Advanced Capacitors Market Size and Share Analysis by Type (Double-Layer, Pseudocapacitors, Hybrid), Electrode Material (Carbon, Metal Oxides, Conducting Polymers, Composites), Application (Automotive, Energy, Consumer Electronics, Industrial, Aerospace, Medical) - Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The advanced capacitors market stood at USD 4,427.2 million in 2023, and it is expected to grow at a compound annual growth rate of 12.7% during 2024–2030, to reach USD 10,018.5 million by 2030.

The continuous rise in the inclination toward energy conservation and storage, technological advancements, and increase in the integration of upgraded electronic technologies in automobiles are some of the major factors propelling the market expansion.

• Advanced capacitors, also known as supercapacitors, have higher capacitance than conventional ones.
• They are made up of electrode material, electrolyte material, and other components and used for storing energy, i.e., electrical charge.
• They have a high-power density, and their performance mainly depends on the electrolyte material used.
• The performance also depends on the operating voltage, energy density, thickness of the material used, cell capacitance, and other parameters.

Surging Demand for Energy Conservation Technologies Drives Market Growth

Energy is essential to sustain the existence of modern society, while its excessive use contributes to the greenhouse effect. Hence, the reliance on rechargeable batteries and capacitors for various applications has been rapidly growing over recent years. Upgraded versions of sensors and transmitter systems are being used to ensure improved performance.

• Supercapacitors have numerous advantages in terms of weight, efficient charge-discharge cycles, low maintenance, and wide operating temperatures.
• They are used for various purposes, such as the microgrids of power plants based on renewable energy and electric vehicles, as they aid in providing electrical stability.
• They are used in various manufacturing procedures requiring constant voltage supply and quick peaking power.
• Thus, their superior response time is quite beneficial in industrial applications.

The aforementioned factors are indicative of the demand for supercapacitors across the electric automobile as well as the renewable energy sector, and thus, the market is likely to grow considerably during the projection period.

Rising Inclination toward Adoption of Advanced Technologies in Automobiles

The dependence on fuel is quite high across the globe due to the high rate of urbanization and economic growth. The number of automobiles manufactured and sold each year has been witnessing a constant rise as people are bent on upgrading their lifestyles. Thus, the electrification of automobiles is one of the major initiatives being taken to reduce the dependence on fossil fuels, whilst taking into consideration the related environmental concerns.

• New technologies are being introduced to increase the efficiency of automobiles, whilst maintaining comfort for the driver and passengers.
•  Therefore, the utilization of these advanced capacitors in EVs and hybrid vehicles is gaining momentum as they can provide automobiles with the power to run and reduce the stress on batteries.
• Cars equipped with internal combustion engines also utilize these systems in regenerative braking systems.

The utilization of upgraded technologies aids in enhancing the overall driving experience for customers. Hence, the gradual inclination toward the integration of advanced technological setups will subsequently boost the advanced capacitors market growth in the coming years.

Double-Layer Capacitors Category Is Likely To Dominate Market

The double-layer capacitors category, under segmentation by type, dominated the market with a share of 60% in 2023, and this trend will likely remain unchanged over this decade.

• The growth can be ascribed to the wide application of these variants in hybrid electric vehicles.
• The potential of double-layer capacitors to complement or replace the conventional batteries in certain applications drives their usage.
• They charge faster than batteries, have a longer life cycle, and possess a high power density.

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Carbon Category To Hold Major Share

The carbon category, based on electrode material, is likely to hold the largest share of the advanced capacitors market and advance at a CAGR of 14% during the projection period. The growth can be attributed to the superior electrical properties of advanced capacitors with electrodes of carbon.

A significant portion of the cost associated with advanced capacitors can be ascribed to the active carbon material derived from char, which is a byproduct of the partial combustion of natural gas and oils, as well as biochar products. Biochar is generated through the pyrolysis of biomass sources, with coconut shells currently being used as the primary material.

However, exploring alternative agricultural sources, such as hardwood, nutshells, corn stalks, and hemp stalks, could help companies offer cost-effective capacitors.

• Carbon has several properties, such as a hierarchical porous structure, exceptional chemical stability, multistage pore structure, large surface area, and superior conductivity.
• Thus, the growing focus on the leveraging the various structural properties and advantages of carbon as an electrode material is likely to significantly propel the market in this category in the next 7–8 years.

