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

New York, June 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Supercapacitors Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06221851/?utm_source=GNW
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.

Key Highlights
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.

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.

Asia Pacific Expected to be the Fastest-growing Region

In China, the demand for supercapacitors is expected to grow by one of the highest growth rates in the world for a long time to meet the carbon neutrality targets by 2060. Benefiting from the increased demand in downstream markets, such as electric vehicles, the overall market share of the supercapacitors in China would continue to rise. With policy support from the government, many new players have positioned themselves in the market. There are large market players such as the state-owned CRRC (China Railroad Rolling Stock Corporation), Nantong Jianghai, Shanghai Aowei, and Jinzhou Kaimei. There are new players in supercapacitor manufacturing, such as Beihai Sence Carbon Materials Technology, Jiangsu Zhongtian Technology Group, and Tianjin Plannano Energy Technologies. Research institutions and universities, including Donghua University, Jiangsu University, South Central University, and Tsinghua University, have been involved in innovation in the supercapacitors sector through patent filing, among other things.
The automotive industry is growing rapidly in China, and the country is playing an increasingly important role in the global automotive market. The government views the automotive industry, including the auto parts sector, as one of its country’s pillar industries. The Central Government of China estimates that China’s automobile output shall reach 35 million units by 2025 that caters to supercapacitors’ demand. Electric vehicles are becoming more popular, and China is considered one of the leading adopters. For developments in China’s transportation industry, the 13th Five-Year Plan encourages the development of green mobility alternatives such as hybrid and electric vehicles.
Further, in May 2020, researchers at Penn State and two universities in China announced a new supercapacitor based on manganese oxide that could combine batteries’ storage capacity with the high power and fast charging of other supercapacitors. The group compared their supercapacitor to others with higher energy density and power. They believe that their material can be used in electric vehicles by scaling up lateral dimensions and thickness.
Additionally, transportation is one of the important infrastructures that has supported the Japanese economy and has evolved along with other industries’ growth. Additionally, Japan is on the road toward electric vehicles. The biggest motor vehicle company in the country, Toyota, partnered with another player, Mazda, to develop electric vehicle technologies for electric cars, including mini-vehicles, passenger cars, SUVs, and light trucks. This caters to the demand of supercapacitors.
The Japanese government has aimed to have all new cars sold in Japan be electric or hybrid vehicles by 2050. The country plans to offer subsidies to accelerate the private-sector development of batteries and motors for an electricity-powered vehicle. Furthermore, Japanese bus and truck makers are focusing more on electric vehicles production, as the government is pushing for reducing greenhouse gas emissions from vehicles. For instance, Hino Motors Ltd launched its first model of a diesel-electric hybrid truck.
Utility companies in Japan are adopting smart electricity meters. The Japanese government has moved its focus to demand-side management, with a greater emphasis on energy security and resiliency via smart grid and energy-saving technologies. Tokyo Electric Power (TEPCO), Japan’s largest power utility, expects to have 29 million smart meters installed in 2020. The country estimates to have about 80 million units to be deployed by 2024, a target that was brought forward for eight years from the original plan. Hence, the growing applications of supercapacitors in such areas are expected to drive the market.
Japan also employs large supercapacitors as the 4 MW systems are installed in commercial buildings to reduce grid consumption at peak demand times and ease loading. Other applications start backup generators during power outages and provide power until the switch-over is stabilized. However, According to International Energy Agency (IEA), the sales volume of battery electric vehicles in Japan amounted to 14.6 thousand units in 2020, displaying a strong decrease over from 2018. All the above trends are expected to restraint the market’s growth of BEV for some period.

Competitive Landscape

The Global Supercapacitors Market is moderately competitive and consists of several major players. The market has long-standing established players who have made significant investments. A few major players currently dominate the market in terms of market share. With a prominent share in the market, these major players focus on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and profitability. Key players are Eaton Corporation PLC, Maxwell Technologies Inc. (Tesla Inc.), and others. Recent developments in the market are –

November 2021 – Xtel Wireless, the independent development business and leader in IoT product development, chose the ultra-thin CAP-XX DMF470 supercap for its Smart Batteries, according to CAP-XX Limited. Xtel reportedly chose the CAP-XX supercapacitors because of their tiny form factor and low ESR, which enables the battery pack to communicate diagnostic data for troubleshooting and battery maintenance wirelessly.
September 2021 – Skeleton Technologies Inc. announced plans to add new supercapacitors and modules to its portfolio, with the SkelCap SCX5000 cell, SkelMod 162V 92F module, and SkelMod 54V 277F module. The new supercapacitors represent a significant increase in energy density that enables customers to increase the application lifetime.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06221851/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

__________________________