Global Ultracapacitors Market Is Being Driven By The Thriving Automotive And Energy Sectors In The Forecast Period Of 2023-2028

The new report by Expert Market Research titled, ‘Global Ultracapacitors Market Share, Size, Trends, Scope, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global ultracapacitors market, assessing the market based on its segments like Power type and Applications.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2018-2028)

Historical Market Size (2020): USD 2,514 million
Forecast CAGR (2023-2028): 26%

The Global Ultracapacitors Market is being driven by the thriving Automotive and Energy sectors. In automotive applications, the growing global demand for electric vehicles (EVs) is propelling the ultracapacitors market forward.

In electric vehicles, supercapacitors are used for start-stop functions as well as energy storage in conjunction with battery packs. Electric vehicles have gained popularity in the automobile industry in recent years due to their use of nonrenewable energy and environmental sustainability.

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Meanwhile, the rising application of the product in energy sector, will be driven by rising demand for supercapacitors in the renewable energy industry for effective storage solutions. Demand for renewable energy sources such as solar and wind power has surged as a result of rising coal prices and the challenges associated with nuclear power, which is projected to provide a boost to the industry.

The rising investments from key players towards enhancing the capacitor technology is expected to aid the market growth in the forecast period. In post-COVID days, as the various sectors recover from the negative impacts of the pandemic, the product is likely to witness a rise in demand, buttressed by the efforts of government.

Ultracapacitors Industry Definition and Major Segments

An ultracapacitor, also known as a supercapacitor or electrochemical capacitor, is gaining fast popularity for storing electrical energy. The design and functioning mechanism are midway between that of a capacitor and that of a battery, which opens a variety of intriguing and useful applications.

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The Ultracapacitors Market, on the basis of Power Type, can be segmented into:

Less than 10 Volts
10 Volts to 25 Volts Modules
25 Volts to 50 Volts Modules
50 Volts to 100 Volts Modules
Above 100 Volts Modules

The Ultracapacitors Market, on the basis of application, can be categorised into:

Automotive
Industrial
Energy
Electronics

The regional markets for thermoform packaging include:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Among these, Asia Pacific represents the largest Global Ultracapacitors market.

Ultracapacitors Market Trends

The Automotive segment is estimated to account for the largest share during the forecast period owing to its demand for supercapacitors in the big and mid-sized automobile industries has aided supercapacitor growth. The usage of supercapacitors as a supplemental energy source to major energy sources is driving greater demand for them.

The increasing efforts by the governments of various nations to develop clean energy and shifted to electronics vehicles for dealing with global warming is likely to be another key trend bolstering for the market growth in the forecast period. Rising technical improvements and increasing expenditure by key companies to produce innovative solutions with improved features are expected to boost market expansion significantly.

Key Market Players

The major players in the market are Maxwell Technologies Inc., Supreme Power Solutions Co. Ltd., SECH SA, Skeleton Technologies, LICAP Technologies, Inc., among others.

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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