The supercapacitor market size is anticipated to record a valuation of USD 5 billion by 2027, according to a recent study by Global Market Insights. The market growth is attributed to growing demand for electric trucks for transportation in the logistics sector.
The use of supercapacitor in electric vehicles assists manufacturers in achieving price parity in comparison to conventional diesel vehicles. Several market participants are focusing on integrating supercapacitors by replacing large batteries in electric trucks to reduce the overall purchase price of the vehicle.
The pseudo-capacitor segment held 5 % of the supercapacitor market share in 2020 and is projected to witness 10.5 % growth rate through 2027. The industry growth is credited to technological advancements in raw materials used for manufacturing pseudo capacitors. Several companies and educational institutes are focusing on developing high performing supercapacitor materials to address the high market demand.
The conducting polymer-based supercapacitor is poised to expand at more than 12.5 % CAGR till 2027 led by the several benefits offered such as precise conductivity, high capacitance, easy fabrication and low-cost development. These characteristics enable its incorporation in several medical applications such as MRI power and CT scan power quality management. Furthermore, market participants are focusing on developing efficient supercapacitor polymer materials for healthcare medical devices.
The industrial application segment in the supercapacitor market is estimated to attain a CAGR of 12 % during 2021 to 2027. Increased government efforts to promote Industry 4.0 trends for industrial automation and control systems are driving the market expansion. For example, in October 2021, the Saudi Arabia Ministry of Industry and Mineral Resources announced a plan to digitalize 4,000 factories in the region over the next five years. These factories will be retrofitted with automatic guided vehicles, off-grid facilities, and smart auxiliary power systems, among others. This industrial equipment will be integrated with supercapacitors to achieve advantages such as low-cost, maintenance-free, long-term service, etc., propelling the market progression even further.
Europe supercapacitor market is anticipated to grow at a CAGR of over 12 % by 2027 on account of the favorable initiatives taken by government authorities to deploy high-performance supercapacitors in aerospace applications. For instance, in November 2020, The European Space Agency in collaboration with Airbus Defense and Space is developing and testing supercapacitors to be used in space missions. This technology will be used in high-powered satellite radar systems to stabilize the overall onboard power during solar eclipses.
Some of the major companies operating in the market are Nippon Chemi-Con Corporation, Panasonic Corporation, Seattle Electronics Manufacturing Shenzhen, and Shanghai Aowei Technology Development. Several leaders are continually developing new approaches to expand their product offerings and address the industry's high demand such as market expansion through collaborations, mergers, and acquisitions.
Some major findings of the supercapacitor market report include:
- Rising adoption of Electric Vehicles (EVs) is expected to increase the demand for supercapacitors for integration into battery management systems. These capacitors are integrated with regenerative braking systems to recharge and store energy in car batteries, thus supporting the industry expansion.
- The expansion of government initiatives and policies that aim to boost consumer electronics manufacturing will fuel the supercapacitor market value. The rising demand for high battery storage capacity in smartphones and portable devices is fostering the acceptance of supercapacitors in the industry.
- The COVID-19 pandemic had a major influence on supercapacitor manufacturers, leading to the closure of multiple plants, supply chain problems, and international trade obstacles. Additionally, increased energy consumption in households due to the work from home trend is impelling the usage of supercapacitor-powered Uninterruptible Power Source (UPS) systems, accelerating the supercapacitor manufacturers' market potential.
- The North America market is expected to showcase a significant revenue share owing to rising demand for advanced healthcare equipment manufacturing in the region. Whereas in Asia Pacific, rising government initiatives to promote the renewable energy generation have further supported the industry demand.
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