Global Supercapacitors Market to Reach $3.4 Billion by 2024

Supercapacitors, also known as Ultracapacitors are gaining in prominence as an attractive alternate technology capable of overthrowing the shortfalls and performance gap of conventional batteries. Years of refining technology innovation have helped supercapacitors progress steadily towards achieving successful commercialization in key end-use industries, such as, energy, automobiles, medical devices and consumer electronics. This alternative energy storage technology which was hitherto bogged down by a high cost structure and complexities in manufacturing, today stands at the vanguard of an era of practical usage. Benefits of supercapacitors include ability to balance lower energy storage capacity with faster charge and discharge times; wider-ranging operating temperatures (-40F to +150F); offers high capacitance (From 1 mF to >10,000F); longer service and long life (approximately 10 to 15 years as compared to 5-10 years of Li-ion battery); unlimited cycle life; eco-friendly and ability to meet environmental standards; rapid charging rate within a few seconds; easy installation and interfacing with other devices. Although continuous technology innovations are helping increase the safety and capability of supercapacitors, the technology is not expected to completely replace batteries which still continue to have cost and size advantages. Lithium ion batteries have higher energy densities over 20 times higher when compared to a superconductor and are capable of storing 30 times more energy than their weight. In comparison, supercapacitors have very high power density which means energy can be released rapidly in powerful bursts and can be charged quickly. Combining both the technologies into a hybrid technology is gaining in prominence.

A hybrid supercapacitor/battery configuration is considered to be an ideal solution for applications with high power demands, as they benefit from both high power density feature of supercapacitors and superior energy storage capability of battery. Supercapacitors will remain a supplementary technology to batteries and engines that run on fuels in most applications. For example are electric vehicles that need short bursts of power for acceleration. Although standalone use of supercapacitors in automobiles is still not a widespread practice, the numerous advantages offered, such as, its ecological benignity, higher energy conservation through efficient exploitation of existing power sources, superior conductivity, and physical and chemical stability, among others, promise a robust future in store. Nevertheless, complete replacement will be seen in certain applications such as offshore wind turbines, where the technology is aptly suited for providing short bursts of power needed to adjust turbine blades in changing wind conditions; and hybrid buses where supercapacitors can completely replace batteries given their ability to quickly capture energy from regenerative braking systems and discharge the power for ignition. In the energy industry, renewable energy sources are especially characterized by variable power supply (peaks and ebbs), requiring the use of supercapacitors, which flaunt superior power density, and the ability to facilitate "load leveling" of power, thereby ensuring stable supply of power.

The technology`s quick response time makes them highly desirable for static condenser (STATCON), and dynamic voltage regulator (DVR) applications, since power can be rapidly absorbed or injected to help reduce voltage fluctuations. Strong potential lies in store for the use of supercapacitors in renewable energy production, given the indelible mark being made by renewable energy across the globe, and ensuing spotlight being shed on environment friendly energy storage technologies. The unmet energy storage needs opens up opportunities for alternative energy storage solutions such as flywheels, fuel cell and superconducting magnetic energy storage (SMES) in addition to supercapacitors. Supercapacitors especially as efficient energy storage technology aims to replace the battery technology in the long term.

Amid the COVID-19 crisis, the global market for Supercapacitors is projected to reach US$3.4 Billion by 2024, registering a compounded annual growth rate (CAGR) of 19.3% over the analysis period. China represents the largest regional market for Supercapacitors, accounting for an estimated 22.6% share of the global total. The market is projected to reach US$1.2 Billion by the end of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 24.2% over the analysis period.