The global Supercapacitors market was valued at USD 834.33 million in 2019, and it is expected to reach USD 2663.7 million by 2025, registering a CAGR of 21.8%, during the period of 2020-2025
NEW YORK, March 3, 2020 /PRNewswire/ --
The global Supercapacitors market was valued at USD 834.33 million in 2019, and it is expected to reach USD 2663.7 million by 2025, registering a CAGR of 21.8%, during the period of 2020-2025. With the ability of quick charging and temperature stability, supercapacitors are replacing traditional electric car batteries. Additionally, supercapacitors are flexible than normal batteries, and high demand for stable power supply for applications, such as GPS, portable media players, laptops, mobile devices, etc., is an emerging trend in the market.
Read the full report: https://www.reportlinker.com/p05826241/?utm_source=PRN
- Increasing demand for renewable energy solutions is driving the market. The supercapacitor is an emerging technology for various energy storage systems, as it can offer higher power density than batteries and higher energy density over traditional capacitors. Solar PV panels and solar lighting are potential areas where supercapacitors are growing. In general, solar panels are used in both modes, online as well as offline, for which supercapacitors are reliable options. With a conservative forecast of 40% penetration of supercapacitors by 2020, the demand in this sector is estimated to touch around 416,000 units.
- Increasing production of supercapacitor-based vehicles owing to environmental concerns is driving the market. Climate change and greenhouse gases have proven to be global menaces, which affect crop cycles, weather systems, and entire ecosystems. With environment-friendliness being a priority, there is heightened awareness among the users of energy storage equipment about minimizing emissions. Major technology companies are pacing up their efforts to reduce greenhouse gas emissions, indicating market growth for alternative energy technologies. Among all energy storage devices, supercapacitors cause the least environmental damage. All materials used in an electrochemical double-layer capacitor are made of some form of readily biodegradable carbon.
- Higher costs associated with the products is restraining the market to grow. The comparison between a supercapacitor and a traditional battery begins with the price. Although the two technologies are not entirely comparable, end-users expect the price of a supercapacitor to be at par with that of a lead-acid battery to consider it as an economically viable technology. High power density results in a niche application base for the technology. Supercapacitors have, therefore, failed to achieve the kind of economies of scale, necessary for a drastic reduction in price.
Key Market Trends
Utilities to Hold a Significant Share
- Utilities are one of the critical markets for supercapacitors. The global energy crisis is opting for renewable and lasting energy sources, which may eventually replace fossil fuels. Supercapacitors/ultracapacitors are an important part of the solution to store and recycle energy. These systems have the unique ability to temporarily store a large amount of energy provided by the cyclical nature of wind, solar, and wave type systems.
- Their applications, like generator bridging, ramping and regulation, primary frequency response, and voltage sag mitigation, are also providing a grid or microgrid monitoring and stabilization.
- In September 2018, Maxwell Technologies announced a grid energy storage subsystem design-in with Siemens, to deliver economical, fast-responding, long-life grid voltage and frequency support solutions.
- According to US Energy Storage Monitor Utility, scale energy storage is a nascent, but rapidly growing market and is expected to reach over USD 1 billion by 2020, in the United States alone; hence, offering a massive market to target for supercapacitors.
- Supercapacitors are also gaining traction to protect CMOS logic and power electronic toys. Security alarm systems, Uninterruptible Power Supply (UPS) systems, and solar power are other typical applications.
- Moreover, the Federal Council of Germany permitted the implementation of a new law to support the country's nationwide rollout of smart meters. Further, EU member states equipping 80% of their consumers with smart meters by 2020, which is one of the government laws supporting the adoption of supercapacitors.
Asia Pacific Expected to be the Fastest Growing Region
- Asia-Pacific is expected to be the fastest growth region. The automotive industry has been growing rapidly in China, and the country is playing an increasingly important role in the global automotive market. The Government of China views its automotive industry, including the auto parts sector, as one of the country's pillar industries. The Central Government of China expects that China's automobile output may reach 30 million units by 2020 and 35 million units by 2025.
- The popularity of EVs is growing around the world, and China is regarded as the dominant adopter of electric vehicles. The 13th Five-Year Plan of China promotes the development of green transportation solutions, such as hybrid and electric vehicles, for advancements in the country's transportation sector. The country is an early adopter of new technology that supports electric vehicles.
- Along with the electrification of its transport system, China is spending billions of yuans into a national high-speed railway network, subways, and bus rapid transit. The country has also helped fund Shenzhen's pursuit of better buses. According to the World Resource Institute, the city received USD 150,000 in subsidy per bus prior to 2016—more than half the cost of each one.
- Moreover in Japan, utility providers are incorporating smart electricity meters. The Japanese government has also shifted its focus to demand-side management and there is an increased emphasis on energy security and resiliency through the smart grid and energy efficiency technologies
Competitive Landscape
The supercapacitors market is competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on supercapacitor technologies to strengthen their product capabilities. Key players are Eaton Corporation PLC, Maxwell Technologies, Inc., etc. Recent developments in the market are -
- Aug 2019 - Eaton released the XLR-51 supercapacitor module that extends the XLR module family to 51.3 volts (V) and 188 farads (F). It is ideal for rugged applications with harsh environments, such as transportation, marine, grid storage, and material handling.
- Apr 2019 - Ioxus Inc. announced that the 24V uSTART battery support system is now being offered as the heavy equipment industry's only drop-in replacement product that needs no special wiring. Using two group 31 batteries in series, with one 24V uSTART in parallel, users can replace their 4D battery in heavy equipment. This ultracapacitor-based product is designed with smart power electronics to assist in starting engines up to 50 L for large off-road equipment.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05826241/?utm_source=PRN
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.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article