High Voltage Capacitors Market Set for Remarkable Growth, Driven by Increasing Demand in Power Generation and Global Expansion
NEWARK, Del, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The global high voltage capacitors market value is estimated to reach US$ 18.2 billion in 2023 and US$ 41.5 billion by 2033. Overall sales of high voltage capacitors are forecast to rise at 8.6% CAGR during the forecast period.
Plastic is expected to remain a highly preferred dielectric material in high voltage capacitors. This is due to its several benefits and the growing popularity of plastic capacitors. As per the latest analysis, the plastic segment is set to expand at 8.4% CAGR between 2023 and 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.
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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.
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:
Other Dielectric Materials
High Voltage Capacitors Market by Application:
High Voltage Capacitors Market by Region:
South Asia and Pacific
Middle East and Africa
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Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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