The supercapacitor market is projected to grow at a CAGR of 20.69% during the forecast period to reach US$3,010.052 million by 2027, from US$807.096 million in 2020. Supercapacitors, double-layered capacitors, or ultracapacitors, are electronic devices with a comparatively higher capacitance value and lower voltage ranges. These energy storage devices are capable of bridging the gap between traditional capacitors and batteries. Furthermore, their ability to store more energy than typical capacitors and produce more power than standard batteries, coupled with long-term stability and high cyclability, makes them appealing as energy storage devices. Owing to such attributes, they are found in diverse applications, either as an autonomous energy source or in combination with other energy storage devices like batteries. In particular, supercapacitors are commonly found in applications with fluctuating loads, such as portable media players, PDAs, GPS, and laptops. They are also being used in microgrids to store energy in reverse conditions while quickly injecting power whenever demand is high, and production is low in the grids. Furthermore, they are also found in energy harvesting solutions, automotive segments, aerospace, and industrial segments. The growth in demand for supercapacitors in the aforementioned industries is expected to add impetus to the growth of the supercapacitor market.
One of the most awaited innovations of the century is cost-effective, long-range, efficient electric vehicles. Power storage is arguably the most crucial component of an electric vehicle, with the tremendous potential to enable electric vehicles to outperform internal combustion engine vehicles. Supercapacitors are commonly used to deal with the storage issues of typical batteries. A supercapacitor's high-power density enables it to quickly charge or discharge a large amount of power without compromising its potential to sequester energy. This makes supercapacitors advantageous in scenarios where a large amount of power must be supplied or captured in a short period of time, such as acceleration and regenerative braking, where supercapacitors capture the kinetic energy from deceleration that is normally dissipated as heat. As a result, supercapacitors are frequently used in hybrid vehicles like the Toyota FCHV and Lamborghini Sian. Several other automobile manufacturers are employing supercapacitors in their offering, owing to these appealing features. For instance, in India, Omega Selki Pvt Ltd and Log 9 materials entered into a strategic partnership and launched a Rage+ Rapid EV in November 2021. With the latter's expertise in supercapacitor technology, this battery's performance is superior to that of typical EV batters. With this launch, the former is set to revolutionize the Indian EV market. Furthermore, according to Volkswagen's forecast in its 2021 Annual Report, the global market share of electric vehicles is expected to reach 50% by 2030. The growing number of renewable projects in recent years is yet another growth factor fuelling the expansion of market size.
The growing awareness of environmental sustainability, as well as numerous initiatives undertaken by governments and businesses, has resulted in an increase in the number of renewable projects. For instance, in March 2022, the state-run PGCIL (Power Grid Corporation of India) announced the approval of 5 power-grid projects worth? 821 crores to strengthen the transmission system across multiple Indian states. While in East Asia, in November 2021, China Southern Power Grid, the country's major power grid, declared its intention to invest US$ 105 billion in grid network construction in the period 2021-2025 to boost renewable power consumption and power stability. Further, in May 2022, in North America, the United States Department of Energy launched US$ 2.5 billion in funds to expand and modernize America's power grid. This investment is said to be in line with the US government's quest to run the national grid on 100 percent clean, renewable electricity by 2035. High power energy storage ability and swift response are providing grid operators with an efficient strategy to overcome frequency, voltage, and power quality concerns. Thus, the increase in renewable generation projects in multiple other developing and developed countries is expected to drive the market growth onward.
Supercapacitors have unlimited potential and are increasingly being deployed in defence products, consumer electronics, energy vehicles, renewable energy sources, and medical equipment, among many others, but they aren't without challenges. There are potential risks pertaining to the use of supercapacitors in power supply applications like satellites and spacecraft. The need for reliable study and the ideal design to facilitate the load fluctuations, external environment, and impact on load nature are necessary. The high discharge rate of the supercapacitors is another factor that constrains the demand for supercapacitors, especially in the automobile segment.
COVID-19 impacted the Supercapacitor market. The lockdown, social distancing, and subsequent closure of production sites across hundred countries due to a surge in active cases across the globe negatively affected the productivity of several firms. The lack of manpower, stringent border controls, port closures, and reduced air transport availability were a few of the factors that affected the market and caused it to slow down. For instance, Volkswagen, for instance, observed a decrease in its revenue by 11.8% in 2020. Consequently, the aforementioned factors led to the recession in the economy across the globe. Due to the limited funds amidst the crisis, many projects were halted in the future date, thus decreasing the market growth. According to the International Energy Association, global renewable energy capacity additions fell by 11% in the first half of 2020 when compared to the previous year. Nevertheless, post-pandemic, the market is expected to show positive growth owing to an increase in demands for semiconductors in many industries to meet the need for rapid automation adoption.
|Market size value in 2020||US$807.096 million|
|Market size value in 2027||US$3,010.052 million|
|Growth Rate||CAGR of 20.69% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Capacitance, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Tokin Corporation, Skeleton Technologies, Maxwell Technologies, Inc. (acquired by Tesla, Inc.), Nippon Chemi-Con Corporation, Panasonic Corporation, Eaton, CAP-XX, IOXUS Inc., LS Mtron, NAWATechnologies|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the supercapacitor market size by 2027?
A1. The supercapacitor market is projected to reach a total market size of US$3,010.052 million in 2027.
Q2. What is the size of the global supercapacitor market?
A2. Supercapacitor Market was valued at US$807.096 million in 2020.
Q3. What are the growth prospects for the supercapacitor market?
A3. The global supercapacitor market is projected to grow at a CAGR of 20.69% during the forecast period.
Q4. How is the global supercapacitor market segmented?
A4. The supercapacitor market has been segmented by type, capacitance, industry vertical, and geography.
Q5. What factors are anticipated to drive the supercapacitor market growth?
A5. The increase in electric automobile production is expected to boost the supercapacitor market growth during the projected period.
Maxwell Technologies, Inc. (acquired by Tesla, Inc.)
Nippon Chemi-Con Corporation
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