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Global Supercapacitors Market Trajectory & Analytics Report 2022: Search for Efficient Energy Storage Solutions Beyond the Conventional Battery Brings Supercapacitors into the Spotlight
Research and Markets
5 min read
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Dublin, May 09, 2022 (GLOBE NEWSWIRE) -- The "Supercapacitors - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Supercapacitors is projected to reach US$3.4 Billion by 2024, registering a compounded annual growth rate (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.

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. Years of refining technology innovation have helped supercapacitors progress steadily towards achieving successful commercialization in key end-use industries, such as, energy, automobiles, medical devices and consumer electronics.

This alternative energy storage technology which was hitherto bogged down by a high cost structure and complexities in manufacturing, today stands at the vanguard of an era of practical usage.

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 - for example electric vehicles that need short bursts of power for acceleration. 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.

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