Lug Type Electric Double Layer Capacitor Market - Forecast(2024 - 2030)

Overview

The lug-Type Electric Double-Layer Capacitor market size is forecast to reach USD 810.9 million by 2030, after growing at a CAGR of 15.7% during the forecast period 2024-2030. due to the increasing applications in high energy storage capacity in consumer electronics such as smartphones, tablets, laptops, etc. Manufacturers are offering EDLCs based on carbon nanotubes and graphene due to the high costs and restricted scalability. The market for lug-type electric double-layer capacitors is being driven by developing green energy applications, improvements in electric double-layer capacitor technologies, bettering price/performance ratios, and expanding new applications across numerous industries.

Report Coverage

The report "lug-Type Electric Double-Layer Capacitor Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Lug-type electric double-layer capacitor market.

By Construction: Single-Lug EDLC, Dual-Lug EDLC, Triple-Lug EDLC.

By Electrode Material: Carbon, Metal Oxide, Conducting Polymers, Composites.

By Voltage Rating: Less than 2.5V, 2.5V to 3V, 3V to 5V, More than 5V.

By Lug Capacitor: Electrolytic Lug EDLC, Ceramic Lug EDLC, Fixed Lug EDLC, and Others.

By Product Type: Cylindrical, Rectangular, Prismatic.

By Terminal Type: Screw, Snap-In, Lead, Welding, and Others.

By End Use Industry: Consumer Electronics, Transportation, Energy and Utilities, Aerospace and Defense, Industrial, and Others.

By Geography:  North America, South America, Europe, APAC.

Key Takeaways

• APAC market accounted for the majority share of the total global lug-Type Electric Double-Layer Capacitor market share in 2023. Due to the increasing demand for consumer electronics, energy storage solutions in hybrid and electric vehicles, renewable energy systems, and industrial applications in the region, the market is growing rapidly.
• In 2021, the Chinese shipbuilder CSSC’s reported that the first ferry powered entirely by pure supercapacitors underwent successful sea trials. It would be one of the first commercial uses of the highly effective power system, which has the potential to significantly improve electric power boats.
• The North American market for lug-type supercapacitors is growing rapidly. The growth is attributed to increased demand for energy storage solutions, the adoption of renewable energy sources, and the increasing need for improved power efficiency.

By Construction-Segment Analysis

Single-Lug EDLC dominated the Lug-type electric double-layer capacitor market in 2023. The market for single-lug electric double-layer capacitors has a positive growth owing to the applications in automotive electronic control units (ECUs) and power supplies. ECUs in modern vehicles support a variety of advanced driver assistance systems aimed at improving road safety. ECUs will play increasingly important roles as the automotive ecosystem moves towards higher levels of automation and fully autonomous driving becomes the ultimate goal. Furthermore, supportive government programs and subsidies serve as growth drivers for ECU. 33% of the world's fleet of cars and roughly 54% of new car sales will be made up of electric vehicles by the year 2040. As a result of the increasing demand for automotive electronic control units (ECUs), the market for single-lug EDLCs is gaining traction.

By Electrode Material- Segment Analysis

The carbon segment dominated the Lug-type electric double-layer capacitor market in 2023. activated carbon is commonly used as electrode material in electrochemical capacitors including lug-type EDLCs. As carbon-based electrodes don't dissolve or produce insulated oxide during conventional oxidation processes, they are more prevalent than noble metal (or conductive metal oxide) covered electrodes. Carbon dominated the lug-type EDLC market in 2023. This highest share is owing to their large specific surface area. To store more charges and achieve a higher specific capacity for EDLC, a variety of carbon-based materials are commonly used as electrode materials for EDLC because of their high porosity, excellent conductivity, and large specific surface area. Using graphite and carbon-based materials as electrodes have various benefits, such as suitable cost, higher surface area (due to porosity), and stability.

By Voltage Rating -Segment Analysis

2.5V to 3V dominated the Lug-type electric double-layer capacitor market in 2023, A typical electric double-layer capacitor's majority of cells are rated at 2.5 to 3 V. These are widely applied in different industries. For example, a 2.7V EDLC can be used in RAM, detonators, car recorders, smart meters, and electric meters. Additionally, this can be applied to controllers, vacuum switches, digital cameras, motor drives, clock circuits, backup power supplies, toys, program-controlled switches, etc.

By Lug Capacitor - Segment Analysis

Electrolytic Lug EDLC has dominated the Lug-type electric double-layer capacitor market in 2023. an electrolytic lug is an electrical connector designed to provide a secure, reliable connection between two electrical components. it consists of a metal body with a set of electrical contacts, which are typically made from brass or copper. The contacts are then joined together with a rubber or plastic sleeve. the lug is typically placed in an enclosure or junction box and is used to connect electrical components such as wires and cables. The lug is designed to provide an effective and reliable connection between two electrical components, ensuring a safe and secure connection.

By Product Type - Segment Analysis

Cylindrical Product type dominated the Lug-type electric double-layer capacitor market in 2023. The main advantage of Cylindrical Lug EDLCs is their high energy density compared to other types of energy storage devices. this allows them to store more energy for a given volume, making them ideal for applications where space is limited. they also have a relatively long lifespan, which makes them more cost-effective than other types of energy storage devices. additionally, they can be recharged relatively quickly and are relatively safe to use.

