Ultracapacitor market to reach $8.04bn by 2024

26th July 2016

Nat Bowers

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The global ultracapacitor market is expected to reach $8,049.1m by 2024, according to a new report by Grand View Research. These capacitors have the ability to rapidly charge to their maximum capacity and also discharge quickly up to zero-charge level. It also ensures safety of operation as it eliminates potential risk of explosion or self-ignition. Ultracapacitors have a high transient response time of 20µs and are also maintenance free, which can result in increasing adoption over the coming years.

The inherent characteristics of ultracapacitors makes it suitable for use in consumer electronics including audio/video systems and digital cameras owing to low power and energy and long life back-up offered by these modules. Further, ultracapacitors also possess high power and energy density which makes it a suitable match for use in industrial and automotive applications, which may further escalate growth over the forecast period.

Key findings include:

The electronics segment accounted for over 50% of the overall revenue in 2015 and is estimated to witness considerable growth over the forecast period. This is primarily attributed to the smartphone proliferation particularly in developing countries including India, China and Brazil coupled with increasing demand for smart glasses, e-books, smart watches and e-papers worldwide.
The energy segment is expected to grow at a CAGR exceeding 20% over the period of 2016 to 2024. Utilisation of energy storing technology in ultracapacitors delivers a considerable amount of energy at high power. This makes these modules suitable for supplying high power in multi-functional devices. In addition, the advances in material science and electronics sector have enabled new developments in the energy storage field.