Soaring AI computing demand is driving global capital expenditure by the world’s eight largest cloud service providers (CSPs) into a high-growth trajectory.
TrendForce data shows that the combined capex of Google, AWS, Meta, Microsoft, Oracle, Tencent, Alibaba, and Baidu grew from US$145.1 billion in 2021 to US$260.9 billion in 2024, a CAGR of 21.6% over the period. The firm further projects that global capex by the eight major cloud providers could reach US$710 billion in 2026, implying a 2024–2026 CAGR of 65.0%. This trend is driving a surge in server expansion demand. According to Frost & Sullivan, global server shipments rose from 14 million units in 2021 to 16 million units in 2024 and are expected to reach 19.5 million units by 2030, a 2024–2030 CAGR of 3.35%. AI servers have emerged as the core growth engine of the market, with shipments reaching 2 million units in 2024 and projected to climb to 6.5 million units by 2030, a 2024–2030 CAGR of 21.71%.
The core performance of conventional energy storage solutions can no longer meet the power supply requirements of new MW-scale computing scenarios, making supercapacitors the core energy storage solution for these applications. Supercapacitors can effectively smooth grid fluctuations, buffer power disturbances, and meet the charge-discharge technical requirements of UPS/HVDC power supply scenarios, making them highly compatible with the energy storage needs of the MW-scale computing era. Conventional lead-acid and lithium batteries offer relatively low power density and struggle to meet the 94.2 W/L power density requirement of NVIDIA’s NVL72 racks, whereas supercapacitors can achieve power densities of 1–100 KW/L, making them better suited to server power supply needs in future high-power-density environments.
The supercapacitor market continues to grow, with both international and domestic players targeting future incremental opportunities. According to Business Insights, the global supercapacitor market was valued at US$2.80 billion in 2025 and is projected to grow to US$9.51 billion by 2032, a 2026–2032 CAGR of 19.4%. Business Insights data shows that China’s market reached US$1.20 billion in 2025, accounting for 42.7% of the global total. China has become the world’s most important supercapacitor market. Global supercapacitor leaders are accelerating their positioning. Overseas leaders such as Maxwell, Skeleton, and Musashi continue to ramp up R&D and production capacity, while domestic players including Jianghai Capacitor and CRRC New Energy have achieved breakthroughs in core technologies, bringing the industry landscape to a critical inflection point.
Leading companies in China and abroad are accelerating R&D and capacity deployment to drive rapid commercialization across application scenarios. US-based Maxwell, a industry pioneer, offers a complete product matrix spanning cells and modules, with cell shock and vibration resistance far exceeding industry standards. Europe’s Skeleton has leveraged its patented curved graphene technology to effectively enhance the energy performance and stability of its supercapacitors; its global largest supercapacitor plant in Leipzig, Germany, officially opened in November 2025 with an annual capacity of 12 million cells. Japan’s Musashi commands three technology routes—electric double-layer supercapacitors, lithium-ion batteries, and hybrid supercapacitors—with products offering differentiated space efficiency and lifespan performance. The company is collaborating with Flex to target the AI server sector while continuing to expand capacity, with total capacity expected to reach 6.5 million units per year by Q3 2026. China’s Jianghai Capacitor, backed by a fully integrated supply chain, has brought core product performance close to advanced international levels.
Over the long term, as AI chip power consumption surges, servers will experience significant power fluctuations during training or inference. Supercapacitors can provide instantaneous power compensation when electrical loads change abruptly, smoothing load surges, safeguarding normal system operation, and preventing shocks to the regional power grid—making them highly likely to become a standard component in AI computing clusters. Beyond AI servers, growing demand across energy storage, smart meters, and other domains is also foreseeable, and the supercapacitor market is poised for explosive growth.
*Translated from AIJIAN SECURITIES