Global Electric Double-Layer Capacitor (EDLC) Market Report 2023: Rising Demand for Renewable Energy Solutions Drives Growth

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DUBLIN, May 22, 2023 /PRNewswire/ — The “Global Electric Double-Layer Capacitor (EDLC) Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)” report has been added to  ResearchAndMarkets.com’s offering.

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The global electric double-layer capacitor (EDLC) market is estimated at USD 691.5 million in the current year. The market is expected to reach USD 1,284.9 million, registering a CAGR of 13.19% over the forecast period. T

he market’s growth is attributed to the increased demand for electric double-layer capacitors (EDLCs) across various applications, including battery load leveling in mobile devices, memory backup in electronic devices, energy regeneration, energy harvesting in automobiles, and more.

The surging demand for graphene and carbon nanotube EDLCs and government regulations regarding reducing carbon emissions are expected to contribute to the market’s growth.

Key Highlights

  • EDLCs are substituting batteries in various automotive, grid, and IT applications, offering safety, faster charging, and smaller size while eliminating complicated battery management systems. Improved EDLCs and derivatives are beneficial to mini-grids, trains, trams, trucks, heavy off-road vehicles, small uninterruptible power supplies for IoT nodes using energy harvesting, and data centers. With automotive manufacturers emphasizing reducing dependency on the oil sector and governing bodies imposing stringent environmental regulations, growth prospects for electric vehicles are promising. This has led EDLC manufacturers to explore profitable opportunities in the rapidly evolving automotive industry.
  • Smart meters are equipped with a power storage device to supplement their power supply for peak assistance because they need a lot of energy to transmit wireless data. However, to protect data in the case of an emergency, such as a server, power outage, or accident, or when drive recorders need an emergency backup power supply. Smart meters and drive recorders are frequently utilized outdoors, and in other low-temperature situations, power storage devices are expected to maintain their properties at low temperatures.
  • Various research is underway to develop affordable and innovative solutions built on current EDLC technology. These solutions will provide a more affordable and eco-friendly alternative to existing models and stress the need to reduce the cost of carbon electrode production and the dependency on critical components.
  • A major concern is the price difference between an EDLC and a regular battery. EDLCs are slightly more expensive than batteries, although they perform additional functions. This is expected to hinder the growth of the market.
  • The COVID-19 outbreak and lockdown worldwide have impacted manufacturing activities, especially in Asia-Pacific, where a significant portion of the global EDLCs and electrode materials are manufactured. The surge in COVID-19 cases in Asia caused the closure of major producers of ceramic capacitor factories in China, Japan, and Malaysia. However, industries look forward to significant progress in the post-COVID-19 scenario. Some of their main priorities are advancing commercial testing of materials, progressing commercial negotiations with possible partners, and discovering new paths to market for customized EDLC applications.

Rising Demand for Renewable Energy Solutions Drives the Market’s Growth

  • The use of EDLCs for renewable energy applications has grown over the years. Hence, increasing the focus on renewable energy sources is a huge opportunity for EDLC manufacturers. Currently, Asia-Pacific is leading in renewable energy consumption, its variants, and other potential materials, which is driving the EDLC market growth. EDLC is a new energy storage device that can provide more power density than batteries and more energy density than ordinary capacitors.
  • Due to their advantages, such as very high efficiency, high charge/current discharge capability, and wide temperature range, EDLCs are being employed in an expanding variety of applications, including renewable energy power production, transportation, power systems, and many more. A hybrid energy storage system consisting of a battery and EDLC (SC) is proposed for use in wind farms to achieve power dispatch ability. The designed scheme controls the battery’s charging/discharging powers while the faster wind power transients are diverted to the EDLC. This prolongs the battery’s life.
  • Several government initiatives will likely drive EDLCs in the market. In 2021, Chinese authorities announced a plan to add more than 30 gigawatts of energy storage capacity by 2025 to enhance renewable energy usage while stabilizing the electric grid. Electricity storage techniques that use electrochemical, compressed air, flywheel, and EDLC systems are referred to as new energy storage, as opposed to pumped hydro, which uses water held behind dams to create electricity as needed.
  • According to the China Energy Storage Alliance, China’s total energy production capacity grew above 100/600 GWh in December 2022. Similarly, India’s energy storage reached 70 GW in 2022, according to the India Energy Storage Alliance.
  • Storage is one of the biggest obstacles preventing the widespread use of renewable energy sources, like wind and solar power. The US energy grid system is used for distributing energy and allows for limited flexibility for the storage of excess on short notice. Conventional EDLCs have a high-power output with minimal degradation in performance for as many as 1,000,000 charge-discharge cycles.
  • There are upgrades to power generation from renewable resources to reduce the rapid depletion of natural resources, which is expected to drive the market for EDLCs in the coming years. There is an increasing demand for renewable energy generation, observed in countries across Europe, Asia, and the United States, which would further fuel the growth of the market studied.

