According to estimates, the value of the worldwide market for high voltage capacitors will be US$ 18.2 billion in 2023 and US$ 41.5 billion in 2033. Over the course of the projection period, high voltage capacitor sales are expected to increase overall at a rate of 8.6% CAGR.
It is anticipated that plastic will continue to be a widely favored dielectric material for high voltage capacitors. This is because plastic capacitors are becoming more and more popular, along with its many advantages. Based on the most recent study, the plastics market is expected to grow at a compound annual growth rate of 8.4% from 2023 to 2033.
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Several factors are expected to stimulate growth in the high voltage capacitors market. These include rapid expansion of power generation, transmission and distribution infrastructure, industry electrification, and electric vehicle popularity.
High voltage capacitors are passive electronic components designed to handle and store electrical energy at high voltage ranges. These capacitors are used in several applications requiring high voltage. For instance, they find applications in electrical systems and power electronics.
Rising energy demand and expansion of the renewable energy sector are anticipated to uplift demand for high voltage capacitors during the forecast period. This is due to rising usage of high voltage capacitors in renewable energy systems.
The ongoing transition towards renewable energy sources, such as wind and solar power, requires advanced power electronics and grid systems. This is expected to drive demand for high voltage capacitors for applications like energy conversion, storage, and distribution.
High voltage capacitors have also become essential for voltage regulation and filtering in HVDC systems. Hence, increasing usage of HVDC transmission systems for long-distance power transmission and interconnecting grids is expected to fuel sales of high voltage capacitors.
Another prominent factor expected to drive global high voltage demand is the electrification of industries. Industries are increasingly adopting electrification to reduce carbon emissions and improve energy efficiency. This is increasing the application of high voltage capacitors in several industrial processes, including mining and manufacturing.
Rising popularity of smart grids and consumer electronics is also anticipated to create growth prospects for the target market. As a result, the worldwide high voltage capacitors industry is set to expand 2.3X through 2033.
Key Takeaways from the High Voltage Capacitors Market Report:
- The global high voltage capacitors industry is set to reach US$ 41.5 billion by 2033.
- By dielectric material, plastic segment is forecast to thrive at 8.4% CAGR through 2033.
- Based on application, power generation segment is expected to progress at 8.2% CAGR through 2033.
- Sales revenue in the United States is anticipated to reach US$ 7.5 billion by 2033.
- Japan market is expected to total US$ 3.7 billion by 2033.
- South Korea industry predicted to expand at 9.1% CAGR between 2023 and 2033.
- China is expected to total around US$ 6.3 billion by 2033.
- The United Kingdom market is forecast to exhibit a CAGR of 7.8% through 2033.
“Expansion of the power generation, transmission, and distribution infrastructure is anticipated to create growth prospects for the high voltage capacitors market. To gain maximum profit, key players are upgrading their product portfolios to meet end-use industry requirements.” – opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
Who is Winning?
ABB Ltd., AVX CORPORATION, Crompton Greaves Ltd., Arteche, HSP Steering’s-und Anlagentechnik GmbH, Iris Power, LP, ISOFARAD Ltd., KONCAR Group, PRESCO AG, Trench Austria GmbH, and SIEMENS AG are a handful of the leading high voltage capacitor manufacturers profiled in the report.
These key high voltage capacitor companies are adopting strategies such as new product launches, partnerships, alliances, facility expansions, collaborations, mergers, and acquisitions to stay ahead of the competition.
Recent Developments in High Voltage Capacitors Market:
- In March 2020, AVX Corporation was acquired by Kyocera Corporation.
- In December 2022, a new series of high-value high-voltage combined aluminum capacitors was launched by Vishay Intertechnology, Inc.
Restraints
Despite its promising growth, the high voltage capacitors market faces certain challenges. The industry grapples with issues such as stringent regulatory standards and environmental concerns. Ensuring compliance with evolving regulations while meeting the escalating demand for high voltage capacitors poses a significant challenge for market participants. Moreover, the global semiconductor shortage has led to supply chain disruptions, impacting production and delivery schedules.
Region-wise Insights – Category-wise Insights
Regional variations in demand and category preferences play a crucial role in shaping the high voltage capacitors market. Market research indicates that Asia-Pacific is poised to dominate the market, owing to the rapid expansion of industries and infrastructure in the region. Additionally, within the market categories, ceramic high voltage capacitors are witnessing significant adoption due to their reliability and efficiency, particularly in the electronics sector.
Segmentation in High Voltage Capacitors Market Research Report
High Voltage Capacitors Market by Dielectric Material:
- Plastic
- Aluminum Electrolytic
- Ceramic
- Other Dielectric Materials
High Voltage Capacitors Market by Application:
- Power Generation
- Transmission
- Distribution
- Other Applications
High Voltage Capacitors Market by Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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