PUBLISHER: The Business Research Company | PRODUCT CODE: 1425551
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425551
HVDC Capacitor Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hvdc capacitor market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hvdc capacitor? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hvdc capacitor market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
High voltage direct current (HVDC) capacitors are passive electronic components designed for high voltage applications, serving the purpose of storing charge and energy. These capacitors play a crucial role in providing reliable reactive power to enhance the performance, quality, and efficiency of high voltage systems.
The primary types of HVDC capacitors include plastic film capacitors, ceramic capacitors, aluminum electrolytic capacitors, tantalum wet capacitors, and others. Ceramic capacitors specifically utilize a ceramic material as the dielectric, contributing to their electrical properties. HVDC capacitors are deployed in various installation types such as open rack capacitor banks, enclosed rack capacitor banks, and pole-mounted capacitor banks. These capacitors find applications across different sectors, including commercial, industrial, energy and power, defense, and others.
The HVDC capacitor market research report is one of a series of new reports from The Business Research Company that provides HVDC capacitor market statistics, including HVDC capacitor industry global market size, regional shares, competitors with an HVDC capacitor market share, detailed HVDC capacitor market segments, market trends and opportunities, and any further data you may need to thrive in the HVDC capacitor industry. This HVDC capacitor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hvdc capacitor market size has grown rapidly in recent years. It will grow from $4.79 billion in 2023 to $5.54 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth observed in the historical period can be attributed to energy efficiency regulations, demand from the utility and industrial sectors, government initiatives and investments, the interconnection of grids, and the impact of urbanization on electricity demand.
The hvdc capacitor market size is expected to see rapid growth in the next few years. It will grow to $9.64 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The anticipated growth in the forecast period can be ascribed to the expansion of HVDC transmission systems, the increasing growth of renewable energy sources, grid modernization initiatives, the rising trends of urbanization and electricity demand, and ongoing innovation in capacitor design. Prominent trends expected in this period include the integration of energy storage solutions, advancements in HVDC technologies, the interconnection of regional grids, government initiatives and investments in the sector, and a heightened focus on ensuring grid stability and efficiency.
The HVDC capacitors market is poised for growth due to the increasing global demand for electricity. As a fundamental form of energy, electricity consumption has witnessed a significant rise, driven by various sectors. High Voltage Direct Current (HVDC) systems utilize power capacitors with high-current capability to maintain stable voltage during the long-distance transmission of electricity in HV grids. For instance, in the UK, electricity consumption surged by 11% in June 2022, as reported by the Department for Business, Energy and Industrial Strategy. Similarly, in India, electricity generation for the fiscal year 2021-22 increased by 7.96%, with a subsequent rise in demand in fiscal year 2022-23. This escalating demand for electricity is a key driver propelling the growth of the HVDC capacitors market.
The HVDC capacitor market is experiencing significant growth owing to the increased adoption of renewable energy sources. Renewable energy, derived from natural sources like wind and solar, is being integrated into power grids using HVDC transmission systems. HVDC systems offer advantages such as reduced transmission loss compared to AC overhead lines, making them an attractive choice for long-distance power transmission. The International Energy Agency forecasts a substantial global growth of 2400 gigawatts in renewable power capacity from 2022 to 2027. This surge in renewables is expected to surpass coal and become the largest source of global electricity by early 2025. Consequently, the HVDC capacitor market is expected to benefit from the ongoing shift toward renewable energy.
Product innovation is a key trend in the HVDC capacitor market, with major companies focusing on the development of new products to enhance their market position. An example is the Vishay Polytech T50 series capacitors launched by Vishay Intertechnology in November 2021. These capacitor chips, molded with vPolyTan™ surface-mount polymer tantalum, demonstrate unique capabilities such as withstanding temperature humidity bias (THB) testing and operating effectively under high temperatures. The introduction of such innovative products contributes to the overall advancement and competitiveness of the HVDC capacitor market.
Major companies in the HVDC capacitor market are entering strategic partnerships and collaborations to strengthen their positions. In November 2022, Hitachi Energy, a Switzerland-based energy solutions company, partnered with Equinor, a Norway-based energy company. The collaboration aims to accelerate the energy transition by providing standardized base designs for HVDC and AC transmission networks. These networks link Equinor's production facilities and offshore wind farms to mainland power grids, contributing to a more sustainable, flexible, and secure energy system. Collaborations of this nature are instrumental in advancing technology and fostering growth within the HVDC capacitor market.
In February 2023, Mitsubishi Electric Corporation, a renowned Japan-based electronics and electrical equipment company, successfully acquired Scibreak AB for an undisclosed sum. This strategic move is geared towards enhancing the competitiveness of Mitsubishi's unified business. The focus is on collaborating closely to develop DCCB (Direct Current Circuit Breaker) technologies for high-voltage direct current (HVDC) systems. The aim is to support the growing global deployment of renewable energy. Scibreak AB, the acquired company, is based in Sweden and is recognized for its expertise in manufacturing high-voltage, fast-acting circuit breakers.
Major companies operating in the hvdc capacitor market report are Hitachi Energy Ltd., General Electric Company, TDK Corporation, Eaton Corporation PLC, Kyocera Corporation, Yageo Corporation, Vishay Intertechnology Inc., General Atomics, Lifasa - International Capacitors S.A, ELECTRONICON Kondensatoren GmbH, Siemens AG, Maxwell Technologies Inc., Samwha Capacitor Group, Shanghai Siyuan Electric Co. Ltd., Murata Manufacturing Co. Ltd., Zhejiang Huizhong Industrial Trading Co. Ltd., ABB Ltd., RTDS Technologies Inc., API Capacitors, Illinois Capacitor Inc., Aerovox Corp., Panasonic Corporation, Taiyo Yuden Co.Ltd., Nichicon Corporation, Cornell Dubilier Electronics Inc., AVX Corporation, HVP High Voltage Products GmbH, ZEZ SILKO Czech Republic, KEMET Corporation, and Sieyuan Electric Co. Ltd.
North America was the largest region in the HVDC capacitor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hvdc capacitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the hvdc capacitor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The HVDC capacitor market consists of sales of monopolar HVDC transmission systems, bipolar HVDC transmission systems, homopolar HVDC transmission systems, back-to-back coupling systems, and multi-terminal HVDC systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.