Supercapacitors: A High Energy Device for Shifting Energy Preferences
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.
The rising demand for consumer electronic applications gave birth to battery technologies which are used to power these consumer electronics. However, the drawbacks of using batteries such as small lifecycle, less power density, higher charging time, and heating issues among others are creating a space for alternatives such as supercapacitors. A supercapacitor is a special capacitor that consists of the properties of batteries and capacitors in one single device. A supercapacitor, which is also known as a double-layered capacitor, or ultracapacitor is an electronic device that possesses a large capacitance and lower voltage ranges. Furthermore, the technology of supercapacitors has developed over the years, hence they exhibit the potential to provide advances in energy storage systems. Moreover, these special energy storage devices are capable of bridging the gap between traditional capacitors and batteries. These devices take lesser time for charging as compared to the conventional battery or capacitor. Also, they are comparatively lightweight and environmentally friendly. Due to such qualities, they are found in diverse applications as an autonomous energy source or combination with other energy storage devices. Lastly, the supercapacitor market is segmented by type, capacitance, industry vertical, and geography.
The key factors propelling the demand for supercapacitors are the growing number of renewable projects, rising environmental sustainability, and the increase in electric automobile production.
The rising climate issues are the driving forces behind the rising efforts toward renewable projects. As the world is shifting its focus towards renewable and clean energy, a significant increase in renewable energy power plant infrastructure can be witnessed across the globe. Furthermore, the rising awareness about environmental sustainability coupled with numerous government initiatives, organizations, and businesses across the globe has resulted in an increased number of renewable projects. For instance, in October 2022, the Australian Renewable Energy Agency (ARENA) announced US$9.1 million in funding to Shell Energy Australia to implement Smart Energy Hubs throughout Queensland, New South Wales, and Victoria across 40 commercial and industrial customer sites. Additionally, the US Department of Energy launched total funding of US$2.5 billion to modernize and expand the capacity of America’s Power Grid in May 2022. This extensive funding from the US government will be utilized in the construction of new and upgraded high-capacity transmission lines. Grid operators now have a successful plan to address issues about frequency, voltage, and power quality thanks to high power energy storage capability and quick reaction. As a result, the expansion of renewable energy projects in numerous different developing and developed nations is anticipated to fuel market expansion.
In addition, the innovations for energy-efficient, and environment-friendly alternatives such as electronic vehicles are further fueling the demand for supercapacitors in the automotive industry. The higher demand for supercapacitors in the automotive industry can be attributed to the necessity of higher power storage in electronic vehicles. Furthermore, advantages such as a longer lifecycle, higher power density, and fast charging functions act as additional factors propelling the supercapacitor market during the forecast period. Moreover, the demand for electronic vehicles is also surging day by day. For instance, as per the International Energy Agency’s Global Electric Vehicles report 2022 the sale of electric vehicles doubled in 2021 from the previous year to a new record of 6.6 million. The report mentions that in global car sales, electric car sales accounted for nearly 10% in 2021. Furthermore, public spending and incentives for electronic vehicles doubled to nearly US$30 billion in the same year. The positive growth statistics are indicating a positive outlook for the EV segment which will consequently support the growth of the supercapacitor market during the forecast period.
The double-layer supercapacitors are expected to hold a notable share of the supercapacitor market during the forecast period.
Based on type, the Supercapacitor market is segmented into Pseudocapacitors, Hybrid Capacitors, and Double layer supercapacitors. The double-layer supercapacitor segment is expected to hold a significant share of the supercapacitor market during the anticipated period. These supercapacitors possess high energy density, which is comparatively higher than ordinary electrolytic capacitors. Further, the characteristics such as long service life, energy saving, short charging time, and environmentally safe alternatives are substantially supporting the growth of the double-layer supercapacitors in the market. Furthermore, they perform incredibly well in any application where a constant supply of energy is needed for a brief period. In consumer electronics applications such as smart wearables, desktops, laptops, and foldable phones, double-layer capacitors have taken the place of conventional batteries. Thus, these benefits and diverse use in different industries is supporting the positive growth of double-layered supercapacitors under this segment.
According to analysts, the Asia-Pacific region is reported to have the largest share of the Supercapacitor market during the anticipated period.
Based on Geography, the Supercapacitor market is divided into North America, South America, Europe, and the Asia Pacific. Analysts anticipate that the Asia-Pacific region will have the largest market share owing to the rapid developments in the consumer electronics and automotive industries in this region. Furthermore, the countries like China and India are known as manufacturing hubs due to their highly industrialized approach and growing industrial development. In China, the growth of the supercapacitor market can be attributed to their expanding electric vehicle market. For instance, as per the IEA’s Global Electric vehicles outlook 2022 report, the People’s Republic of China (PRC) was responsible for the increase in EV sales in 2021. China accounted for half of the EV market’s growth. Moreover, the first quarter of 2022 reflected similar trends with sales in China more than doubling compared with the first quarter of 2021. Additionally, 90% of new electric bus and truck registrations and 95% of new electric two- and three-wheeler registrations worldwide come from China. The Indian EV market also witnessed positive sales growth in 2021. Henceforth, it is expected that the trend of growing the electric vehicles market will continue in the forthcoming years which will further propel the growth of the supercapacitor market during the forecast period.
Leave a ReplyWant to join the discussion?
Feel free to contribute!