Supercapacitors Global Market Outlook to 2024: Growing Importance of Backup Power Drives Demand for Supercapacitors in UPS

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May 11, 2022, 05:30 ET

DUBLIN, May 11, 2022 /PRNewswire/ -- The "Supercapacitors - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Supercapacitors, also known as Ultracapacitors are gaining in prominence as an attractive alternate technology capable of overthrowing the shortfalls and performance gap of conventional batteries. Although continuous technology innovations are helping increase the safety and capability of supercapacitors, the technology is not expected to completely replace batteries which still continue to have cost and size advantages. Lithium ion batteries have higher energy densities over 20 times higher when compared to a superconductor and are capable of storing 30 times more energy than their weight. In comparison, supercapacitors have very high power density which means energy can be released rapidly in powerful bursts and can be charged quickly. Combining both the technologies into a hybrid technology is gaining in prominence.

A hybrid supercapacitor/battery configuration is considered to be an ideal solution for applications with high power demands, as they benefit from both high power density feature of supercapacitors and superior energy storage capability of battery. Supercapacitors will remain a supplementary technology to batteries and engines that run on fuels in most applications. Although standalone use of supercapacitors in automobiles is still not a widespread practice, the numerous advantages offered, such as, its ecological benignity, higher energy conservation through efficient exploitation of existing power sources, superior conductivity, and physical and chemical stability, among others, promise a robust future in store.

Nevertheless, complete replacement will be seen in certain applications such as offshore wind turbines, where the technology is aptly suited for providing short bursts of power needed to adjust turbine blades in changing wind conditions; and hybrid buses where supercapacitors can completely replace batteries given their ability to quickly capture energy from regenerative braking systems and discharge the power for ignition. In the energy industry, renewable energy sources are especially characterized by variable power supply, requiring the use of supercapacitors, which flaunt superior power density, and the ability to facilitate 'load leveling' of power, thereby ensuring stable supply of power.

The technology`s quick response time makes them highly desirable for static condenser and dynamic voltage regulator (DVR) applications, since power can be rapidly absorbed or injected to help reduce voltage fluctuations. Strong potential lies in store for the use of supercapacitors in renewable energy production, given the indelible mark being made by renewable energy across the globe, and ensuing spotlight being shed on environment friendly energy storage technologies. The unmet energy storage needs opens up opportunities for alternative energy storage solutions such as flywheels, fuel cell and superconducting magnetic energy storage in addition to supercapacitors. Supercapacitors especially as efficient energy storage technology aims to replace the battery technology in the long term.

Amid the COVID-19 crisis, the global market for Supercapacitors is projected to reach US$3.4 Billion by 2024, registering a CAGR of 19.3% over the analysis period. China represents the largest regional market for Supercapacitors, accounting for an estimated 22.6% share of the global total. The market is projected to reach US$1.2 Billion by the end of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 24.2% over the analysis period.

Select Competitors (Total 57 Featured) -

AVX Corp.
CAP-XX Limited
Eaton Corporation plc
ELNA
Loxus Inc.
KORCHIP
Maxwell Technologies Inc.
Nippon Chemi-Con
Panasonic
Seiko Instruments Inc.
Shanghai Aowei Technology Development Co. Ltd.
Shenzhen Topmay Electronic
TOKIN Corporation

MARKET TRENDS & DRIVERS

Growing Importance of Backup Power Drives Demand for Supercapacitors in UPS
Lost Economic Value Due to Power Outages Pushes Up the Monetary Value of Electricity Reliability & the Significance of Supercapacitors in Offering Backup Power: Value Lost Due to Electrical Outages as a % of Sales of Affected Firms
Automobile "Electronification"& Push Towards Commercializing EVs & HEVs Drive Focus on Supercapacitors
Rise of Microgrids & Increased Integration of Renewable Energy in the Energy Mix Pushes Up the Importance of Efficient Energy Storage Solutions
Supercapacitors Find Use as Resiliency Enhancers in Microgrids
Development of Newer Materials to Accelerate Commercialization of Supercapacitors
Hybridization of Combustion Engines in Heavy Industrial Machinery & Industrial Automation to Spur Adoption of Supercapacitors
Rising Renewable Energy Investments Drive Parallel Demand for Storage Solutions that Address Grid Stability & Power Quality Issues
Supercapacitors Step In to Replace Chemical Batteries in Solar Energy Infrastructure
Supercapacitors Gain Traction in Pitch Control Applications in Wind Energy Facilities
A Robust Consumer Electronics Industry Favors Complementary Integration of Supercapacitors With Batteries
Rising Demand for Consumer Electronics amid Expanding Internet User Base & Consumer Appetite for Digital Media Spells Opportunities
Smart Home: Major Opportunity for Consumer Grade Supercapacitors
Search for Superior Alternatives to Batteries Drives Applications of Supercapacitors in Medical Implants
The Rise of Electronic Wearables Brings New Foldable, Flexible Supercapacitors Into the Spotlight

For more information about this report visit https://www.researchandmarkets.com/r/v8a98g

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