Supercapacitor Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3732
Supercapacitor Market size is set to witness a positive growth trend during the forecast period 2021-2027, led by ambitious long-term renewable energy projects and continuous electrification efforts in the automotive sector. Evolving consumer expectations and the demand for more advanced electronics devices will create promising opportunities for supercapacitor production. Additionally, technological innovations will positively influence the market growth.
Supercapacitors or ultracapacitors are widely used for various energy storage applications as they offer higher power density than traditional batteries and capacitors. Energy loss is a major issue with traditional batteries which can be solved by replacing them with ultracapacitors.
Supercapacitor market share from the energy sector applications will expand substantially during the forecast timeframe, with active renewable deployment efforts across the globe. The U.S. Energy Information Administration (EIA) in its Annual Energy Outlook 2021 estimates that the share of renewable energy in US’s overall electricity generation mix will nearly double to 42% by 2050 end. Ultracapacitors are an important component of renewable systems for storing and recycling energy. They have the ability to temporarily store significantly higher amount of energy compared to traditional capacitors. The proven efficiency of supercapacitors will boost their adoption in the energy sector.
The Europe supercapacitor market will observe commendable growth between 2021 and 2027 impelled by the expansion of the automotive sector. Electric vehicles are fast gaining popularity in the region, which is one of the largest automotive producers worldwide. Continuous sustainability efforts in the auto industry are providing new opportunities to the regional manufacturers. For instance, in October 2020, Skeleton Technologies had secured a contract for supplying high-energy ultracapacitor modules to power hydrogen buses in the U.K.
European supercapacitor companies will also benefit from government investments and efforts to advance the regional production. In March 2021, for example, Skeleton had received a USD 61 million grant from Germany for automating supercapacitor production at its Grossroehrsdorf, Saxony based facility.
Maxwell Technologies, Skeleton Technologies, Panasonic Corporation, Vishay Intertechnology, Elna Ltd, Loxus INC. Kemet Co, Rubycon Corporation, Niching Corporation, and Korchip Corporation are a few notable companies manufacturing ultracapacitors worldwide. With increasing integration of supercapacitors in advanced energy storage applications, manufacturers are constantly showcasing new opportunities.
Citing a recent instance, in July 2021, Skeleton Technologies had bagged a contract with CAF Power and Automation to supply supercapacitors to be integrated into CAF’s onboard energy storage systems (OESS) for trams.
Impact of COVID-19 crisis on supercapacitor market demand
Market has registered slight disruption due to the COVID-19 pandemic, initially during the first few months, owing to strict government measures to prevent the spread of infections. As per regulatory measures, manufacturing activities in key industry verticals including automotive and electronics were shut down temporarily. The pandemic also led to a decline in the demand for consumer electronics and automotive sales. Moreover, numerous renewable projects had been brought to a halt. Combinedly, these factors had resulted in a weakened demand for supercapacitors. The global economic slowdown has also caused several challenges for the industry.
The impact of the COVID-19 pandemic on the market, however, is expected to be temporary. The revival of automotive, electronics, and energy sectors will create a favorable growth outlook for the industry over the coming years.
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