Home > Pressrelease > Supercapacitor Market size to cross $5 Bn by 2027
Supercapacitor Market size to cross $5 Bn by 2027
- Published Date: January 3, 2022
Supercapacitor Market size is set to exceed USD 5 billion by 2027, according to a new research report by Global Market Insights Inc.
The industry growth is credited to the rising adoption in smart home technology products globally. The smart home products are expected to generate a revenue of USD 15 billion in the U.S. with a y-o-y growth rate of 11% compared to 2020. Adding to this, the proliferation of IoT and AI-based smart home technology products are anticipated to support the market progression during the forecast period.
High technical issues, such as low energy density and large footprint associated with supercapacitor, is a major factor limiting the market expansion. Manufacturers are facing high initial costs for raw materials and installation fees, which is reducing supercapacitor market demand. Furthermore, they have a high self-discharge rate in consumer electronic devices, hampering the growth. However, researchers are experimenting with newer raw materials, such as graphene and activated carbon compounds, which are poised to lower the impact.
Technological advancements in hybrid supercapacitor technology
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The hybrid capacitor type segment held 25% of the market share in 2020 and is predicted to observe 17% growth rate through 2027. The supercapacitor market growth is driven by the numerous advantages offered such as high energy density, high voltage, and quick charge capacity. Several researchers are engaged in technological advancements to strengthen the performance of super and ultracapacitors.
Browse key industry insights spread across 250 pages with 215 market data tables and 30 figures & charts from the report, “Supercapacitor Market Size By Type (Electrostatic Double-Layer Capacitor (EDLC), Pseudo-Capacitor, Hybrid Capacitor), By Electrode Material (Carbon-based Supercapacitor, Metal Oxide-based Supercapacitor, Conducting Polymer-based Supercapacitor, Composite-based Supercapacitor), By Application (Consumer Electronics & Home Appliances, Automotive & Transportation, Energy & Utilities, Industrial, Aerospace & Defense), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising acceptance of metal oxide-based supercapacitor in EV batteries and fast charging stations
The metal oxide-electrode material segment accounted for 25% of supercapacitor market revenue share in 2020 and is estimated to attain CAGR of more than 18% till 2027. The growth is attributed to certain high-end features offered such as high energy, improved conductivity, peak electricity resistance, and low-cost installation compared to polymer and carbon-based devices. These features have prompted EV battery manufacturers to incorporate metal-oxide capacitors in order to maintain power density and ensure the safety of electronic systems in electric vehicles and charging stations.
Growing demand for safe and undisturbed power supply in power grids
Energy & utilities segment valued at USD 500 million revenue in 2020 and is projected to register 18% gains through 2027. The growth is propelled by rising usage in microgrid energy storage devices for safe and undisturbed power supply. The integration of supercapacitor into microgrids offers different advantages such as smooth power transition, high peak handling, improved power quality, and high electricity capacitance. Several major grid system manufacturers are integrating super-capacitors to improve the power density and performance of their devices.
Favorable government investments to support the technological advancement in North America
North America supercapacitor market is poised to expand at 14% growth rate during 2021 to 2027 due to the rising government initiatives to support the regional aerospace sector. These initiatives are aiming to fund the green energy and aviation projects for long-term sustainable development. Also, the growing integration of super-capacitors into intelligent storage devices to deliver high peak current in aviation ignition systems, separation systems, and actuators will further boost the industry demand in the region.
Key players operating in the market include SPEL Technologies Private Limited, Supreme Power Solutions, Vishay Intertechnology, Inc., Würth Elektronik GmbH & Co. KG, TDK Corporation, TAIYO YUDEN CO., Ltd. These companies are constantly engaged in new strategies such as new product launch in order to expand their product offerings and meet the high demand.