated to expand at a fast pace in Europe for ultracapacitors due to advancements in the automotive industry, which promotes ultracapacitor usage in the nation and hence generates lucrative chances for the market expansion in the country.
Global Ultracapacitors Market: Key Players
Prominent ultracapacitor suppliers are concentrating on designing ultracapacitors that are affordable to draw in more clients. The following companies are well-known participants in the global ultracapacitors market:
- CAP-XX Limited
- Nippon Chemi-Con Corp.
- Panasonic
- Maxwell Technologies
- Eaton Corporation
- Ls Mtron
- Cornell-Dubilier Electronics, Inc.
- Ioxus Inc
- Nawa Technologies
- Paper Battery Company
Developments by the key players in the global market for Ultracapacitors are:
| Market Player | Product Portfolio |
| CAP-XX Limited |
|
| Skeleton Technologies |
|
| Maxwell Technologies |
|
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Global Ultracapacitors Market Segmentation
Type
- Electric Double-layered Capacitors
- Pseudo Capacitors
- Hybrid Capacitors
Power Type
- Less than 10 Volts Modules
- 10 Volts to 25 Volts Modules
- 25 Volts to 50 Volts Modules
- 50 Volts to 100 Volts Modules
- Above 100 Volts Modules
End-use Industry
- Automotive
- Industrial
- Consumer Electronics
- Energy & Utilities
- Others (Aerospace & Defense, Metal & Mining, etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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