Ultracapacitor Energy Storage: Introduction
- In ultracapacitor energy storage, ultracapacitor, also called super capacitor, is used to deliver quick bursts of energy at the time of peak power demands. It quickly stores energy and captures excess power that could be otherwise lost.
- Ultracapacitor energy storage systems are deployed as stand-alone assets or integrated with batteries to provide quick real time frequency, power firming, voltage, and smoothing of power
- Ultracapacitor energy storage is used to complement a primary energy source, as it is not possible for the conventional energy storage system to repeatedly provide quick bursts of power for specific application
- Ultracapacitor energy storage devices meet the ever increasing pulsed power and transient loads and also provide the highest level of reliability in supporting a number of utility microgrids such as industrial and commercial microgrids.
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Key Drivers of Global Ultracapacitor Energy Storage Market
- Key drivers of the global market for ultracapacitor energy storage include increase in usage of smart grid services, aging electricity grid infrastructure, and rise in need for digitization of the power sector
- Developing economies need to offer reliable access to electricity in remote areas. Traditional centralized grids are not capable of providing cost-effective basic electricity supply to underserved areas in a reasonable amount of time. Remote and distributed power systems have the potential to supply electricity across the world. Hence, deployment of ultracapacitor energy storage systems is anticipated to boost the market in developing economies across the world during the forecast period.
- Growth in concerns about emissions of CO2 and greenhouse gases across the world has led to substantial investments in renewable energy generation. Ultracapacitor energy storage is largely used for storage of renewable energy. Thus, the technological shift toward renewable electricity generation is estimated to promote the ultracapacitor energy storage market during the forecast period.
- Rise in awareness about energy conservation is also estimated to boost the global ultracapacitor energy storage market during the forecast period
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Restraints of Global Ultracapacitor Energy Storage Market
- Lack of awareness among developing economies about the utility of ultracapacitor energy storage to reduce energy costs is a key restraint of the global market. Most companies are not fully aware of the costing structure as well as benefits of ultracapacitor energy storage.
- Financing of initial cost is another challenge, as vendors are unable to provide upfront costs and equity leasing firms are reluctant to enter the marketplace
- In February 2020, Skeleton Technologies announced the launch of a 17V ultracapacitor module for wind turbine pitch control. The company also revealed that the ‘SkelMod 17V 533F’ ultracapacitor module is the latest addition to its growing ultracapacitor product family. The module is well-suited for voltage hold applications, and has been specifically developed for wind turbine pitch control and UPS applications.
- In May 2019, Tesla, Inc. announced that it had acquired Maxwell Technologies, Inc., which was involved in development and manufacture of energy storage and power delivery products
Asia Pacific to Hold Major Share of Global Ultracapacitor Energy Storage Market
- Based on region, the global ultracapacitor energy storage can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
- Asia Pacific is expected to dominate the global ultracapacitor energy storage market between 2020 and 2030, due to advancements in the renewable energy sector in the region, especially in developing economies such as China and India. An article published by the United Nations Environment Program on total renewable energy investments in 2018 states that China leads the global investment in renewable energy (US$ 91.2 Bn) and that investments in the country are anticipated to increase further, with a larger number of renewable energy projects planned during the forecast period.
- The ultracapacitor energy storage market in Europe is expected to expand rapidly during the forecast period, owing to use of large numbers of hybrid electric vehicles (HEVs) and electric vehicles (EVs) in the region. The total investment in the renewable energy sector in the region was valued at US$ 61.2 Bn in 2018.
- North America is likely to hold vital share of the global ultracapacitor energy storage market from 2020 to 2030, owing to high electricity consumption, stringent federal policy directives and regulations concerning greenhouse gas emissions, rising energy costs, and increasing awareness about benefits of ultracapacitor energy storage in the region
Key Players Operating in Global Market
Major players operating in the global ultracapacitor energy storage market are:
- Skeleton Technologies
- Tesla Inc.
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