Global Supercapacitors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Global Supercapacitors Market (henceforth referred to as the 'market studied') was valued at USD 549.1 million in 2021, and it is expected to reach a value of USD 1,114.60 million by 2027, registering a CAGR of 13.19% during the period 2020-2027 (henceforth referred to as the 'forecast period'). Supercapacitors are replacing traditional electric car batteries with quick charging and temperature stability. Additionally, supercapacitors are more flexible than standard batteries. The high demand for a stable power supply for applications, such as GPS, portable media players, laptops, and mobile devices, is an emerging trend in the market studied.

• Supercapacitor charging and discharging also helps sustain peak loads and backup power, which are significant for a continuous operation that includes battery-powered industrial applications such as smart meters, smoke detectors, video doorbells, and medical applications; to support this, various vendors are launching new products. For instance, in November 2021, Texas Instruments (TI) announced a new bidirectional buck/boost converter with a quiescent current (IQ) of 60 nA. Additionally, compared to frequently used hybrid-layer capacitors, the TPS61094 buck/boost converter includes a buck mode for supercapacitor charging while delivering ultra-low IQ, allowing engineers to extend battery life by up to 20%. (hybrid-layer capacitors (HLCs)).
• Further, various research is underway in developing affordable and innovative solutions built on existing supercapacitor technology, offering a more affordable and ecological alternative to present models and emphasizing the need to reduce the production cost of carbon-based electrodes and the dependency on crucial components. For instance, in June 2021, researchers from Imperial College London and University College London (UCL) developed a more sustainable and energy-dense electrode material for supercapacitors, paving the way for further market use of high-power, quick-charging electric vehicle technology.
• In recent years, communication systems in telecom and space have propelled the demand for supercapacitors. The Indian Space Research Organization (ISRO), at its Vikram Sarabhai Space Center (VSSC), developed the technology for processing supercapacitors (2.5 V) of varying capacitance values viz., 5 F, 120 F, 350 F, and 500 F, catering to specific applications related to space and societal needs. Supercapacitors are effectively being used to improve the efficiency of hybrid electric vehicles in various ways. For instance, Maxwell developed a supercapacitor-connected lead-acid battery that may be used to replace a traditional vehicle battery. The idea behind this application is that high-energy demands, such as starting an automobile, reduce the battery's total energy capacity. The company has a line of supercapacitor-based modules that can reach temperatures of 3000 degrees Fahrenheit. Over 600,000 supercapacitors have been sold for hybrid start-stop applications.
• Furthermore, various market vendors have witnessed increased sales in the electric vehicle business, pushing the supercapacitor growth in the automotive industry. For instance, according to EV-Volumes, the Volkswagen Group recorded over 424,600 electric vehicles globally in 2020, more than three times its sales volume in 2019. Its electric vehicle sales have been rapidly expanding. Furthermore, the ID.3 was one of the best-selling plug-in electric cars globally in 2020.
• Additionally, with the outbreak of COVID-19, the power sector is being impacted by the digital revolution in the economy. From smart meters, digital substations, and smart EV charging infrastructure to software solutions, such as artificial intelligence, digital twins, dynamic line rating, and blockchain technology, governments, utilities, and manufacturers, are increasingly embracing digital technologies. For instance, after successfully advancing smart grid deployment and mobilizing investments of USD 300 million through its National Smart Grid Mission, the Indian government announced in 2021 a Revamped Distribution Sector Scheme with a cost of over USD 40 billion and gross budgetary support of over USD 10 billion. Such investments are expected to bring new opportunities to the supercapacitor market.

Scope of the Report

Supercapacitors (or ultracapacitors) utilize high surface area electrode materials and thin electrolytic dielectrics to achieve high capacitance values. They have more capacitance than conventional capacitors and can store more energy. Supercapacitors can be of various types, such as double-layer, pseudo, and hybrid capacitors. They can be used for various end-user industries, such as consumer electronics, energy and utilities, industrial, and automotive.

The Global Supercapacitors Market is segmented by End-User (Consumer Electronics, Energy and Utilities, Industrial, Automotive/Transportation), and Geography.

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Key Market Trends

Increasing Demand for Renewable Energy Solutions is Expected to Drive the Market Growth

• The use of supercapacitors for renewable energy applications has grown over the years. Hence, increasing focus on renewable energy sources is a huge opportunity for supercapacitor manufacturers. Currently, the Asia-Pacific is leading renewable energy consumption, its variants, and other potential materials, which is driving the supercapacitor market. The supercapacitor 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/discharge current capability, and wide temperature range, supercapacitors are being employed in an expanding variety of applications, including renewable energy power production, transportation, power systems, and many more. Furthermore, a hybrid energy storage system consisting of battery and supercapacitor (SC) is proposed for use in wind farms to achieve power dispatchability. In the designed scheme, the battery's charging/discharging powers are controlled, while the faster wind power transients are diverted to the supercapacitor. This enhances the lifetime of the battery.
• Also, several government initiatives are likely to drive supercapacitors in the market studied. For instance, in July 2021, According to the state planner, China announced to add more than 30 gigawatts of energy storage capacity by 2025 to enhance renewable energy usage while keeping the electric system stable. Furthermore, electricity storage techniques that use electrochemical, compressed air, flywheel, and supercapacitor 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 has a total energy storage capacity of around 35 GW by 2020, with just 3.3 GW being new energy storage.
• 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 little flexibility for the storage of excess on short notice. Conventional supercapacitors 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 supercapacitors in the coming years. Moreover, 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.
• Furthermore, in November 2021, Researchers from the Advanced Technology Institute (ATI) at the University of Surrey and the University of So Paulo have devised an innovative analysis technique that will aid scientists in developing better supercapacitors for renewable energy storage. Researchers may now explore the complicated interconnected behavior of supercapacitor electrodes formed from layers of different materials using the team's innovative approach.
• Also, energy storage improvements are essential if governments meet carbon reduction commitments. Because solar and wind energy are inherently unpredictable, adequate storage is essential to assure supply constancy, and to cater supercapacitors are seen as a crucial part of the solution. Supercapacitors may also hold the key to charging electric vehicles far more quickly than lithium-ion batteries allow. However, more research into supercapacitors is required to ensure that they can successfully store enough electricity. Governments and enterprises across the world have announced their commitment to adding around 826GW of new non-hydro renewable power capacity by 2030. Such investments are driving increased opportunities in the market.

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