HVDC Capacitor Market by Product Type (Ceramic Capacitors, Plastic Film Capacitors), Technology, Installation Type (Open Rack Capacitor Banks, Enclosed Rack Capacitor Banks), Application (Industrial, Commercial) and Region - Global Forecast to 2031
[244 Pages Report] The HVDC capacitor market is projected to grow from USD 6.4 billion in 2023 to USD 17.9 billion by 2031; it is expected to grow at a CAGR of 13.8% from 2023 to 2031. The factors driving the growth of the HVDC capacitor market include the increasing use of capacitors in commercial, industrial, aerospace and defense, and energy and power applications.
HVDC Capacitor Market Forecast to 2031
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HVDC Capacitor Market Dynamics
Rising demand for HVDC transmission systems
HVDC transmission systems are widely adopted by various industries, including aerospace & defense and energy & power, as an alternative for high-voltage alternating current (HVAC) systems for long-distance power transmission. HVDC transmission systems require fewer transmission lines, due to which they have a lower impact on the environment than HVAC systems. Also, they need less space for transmitting the same amount of energy. HVDC transmission systems help reduce transmission loss by 30–50% compared to AC overhead lines. An HVDC capacitor is among the core component of the HVDC transmission system. It plays a significant role in converting AC to DC, transporting power between HVDC converter stations, and changing DC back to AC so that electricity can be fed into the power grid. They help maintain voltage stability, improve power quality, and control power flow instantly. They also decrease the possibility of short-circuiting current by swiftly managing the power flow in the transmission lines.
Restraint: Hazardous effects of HV capacitors on humans and the environment
HV capacitors may catastrophically fail when subjected to voltages or currents beyond their rating or reaching their normal end of life. They may store hazardous energy even after the equipment has been de-energized and build a dangerous residual charge without an external source. The liquid dielectric in several capacitors, or its combustion products, may be toxic. An arc fault is generated when dielectric or metal interconnection failures occur in HV capacitors. The dielectric fluid vaporizes within oil-filled units and results in case bulging and rupture. In some instances, an explosion can occur, dispersing the flammable oil and causing fire and damage to the neighboring equipment. In such cases, rigid-cased cylindrical glass and plastic cases are more prone to explosive rupture than rectangular cases due to an inability to expand under pressure easily.
Opportunity: Escalating demand for electric vehicles
Electric vehicles (EVs) are gaining traction globally as they are eco-friendly and an alternative to fuel-powered vehicles due to soaring oil prices. EVs comprise numerous electrical subsystems, including AC–DC conversion, DC–DC conversion, power management, and battery monitoring with a specific voltage, power, and size requirements, necessitating careful capacitor selection by designers. The electronic systems and components that have enabled the realization of various EVs have experienced a significant evolution, including the DC link power capacitor. Different HVDC capacitors, including aluminum electrolytic capacitors, film capacitors, tantalum capacitors, and ceramic capacitors, fulfill the high quality and reliability requirements of AEC-Q200 and VW AUDI 80808 standards are offered by various market players in the HVDC capacitor market. These capacitors can handle multiple voltage surges of up to twice the rated voltage without significantly decreasing the product lifespan.
Challenge: Catastrophic explosion of capacitor banks
An HVDC transmission system requires several capacitor banks connected in series and parallelly. These capacitor banks may explode catastrophically while functioning, and it is challenging to find out the exact cause of the failure of capacitor banks. One such reason for the explosion of the capacitor banks could be when the capacitor units are connected in series with inductors in the capacitor bank. When the voltage across the capacitor units exceeds the design values, the capacitor bank fails catastrophically due to inadequate voltage rating.
HVDC Capacitor Market Ecosystem
The prominent players in the HVDC capacitor market are Hitachi, Ltd. (Japan), General Electric (US), TDK Corporation (Japan), Eaton (US), KYOCERA Corporation (Japan), YAGEO Corporation (Taiwan), Vishay Intertechnology, Inc. (US). These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks.
Plastic film capacitors accounted for the largest market share during the forecast period.
HVDC plastic film capacitors are expected to capture the largest market share during the forecast period owing to the increased adoption of these capacitors in commercial, industrial, aerospace and defense, and energy and power applications. They are highly reliable due to their self-healing capability and long service life and can continue operating effectively even in high temperatures. These capacitors have several advantages, including high reliability, low failure rate, a long service life, and the ability to continue functioning efficiently even in high temperatures.
Enclosed rack capacitor banks accounted for the largest market share during the forecast period.
In 2022, enclosed rack capacitor banks captured the largest share of the HVDC capacitor market, and a similar trend is likely to be observed during the forecast period. In the HVDC capacitor market, several variables, including grid stability, load balancing, renewable energy integration, and grid modernization, might increase demand for enclosed rack capacitor banks due to lower installation and maintenance costs. Moreover, these banks require very little field assembly. They are used for reactive power compensation, power factor control, and harmonic filtering applications in commercial, industrial, and utility power systems. Thus, the increase in demand for enclosed rack capacitor banks for these applications is driving the growth of the HVDC capacitor market.
Energy and Power applications accounted for the largest market share during the forecast period.
The HVDC Capacitor Market for energy and power applications is expected to hold the highest market share during the forecast period. The growth can be attributed to the increased demand for these capacitor banks owing to several benefits, including easy installation and maintenance, less assembly, simple design, and cost-effectiveness. They are widely used in energy and power applications for transmitting power over long distances. The ongoing projects undertaken by governments to enhance energy generation and distribution infrastructure will likely result in high demand for pole-mounted capacitor banks in the future.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period.
