Ultracapacitor Energy Storage: Introduction
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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.
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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
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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
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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.
Key
Drivers of Global Ultracapacitor Energy Storage Market
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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
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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.
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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.
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Rise in awareness about energy conservation is also estimated to
boost the global ultracapacitor energy storage market during the forecast
period
Restraints
of Global Ultracapacitor Energy Storage Market
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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.
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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
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Major Developments
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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.
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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
More Trending Reports
Asia Pacific to Hold Major Share of Global Ultracapacitor Energy
Storage Market
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Based on region, the global ultracapacitor energy storage can be
classified into North America, Asia Pacific, Europe, Latin America, and Middle
East & Africa.
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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.
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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.
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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
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Key Players Operating in Global Market
Major
players operating in the global ultracapacitor energy storage market are:
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Skeleton Technologies
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Tesla Inc.
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Others
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