Automotive Category To Dominate Market

During the projection period, the automotive category will likely generate the highest revenue, of USD 4 billion, by 2030, based on application. Manufacturers are continuously working to introduce modern technologies for ensuring the smooth running of vehicles. Additionally, they are exhibiting a growing interest in introducing electrified versions of their conventional vehicles in the coming years.

Electric vehicles can either be purely battery-based or driven by a combination of a traction battery and internal combustion engine. Compared to purely ICE-based vehicles, they entail lower operational and maintenance expenses and minimal greenhouse gas emissions (zero emissions in the case of BEVs). Furthermore, the ease of being driven, alongside the minimal noise production while driving, is making them popular over vehicles powered by gasoline, diesel, CNG, and other conventional fuels.

Additionally, as per the International Energy Agency (IEA), from 4% in 2020, the share of electric cars in total car sales rose to 14% in 2022.

• Supercapacitors store electricity in the static state, thereby offering an enhanced charging and discharging performance.
• Lithium-ion batteries, which are commonly used in EVs, are comparatively less efficient compared to advanced capacitors.
• The efficiency of the latter is in terms of power density, frequency of wear-out, and delivery of energy.

Furthermore, the consumer electronics category is also expected to exhibit a substantial CAGR, of 12%, during the projection period. The growth can be ascribed to the rising application of smart capacitors in various smart home products, such as smart door locks, video surveillance systems, and appliance control panels.

Asia-Pacific Region To Exhibit Substantial Growth

The Asia-Pacific region held a significant market share in 2023, and it is expected to grow at a CAGR of 15% during the projection period. The expansion can be ascribed to the increasing usage of BEVs and HEVs, adoption of the latest automotive technologies, and existence of several automobile manufacturers in the APAC region.

Essentially, the increasing automotive sales in the region are a result of the changing lifestyles. People are keener than ever to buy personal vehicles for easier mobility. Hence, the average distance traveled by light-duty vehicles has been witnessing an increase over the years. Thus, sustainability, alongside a longer driving range on a full tank/charge, has become a significant factor for people when choosing the specific car model to buy.

In various countries of the APAC region, technologies that can offer vehicles enhanced durability and lower their maintenance costs are being tested. Hence, advanced capacitors, which provide an extended battery life cycle, alongside rapid charge and discharge capabilities, are being considered for use either as a replacement or in combination with the batteries, for better performance.

Moreover, in China, which stands next to India in terms of population, the cost of labor as well as raw materials is quite competitive, and hence, the country is likely to exhibit significant growth.

• Furthermore, the number of registered vehicles at the end of 2022 stood at approximately 319 million in China.
• In addition, the government offers incentives for EV buyers, such as a 10% tax exemption, for promoting their use and attaining climate objectives.
• Similarly, according to the Indian Ministry of Road Transport and Highways, the number of vehicles registered till date stands at around 364 million.
• The government is also offering incentives to promote the manufacturing and purchase of EVs.

Supercapacitors play a vital role in automotive energy storage systems, providing power during acceleration as well as capturing braking energy through regeneration. Further, working in combination with batteries, they reduce or mitigate wear by efficiently absorbing and supplying energy throughout the repetitive cycles of braking and accelerating.

Thus, the benefits offered in terms of user experience, the implementation of various government regulations and standards to encourage the adoption of EVs, integration of the latest technologies for automobiles, rising number of automobile registrations across countries, and changing lifestyles of people are expected to considerably drive the market growth.

Top Companies Operating in Advanced Capacitors Market Are:

• Maxwell Technologies Korea Co. Ltd.
• CAP-XX Limited
• Panasonic Corporation
• Eaton Corporation plc
• Nippon Chemi-Con Corporation
• Cornell Dubilier Electronics Inc.
• IOXUS
• KYOCERA AVX Components Corporation
• NAWATECHNOLOGIES Limited
• Skeleton Technologies
• TDK Corporation
• Murata Manufacturing Co Ltd.
• KEMET Corporation (A YAGEO Company)

Market Size Breakdown by Segment

The study uncovers the biggest trends and opportunities in the advanced capacitors market, along with offering segmentation analysis at the granular level for the period 2017 to 2030.

Based on Type

• Double-Layer
• Pseudocapacitors
• Hybrid

Based on Electrode Material

• Carbon
• Metal Oxides
• Conducting Polymers
• Composites

Based on Application

• Automotive
• Energy
• Consumer Electronics
• Industrial
• Aerospace
• Medical

Region/Countries Reviewed for this Report

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

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Advanced Capacitors Companies