Supercapacitors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global supercapacitors market was valued at USD 887 million in 2020 and is expected to reach USD 1869.05 million by 2026 and grow at a CAGR of 13.5% over the forecast period (2021 - 2026). The supercapacitor is an emerging technology for various energy storage systems, as it can offer higher power density than batteries and higher energy density over traditional capacitors. Power loss concern in traditional batteries has been a significant issue raised in many countries as well. Moreover, the zero-emission shift trend is enabling automotive manufacturers to invest in Hybrid EVs and EVs. This accounts for a significant opportunity for supercapacitors as automotive demand is anticipated to be largely driven by the amount of electrification in vehicles.

• Increasing demand for renewable energy solutions​ drives the market. There are upgradations 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. Governments and enterprises across the globe have announced their commitment to adding around 826GW of new non-hydro renewable power capacity by 2030. An estimated cost of USD 1 trillion is expected to be incurred on the same. According to the Global Trends report, about USD 2.7 trillion as already invested during the 2010-2019 decade.​
• Wind turbines use supercapacitors for wind turbine pitch control. For instance, a leading wind turbine manufacturer, Suzlon, is using supercapacitors for its wind turbines. Due to the increasing awareness and proven efficiency of supercapacitors, an increase in the use of supercapacitors for wind turbines is expected to occur across the world.​
• Further, primarily owing to the increased adoption in consumer electronics, the demand for supercapacitors increased significantly over the past few years. For instance, Samsung's Galaxy Note 9 came with a nifty new feature: the S Pen stylus Bluetooth, and could be charged instantly using a supercapacitor. Several smartphone manufacturers invested in next-gen battery design to better protect against drops and weather conditions that drove smartphone supercapacitors' growth.
• Further, 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.
• However, the COVID-19 outbreak and recent lockdown across the globe have affected the manufacturing activities, especially in Asia -Pacific, where a significant portion of the global supercapacitors and electrode materials are manufactured. Although in May 2020, many of these manufacturing sites resumed their operations, the disruptions caused in starting four months in 2020 could result in order delays and lead time across the supercapacitor's supply chain during 2020.
• Also, due to the non-operational status of various industries across the world, the global demand for energy declined significantly. This is expected to influence the revenues of the power and utility industry vendors. For instance, according to Axios, the demand for energy post-COVID-19 outbreak increased from residential sectors. It is also expected that the sector will witness a minimum decline of 25% in demand from the education and commercial buildings. Such developments are expected to influence the supercapacitors market until the end of 2020.​

Scope of the Report

Supercapacitors (or ultracapacitors) utilize high surface area electrode materials and thin electrolytic dielectrics to achieve high capacitance values. They have capacitance way more 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.

Report scope can be customized per your requirements. Click here.

Key Market Trends

Energy & Utilities to Hold a Significant Share

• The global energy crisis is opting for renewable and lasting energy sources, which may eventually replace fossil fuels. Supercapacitors/ultracapacitors are an important part of the solution to store and recycle energy. These systems have the unique ability to temporarily store a large amount of energy provided by the cyclical nature of wind, solar, and wave type systems.
• In solar photovoltaic applications, battery replacement after every three to seven years is necessary, as they tend to wear out. The use of a supercapacitor eliminates this need for frequent maintenance and replacement. Also, energy efficiency is a key aspect of producing renewable energy, and supercapacitors demonstrate higher charge efficiency than batteries. Over the past few years, there has been an increase in solar powerplants, with several new installed capacities in 2018, driving the market for the renewable energy sector.
• Also, the utilities are one of the significant end-user markets for supercapacitors. With the rising energy concerns and increasing technological advancement, the adoption of supercapacitors is witnessing a surge, especially in the emerging economies. Like generator bridging, their applications, ramping and regulation, primary frequency response, and voltage sag mitigation, are also providing a grid or microgrid monitoring and stabilization.
• Further, according to the US Energy Storage Monitor Utility, scale energy storage is a nascent, but rapidly growing market, and is expected to reach over USD 1 billion by 2020, in the United States alone; hence, offering a potential market to target for supercapacitors. Additionally, internal backup power is another application emerging in the market. Therefore, with the steadily increasing deployment of smart meters, power backup for electric and gas meters garners more attention.
• Furthermore, in France, in the first half of 2019, 19MW of new projects related to solar generation capacity was recorded, thus making a 12% expansion in the northern region. SER-Solar estimates that 1.5-1.7 GW of PV Project Capacity will be connected in 2020, and it will extend to 2-2.4GW in 2021. Such trends are further expected to drive the demand for supercapacitors in the country.​

To understand key trends, Download Sample Report