Aug 06, 2023
The Electric Double-layer Capacitor (EDLC) Market size is estimated at USD 0.69 billion in 2023, and is expected to reach USD 1.28 billion by 2028, growing at a CAGR of 13.19% during the forecast
The Electric Double-layer Capacitor (EDLC) Market size is estimated at USD 0.69 billion in 2023, and is expected to reach USD 1.28 billion by 2028, growing at a CAGR of 13.19% during the forecast period (2023-2028).
New York, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Double-Layer Capacitor (EDLC) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06483730/?utm_source=GNW The 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 HighlightsEDLCs 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.Electric Double Layer Capacitor Market TrendsRising Demand for Renewable Energy Solutions Drives the Market’s GrowthThe 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 ShareThe 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.Electric Double Layer Capacitor Industry OverviewThe electric double-layer capacitor (EDLC) market is fragmented and remains the same over the forecast period. Players in the market are adopting strategies such as partnerships, mergers, product innovations, investments, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.November 2022 - Eaton expanded its product portfolio with an AEC-Q200-qualified high-performance and reliable energy storage device. The new product would be based on the design of an electrical double-layer capacitor (EDLC) combined with proprietary processes and materials. The product would offer high capacitance.August 2022 - Skeleton Technologies Inc. entered a technical partnership with Germany’s Siemens. The companies would manufacture supercapacitors (electric double-layer capacitors) in Germany. Siemens technology was introduced for production automation and digitization in Skeleton’s new factory to be built in Leipzig, Germany.Additional Benefits:The market estimate (ME) sheet in Excel format3 months of analyst supportRead the full report: https://www.reportlinker.com/p06483730/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________Key HighlightsAdditional Benefits: