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. Supercapacitors, double-layered capacitors, or ultracapacitors, are electronic devices with a comparatively higher capacitance value and lower voltage ranges. These energy storage devices are capable of bridging the gap between traditional capacitors and batteries.
Furthermore, their ability to store more energy than typical capacitors and produce more power than standard batteries, coupled with long-term stability and high cyclability, makes them appealing as energy storage devices. Owing to such attributes, they are found in diverse applications, either as an autonomous energy source or in combination with other energy storage devices like batteries. In particular, supercapacitors are commonly found in applications with fluctuating loads, such as portable media players, PDAs, GPS, and laptops.
They are also being used in microgrids to store energy in reverse conditions while quickly injecting power whenever demand is high, and production is low in the grids. Furthermore, they are also found in energy harvesting solutions, automotive segments, aerospace, and industrial segments. The growth in demand for supercapacitors in the aforementioned industries is expected to add impetus to the growth of the supercapacitor market.
The increase in electric automobile production is expected to increase the demand for supercapacitors in the projected period.
One of the most awaited innovations of the century is cost-effective, long-range, efficient electric vehicles. Power storage is arguably the most crucial component of an electric vehicle, with the tremendous potential to enable electric vehicles to outperform internal combustion engine vehicles. Supercapacitors are commonly used to deal with the storage issues of typical batteries. A supercapacitor’s high-power density enables it to quickly charge or discharge a large amount of power without compromising its potential to sequester energy.
This makes supercapacitors advantageous in scenarios where a large amount of power must be supplied or captured in a short period of time, such as acceleration and regenerative braking, where supercapacitors capture the kinetic energy from deceleration that is normally dissipated as heat. As a result, supercapacitors are frequently used in hybrid vehicles like the Toyota FCHV and Lamborghini Sian. Several other automobile manufacturers are employing supercapacitors in their offering, owing to these appealing features.
For instance, in India, Omega Selki Pvt Ltd and Log 9 materials entered into a strategic partnership and launched a Rage+ Rapid EV in November 2021. With the latter’s expertise in supercapacitor technology, this battery’s performance is superior to that of typical EV batters. With this launch, the former is set to revolutionize the Indian EV market. Furthermore, according to Volkswagen’s forecast in its 2021 Annual Report, the global market share of electric vehicles is expected to reach 50% by 2030. The growing number of renewable projects in recent years is yet another growth factor fuelling the expansion of market size.
The growing awareness of environmental sustainability, as well as numerous initiatives undertaken by governments and businesses, has resulted in an increase in the number of renewable projects. For instance, in March 2022, the state-run PGCIL (Power Grid Corporation of India) announced the approval of 5 power-grid projects worth 821 crores to strengthen the transmission system across multiple Indian states. While in East Asia, in November 2021, China Southern Power Grid, the country’s major power grid, declared its intention to invest US$ 105 billion in grid network construction in the period 2021-2025 to boost renewable power consumption and power stability.