New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global high voltage capacitors market size is projected to expand at ~ 8% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022. As the global population continues to grow, so does the demand for energy. According to the International Energy Agency (IEA), the world's energy needs are expected to increase by 50% over the next 20 years. This surge in demand is being driven by developing countries such as China and India, which are experiencing rapid economic growth and urbanization. To meet this growing demand, the energy industry is turning to High Voltage Capacitors. These capacitors are essential components in energy storage systems and power transmission networks. They help to improve power quality and stability, reduce energy losses, and increase efficiency.
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High Voltage Capacitors Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Automotive segment to garner the highest growth
- Market in North America to grow at a significant rate
Rising Popularity of Renewable Energy Sources to Boost Market Growth
Renewable energy sources such as solar, wind and hydroelectric power are becoming increasingly popular due to their environmental benefits. In the year 2022, the global production of renewable energy from sources, like solar power, wind power, hydroelectricity, geothermal energy and ocean energy experienced an increase of nearly 8%. However, these sources of energy require high voltage capacitors to store and regulate the energy they produce.
For instance, solar panels generate DC electricity which needs to be converted to AC before it can be used in homes and businesses. High voltage capacitors are used to regulate the flow of energy and ensure that it is delivered at a consistent rate. Similarly, wind turbines generate electricity intermittently and require high voltage capacitors to store the excess energy for later use.
High Voltage Capacitors Market: Regional Overview
The global high voltage capacitors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Large Number Of Large-Scale Infrastructure Projects to Drive the Growth in the Asia Pacific Region
The high voltage capacitors market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is attributed to growing investments in infrastructure, smart grids, and telecommunication networks, coupled with the presence of a large number of large-scale infrastructure projects. The region is home to a large number of large-scale infrastructure projects, such as the construction of new power plants and transmission lines, which require high-voltage capacitors. For instance, In December 2020 Eaton made an[R3] announcement stating their commitment to assist the State Grid Corporation of China (SGCC) in incorporating renewable energy into their grid. They played a role in advancing the Qinghai Henan ultra high voltage direct current (UHV) project by promptly delivering and commissioning capacitors. This project once finished is anticipated to become the UHV transmission system globally designed specifically for transmitting clean energy outwardly.
The Increasing Need For Energy Storage Solutions to Drive the Growth in the North America Region
The North America high voltage capacitors market is estimated to garner the largest revenue by the end of 2035. This growth is primarily attributed to the increasing need for energy storage solutions, as electric vehicles and renewable energy are becoming more popular in the region. Additionally, the growth of manufacturers in this region has been significantly boosted by acquisitions and mergers. A notable[R4] example is the acquisition of NWLs high voltage capacitor production systems by Cornell Dubilier Electronics, an US-based manufacturer known for their top-notch capacitors. This strategic move allows Cornell Dubilier to enhance its capabilities, in producing custom capacitors that cater to end users.
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High Voltage Capacitors Segmentation by Type
- Ceramic Capacitors
- Film Capacitors
The film capacitors segment is anticipated to hold the largest revenue by the end of 2035. As renewable energy sources become more popular, the demand for energy storage and power conversion systems also increases. Film capacitors are key components of these systems and are expected to see significant growth in the coming years. Moreover, the increasing demand for miniaturization of electronic components and the increasing prevalence of electric vehicles is also expected to drive film capacitor demand. The downsizing of devices, like MOSFETs[R5] , also known as miniaturization has played a role, in enhancing performance and reducing costs. Nowadays we can find SD cards with a capacity of 1 terabit (or 128 gigabytes) made up of semiconductor memories at an affordable price.
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High Voltage Capacitors Segmentation by End User
- Electronics
- Automotive
- Industrial
The automotive segment is anticipated to hold the largest revenue by the end of 2035. As more and more electric vehicles enter the market, the need for high-voltage capacitors has increased due to the increased power demand of electric motors. According to a report, from the International Energy Agency[R6] (IEA) the worldwide number of cars, on the roads exceeded 10 million in the year 2020. Moreover, as electric vehicles become more popular, they require more charging infrastructure, and high-voltage capacitors are an essential component of this infrastructure. They are essential for power management and DC-to-DC conversion, and they provide a more efficient and cost-effective way to charge electric vehicles.
A few of the well-known market leaders in the global high voltage capacitors market that are profiled by Research Nester are ABB Ltd., Siemens AG, TDK Corporation, Vishay Intertechnology, Inc., AVX Corporation, Maxwell Technologies, Inc., Murata Manufacturing Co., Ltd., Panasonic Corporation, EPCOS AG, Cornell Dubilier Electron, and other key market players.
Recent Development in the Market
- Siemens AG and Siemens Energy AG have recently joined forces to collaborate on the development and commercialization of hydrogen systems. The primary objective of this partnership is to contribute towards the decarbonization initiatives across industries. Together they aim to offer solutions that will facilitate the production, storage and distribution of environmentally friendly green hydrogen.
- Vishay Intertechnology revealed its expanded range of FRED Pt Ultrafast recovery rectifiers. As part of this expansion they introduced 15 devices with a voltage rating of 100 V, in the eSMP series SlimSMAW DO221AD package. These advanced rectifiers have been specifically engineered to provide reliability and efficiency for a wide range of automotive and commercial applications.
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