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The electric double-layer capacitor (EDLC) market size is estimated to grow at a CAGR of 14.48% between 2022 and 2027. The market size is forecast to increase by USD 767.74 million. The growth of the market depends on several factors, including the long life cycle of EDLCs, the high capacitance of EDLCs, and the increasing replacement of rechargeable batteries in electric vehicles
This electric double-layer capacitor (EDLC) market report extensively covers market segmentation by product (flat style EDLC, button style EDLC, and radial style EDLC), application (automotive, energy sector, consumer electronics, and industrials), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The high capacitance of EDLCs is the key factor driving the growth of the market. EDLC measures its capacity in millions of microfarads (Farads). EDLC can store large amounts of charge and release it quickly, like a pulse discharge capacitor, or slowly, like a battery. Energy industry researchers are increasingly adopting sustainable and renewable energy technologies, increasing the demand for high-capacity storage devices.
In addition, there is an increasing reliance on power generation from renewable energy sources (wind, solar, hydropower, etc.), hybrid and electric vehicles, and large-scale energy storage systems, smart grids, whose high capacity significantly drives the demand for EDLC. Therefore, such factors will drive the growth of the global EDLC market during the forecast period.
The growing adoption of graphene and carbon nanotube EDLCs is the primary trend in the market. The EDLCs available in the market are very expensive and have restricted scalability. To overcome these limitations, companies are focusing on producing EDLCs based on carbon nanotubes and graphene. EDLCs made from a combination of nanotubes and graphene can store large amounts of energy. This energy can be released quickly, causing a surge of electricity.
Additionally, electric double-layer capacitor (EDLC) market players are investing heavily in research and development to gain a competitive advantage in the global electric double-layer capacitor market. Companies are currently focusing on developing hybrid capacitors. Such technological developments in the EDLC market will lead to increasing use of graphene and carbon nanotubes in EDLC devices, driving the growth of the global EDLC market during the forecast period.
Growing penetration of Li-ion batteries is a challenge that affects the growth of the market. The global lithium-ion battery market has grown significantly over the past decade. High energy density and low self-discharge are the main reasons for the increasing use of lithium-ion batteries. Its application base is expanding and is expected to include electric vehicles, medical devices, power tools, and energy storage systems. Rising demand for electric vehicles and energy storage systems is expected to impede the growth of the electric double-layer capacitor market.
Furthermore, lithium-ion battery manufacturers are encouraged to invest in China and South Korea because raw materials and labor costs are relatively low in these countries. China's market share has expanded significantly in recent years and is expected to surpass that of South Korea in the future. Therefore, the increasing adoption of lithium-ion batteries is likely to pose major challenges that may impede the growth of the global EDLC market during the forecast period.
The market share growth by the flat style EDLC segment will be significant during the forecast period. Flat style EDLCs are known for their flat, rectangular, or square shapes. These capacitors are designed to meet the needs of applications where space efficiency is paramount. One of the main application areas of flat EDLC is in the field of consumer electronics.
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The flat style EDLC segment showed a gradual increase in the market share of USD 204.64 million in 2017. Additionally, flat style EDLC is used in a wider range of industrial and commercial applications. These are often integrated into emergency power systems, Internet of Things (IoT) devices, and various electronic control devices. Their compact size allows for flexible installation within these systems, ensuring a stable power supply and increased system reliability. Therefore, the increasing adoption of flat EDLC is expected to drive the market growth of this segment during the forecast period due to its numerous advantages.
The global electric double-layer capacitor market in the automotive sector is expected to grow significantly as vehicles, especially passenger cars, transition from mechanically driven mobility vehicles to high-end electronic or electrically influenced vehicles. Additionally, due to high CO2 emissions from fossil fuels and increasing regulatory standards regarding environmental safety, the automotive industry tends to produce more electric vehicles each year than conventional fuel vehicles. EDLC has a very high capacitance value and is therefore used as an auxiliary power unit in electric vehicles. Owing to the increasing production and demand for electric vehicles, the demand for EDLC in this segment is expected to increase during the forecast period.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to market players is North America. Energy infrastructure is a major contributor to the growth of the North American electric double-layer capacitor market. The US power grid is long-lasting and requires a lot of maintenance. The expansion of the US power grid is likely to increase the demand for low-voltage capacitors. Additionally, the reconstruction of the old power grid is expected to be completed, which is expected to increase the demand for EDLC during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the EDLC market in the North American region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of manufacturing activities in various industries. Besides, according to IEA, the number of electric vehicles will cross 3 million in the US, up 40% from 2021 and making up 10% of the total worldwide. Thus, such growing EVs in the region will drive the growth of the regional EDLC market during the forecast period.
The Electric Double-layer Capacitor (EDLC) Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Electric Double-layer Capacitor (EDLC) Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The electric double-layer capacitor (EDLC) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Electric Double-layer Capacitor (EDLC) Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.48% |
Market growth 2023-2027 |
USD 767.74 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
14.28 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
CAP XX Ltd., Eaton Corp. Plc, Kyocera Corp., LS Corp., Murata Manufacturing Co. Ltd., NICHICON Corp., Nippon Chemi Con Corp., Panasonic Holdings Corp., Samwha Electronics, Skeleton Technologies GmbH, Supreme Power Solutions Co. Ltd., Systematic Power Manufacturing LLC, Taiwan Semiconductor Manufacturing Co. Ltd., TAIYO YUDEN Co. Ltd., TDK Corp., Tecate Group, UCAP Power Inc., Vishay Intertechnology Inc., Yageo Corp., and Yunasko Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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