By Terminal Type - Segment Analysis

Lead terminal type dominated the Lug-type electric double-layer capacitor market in 2023. The lead terminal in Lug EDLC is an important component for providing an electrical connection in an EDLC. It is usually made of copper or aluminum alloy and is designed to provide a secure connection between the lug and the EDLC. the lead terminal is typically soldered to the lug and the EDLC, and it provides a mechanical link between the two components. this ensures that the electrical connection is reliable and secure. the lead terminal also provides the necessary electrical contact resistance to ensure that the electrical connection is safe and reliable. the lead terminal is also designed to resist corrosion and provide a strong, secure connection.

By End Use Industry - Segment Analysis

The Consumer Electronics segment is dominated the Lug-type electric double-layer capacitor market in 2023. Lug-type electric double-layer capacitors (EDLCs) are becoming increasingly popular in consumer electronics such as cell phones, laptops, tablets, and even wearables because of their superior power density and high stability with low self-discharge rates, making them advantageous for long-term storage and usage. As the demand for TV sets continues to grow, manufacturers are investing in new designs, materials, and technologies to create more efficient and reliable EDLCs for the market.

By Geography - Segment Analysis

APAC Lug-Type Electric Double-Layer Capacitor market generated a revenue of $112.8 Million in 2023 and is projected to reach a revenue of $309.5 Million by 2030 growing at a CAGR of 15.3% during the forecast period 2024-2030. APAC market accounted for the majority share of the total global lug-Type Electric Double-Layer Capacitor market share in 2022 due to the increasing demand for consumer electronics, energy storage solutions in hybrid and electric vehicles, renewable energy systems, and industrial applications in the region. In 2021, the Chinese shipbuilder CSSC’s reported that the first ferry powered entirely by pure supercapacitors underwent successful sea trials. It would be one of the first commercial uses of the highly effective power system, which has the potential to significantly improve electric power boats.

Due to factors including fast catching up, urbanization, and the expansion of renewable energy sources, the Asia Pacific area has experienced an increase in the need for energy storage solutions. As a result, lug-type EDLCs—which have a high-power density and quick charge/discharge times—are in more demand. The development of energy storage technologies, such as EDLCs, has received significant funding from governments in the Asia Pacific area. For instance, the Chinese government has started a number of programs to encourage the creation and use of EDLCs in a variety of settings, such as energy storage for renewable energy systems.

Drivers – Lug-Type Electric Double-Layer Capacitor Market

·         Increasing demand for consumer electronics

Consumer electronics will grow as an industry as long as market participants continue to invest in R&D to create new products with improved features. For instance, during the first three months of 2022, Philips invested $476.1 million in research and development. Through its transformation program Innovation 2025, Philips makes significant investments in R&D and innovation.  consumer electronics will expand as a result of aggressive R&D investments and geographic expansion to meet rising consumer demands. due to the emergence of new technologies, consumer electronics is one of the sectors with the fastest growth rates. technology will advance quickly to meet consumer demands, opening up new markets. the lug-type electric double-layer capacitor market has grown significantly as a result of the household sector's increased adoption of a wider range of consumer electronics.

·         Emphasis on renewable energy in power generation

A crucial part of the future of energy systems will be played by lug-type EDLC, a new energy storage technology. High power energy storage is becoming increasingly necessary as electricity grids incorporate more erratic renewable energy sources. the market for EDLCs is anticipated to grow in the coming years as a result of improvements made to power generation from renewable resources to slow down the rapid depletion of natural resources. In November 2021, Researchers at the Advanced Technology Institute (ATI) at the Universities of Surrey and So Paulo developed a novel analysis method that will help researchers improve EDLCs for renewable energy storage. Researchers can now investigate the finely interconnected behavior of EDLC electrodes made from layers of various materials using the team's novel methodology. According to announcements made by governments and businesses worldwide around 826 GW of new non-hydro renewable energy capacity will be added by 2030. opportunities in the market are growing as a result of these investments.

Challenges – Lug-Type Electric Double-Layer Capacitor market

·         Low energy associated with Lug-type EDLC.

The Extremely fast discharge capability of EDLC is largely owing to very low internal resistance. EDLC has the greatest dielectric absorption of all capacitor types - superior to electrochemical batteries in terms of high self-discharge rate. To achieve higher voltage, a series connection with low maximum voltage is necessary, and voltage balance may be necessary. The voltage of electric double-layer capacitors, as well as other types of capacitors, will drop significantly with the release of energy in comparison to electrochemical batteries. The EDLC needs sophisticated electronic control and switching equipment for charging and discharging, which will result in energy loss. with the low energy quality possessed by the lug type, EDLC hampers the market growth.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Lug-Type Electric Double-Layer Capacitor. in 2023. major players in Lug-Type Electric Double-Layer Capacitor are Maxwell Technologies, LS Materials, and VINATech Co Ltd, Cap-xx Ltd, Eaton Corp, TDK Corporation, Nichicon Corporation, AVX Electronics, TOKIN Corp. Samwha Electric, and others.

Developments:

Ø   In 2021 A new cell in the medium-size series, rated at 2.8V 720F, has officially gone on sale, according to LS Ultracapacitor. The new cell has the highest energy density in the market, providing 20% more energy than a typical 2.8V 600F cell.

Ø  In 2021, Vinatech, and Wanju-gun agreed to an investment worth 86 billion won. by investing 86 billion won in the industrial site of the 2nd general industrial park in Wanju Techno Valley by 2024, it is planned to create a new production facility and hiring 120 additional workers.

Ø  In 2021, TDK launched new models of Bidirectional DC-DC converter EZA11K-320240 with internal substrate double-sided coating and dust-resistance, long life fan mounted model where the energy storage system is employed with electric double layer capacitor.