Europe to Hold Significant Market Share

  • The growing adoption of EDLCs in the automotive industries has positively boosted the market’s growth in the region. The German automotive industry has been leading technological innovations in the global automotive industry with the integration of smart technologies. Hybrid and electric vehicles are expected to lead the growth of the automotive industry in the country, with the companies focusing on electric vehicle technologies. This is anticipated to impact the growth of the EDLCs market positively.
  • The European Commission’s Graphene Flagship initiative aims to take graphene from the lab to society within a decade. The initiative’s issues in the energy field include the production of graphene to address the requirement of high-quality materials in large quantities, its integration into energy devices while preserving its properties, and device performance improvements using scalable methods suitable for commercialization. It is anticipated to address the energy density or capacity, which limits its use in EVs.
  • Players, such as Lamborghini, the Italian manufacturer of luxury sports cars, collaborated with researchers from the Massachusetts Institute of Technology to build the Lamborghini Terzo Millennio. This electric vehicle uses EDLCs embedded into the car’s chassis as a source of energy. Lamborghini’s first series-production hybrid cars included advanced electric technology, with the supercar manufacturer focused on lightweight EDLCs and the capacity to store electrical energy in carbon fiber bodywork.
  • Due to the rapid investments and government initiatives in several EU regions, there is likely to be a market for EDLC as a result of the surge in renewable energy investments across Europe. The EU Parliament agreed on additional measures in December 2022 to increase the percentage of renewables in the EU considerably ahead of 2030 in response to Russia’s aggressiveness in Ukraine and to address the EU’s reliance on Russian fossil fuels.
  • As a result, the market is expected to continue to profit from the growing use of renewable wind energy in Europe over the forecast period as supercapacitors gain prominence in big wind turbine pitch control applications. For instance, in order to achieve its 2030 climate and energy goals, the EU is predicted to deploy 116 GW of new wind farms between 2022 and 2026, according to Windflix Europe. Using the enormous potential of the five EU sea basins, the installed offshore wind capacity in the EU, which was 14.6 GW in 2021, is expected to expand by at least 25 times by 2030.

Key Topics Covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

4.1 Market Overview

4.2 Industry Attractiveness – Porter’s Five Forces Analysis

4.3 Impact of COVID-19 on the Market

5. MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Rising Demand for Renewable Energy Solutions

5.1.2 Increasing Production of EDLC-based Vehicles Owing to Environmental Concerns

5.2 Market Challenges

5.2.1 Higher Costs of Products

6. TECHNOLOGY SNAPSHOT

6.1 Comparative Analysis of EDLCs and Conventional Dielectric

7. MARKET SEGMENTATION

7.1 By End-user

7.1.1 Consumer Electronics

7.1.2 Energy and Utilities

7.1.2.1 Grid Applications

7.1.2.2 Wind and Others

7.1.3 Industrial

7.1.4 Automotive/Transportation

7.1.4.1 Bus and Truck

7.1.4.2 Rail and Tram

7.1.4.3 48V Mild Hybrid Car

7.1.4.4 Micro Hybrids and Other Cars

7.1.4.5 Heavy Vehicles

7.2 By Geography

8. COMPETITIVE LANDSCAPE

8.1 Company Profiles

8.1.1 Eaton Corporation PLC

8.1.2 Maxwell Technologies Inc. (Tesla Inc.)

8.1.3 Skeleton Technologies Inc.

8.1.4 Cap-XX Limited

8.1.5 Kyocera Corporation

8.1.6 Supreme Power Solutions

8.1.7 LS Mtron Ltd.

8.1.8 Tokin Corporation

8.1.9 Shanghai Aowei Technology Development Co. Ltd.

8.1.10 Loxus Inc.

8.1.11 Panasonic Corporation

8.1.12 Nantong Jianghai Capacitor Co. Ltd.

8.1.13 Beijing HCC Energy Tech. Co. Ltd.

8.1.14 Jinzhou Kaimei Power Co. Ltd. (KAM)

8.1.15 Shanghai Green Tech Co. Ltd. (GTCAP)

8.1.16 Shenzhen Topmay Electronic Co. Ltd.

8.1.17 Liaoning Brother Electronics Technology Co. Ltd.

8.1.18 SEMG (Seattle Electronics Manufacturing Group (HK) Co. Ltd.)

8.1.19 Chengdu Ztech Polymer Material Co. Ltd.

8.1.20 Shanghai Pluspark Electronics Co. Ltd.

8.1.21 Nippon Chemi-Con Corporation

8.1.22 Yunasko

8.1.23 Tavrima Canada Inc.

8.1.24 Seiko Instruments Inc.

8.1.25 TDK Corporation

8.1.26 Taiyo Yuden Co. Ltd.

8.1.27 Vishay Intertechnology Inc.

8.1.28 Cornell Dubilier Electronics Inc.

8.1.29 Wurth Elektronik Group

8.1.30 Lelon Electronics Corp.

9. INVESTMENT ANALYSIS

10. FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/sjg5mi

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