Asia Pacific holds tremendous potential for the HVDC capacitor market due to the rising demand for these capacitors from the automotive and transportation, consumer electronics, industrial, aerospace & defense, mining, healthcare, energy & power, and telecommunications sectors. Moreover, the governments of different Asia Pacific countries have taken various initiatives such as funding energy expansion projects, renovating existing aging energy infrastructures, and formulating regulations and standards for less carbon emissions, mainly emphasizing the use of sustainable energy, especially solar and offshore wind farms, are expected to fuel the demand for HVDC capacitors in the region in the coming years.
HVDC Capacitor Market by Region
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Key Market Players
The major players in the HVDC capacitor companies include Hitachi, Ltd. (Japan), General Electric (US), TDK Corporation (Japan), Eaton (US), KYOCERA Corporation (Japan), YAGEO Corporation (Taiwan), Vishay Intertechnology, Inc. (US), General Atomics (US), LIFASA, International Capacitors, S.A. (Spain), and ELECTRONICON Kondensatoren GmbH (Germany)These companies have used organic and inorganic growth strategies, such as product launches, acquisitions, and partnerships, to strengthen their position in the market.
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Report Metric |
Details |
Market Size Availability for Years |
2019–2031 |
Base Year |
2022 |
Forecast Period |
2023–2031 |
Forecast Units |
Value (USD) |
Segments Covered |
By Product Type, By Technology, By Installation Type, By Application |
Geographies Covered |
North America, Europe, Asia Pacific, and RoW |
Companies Covered |
Hitachi, Ltd. (Japan), General Electric (US), TDK Corporation (Japan), Eaton (US), KYOCERA Corporation (Japan), YAGEO Corporation (Taiwan), Vishay Intertechnology, Inc. (US), General Atomics (US), LIFASA, International Capacitors, S.A. (Spain), and ELECTRONICON Kondensatoren GmbH (Germany), Sieyuan Electric Co., Ltd. (China), Kunshan GuoLi Electronic Technology Co., Ltd.(China), Condis (Switzerland), samwha Capacitor Group (South Korea), API Capacitors (UK), Shanghai Yongming Electronic Co., Ltd (China), WUXI CRE NEW ENERGY TECHNOLOGY CO., LTD. (China), Isofarad Kft. (Hungary), HVP High Voltage Products GmbH. (Germany), ZEZ SILKO Czech Republic (Czech Republic) |
HVDC Capacitor Market Highlights
This research report categorizes the HVDC Capacitor Market based on product type, technology, installation type, application, and region.
Segment |
Subsegment |
By Product Type |
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By Technology |
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By Installation Type |
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By Application |
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By Region |
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Recent Developments
- In April 2023, Kyocera Corporation declared the development of a new capacitor (MLCC) with EIA 0201 dimensions (0.6 mm x 0.3 mm). As smartphones and wearable gadgets become more complex, electronic circuits require more MLCC devices with larger capacitance values.
- In March 2023, GE Renewable Energy’s Grid Solutions business announced that it had been awarded three High-Voltage Direct Current (HVDC) contracts totaling roughly 6 billion euros as part of a specially formed consortium with Sembcorp Marine for TenneT’s innovative 2GW Program in the Netherlands.
- In February 2023, Vishay Intertechnology, Inc. released a new series of low-impedance, Automotive Grade micro aluminum electrolytic capacitors that perform better in smaller case sizes than previous-generation alternatives.
- In February 2023, TDK Corporation introduced its new EPCOS B43652 series of snap-in aluminum electrolytic capacitors with particularly small dimensions and strong ripple current carrying capacity. The DC link circuitry of onboard chargers in xEVs is a common application for these capacitors with high CV products.
Frequently Asked Questions (FAQ):
What is the current size of the Global HVDC Capacitor Market?
The HVDC capacitor market is projected to grow from USD 6.4 billion in 2023 to USD 17.9 billion by 2031; it is expected to grow at a CAGR of 13.8% from 2023 to 2031.
Who are the winners in the Global HVDC Capacitor Market?
Companies such as Hitachi, Ltd. (Japan), General Electric (US), TDK Corporation (Japan), Eaton (US), KYOCERA Corporation (Japan), YAGEO Corporation (Taiwan), Vishay Intertechnology, Inc. (US).
Which region is expected to hold the highest market share?
Europe is expected to dominate the HVDC capacitor market during the forecast period. Growing demand for energy and power applications, and the region holds a strong base of end users from aerospace & defense, energy & power, mining, transportation, automotive, consumer electronics, and healthcare sectors.
What are the major drivers and opportunities related to the HVDC capacitor market?
The rising demand for HVDC transmission systems, Increasing adoption of renewable energy source with rising energy consumption, Ongoing government initiatives to improve energy infrastructure, Rising adoption of HVDC capacitors by industrial consumers in Asia Pacific, and Escalating demand for electric vehicles are some of the major drivers and opportunities related to the HVDC capacitor market.
What are the major strategies adopted by market players?
The key players have adopted product launches, acquisitions, and partnerships to strengthen their position in the HVDC capacitor market.
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The study involved four major activities in estimating the size of the HVDC capacitor market. Exhaustive secondary research has been conducted to collect information on the market, the peer markets, and the parent market. Both top-down and bottom-up approaches have been employed to estimate the total market size. Market breakdown and data triangulation methods have also been used to estimate the market for segments and subsegments.
Secondary Research
Revenues of companies offering HVDC capacitors have been obtained from the secondary data available through paid and unpaid sources. The revenues have also been derived by analyzing the product portfolio of key companies, and these companies have been rated according to the performance and quality of their products.
Various secondary sources have been referred to in the secondary research process for identifying and collecting information important for this study. Secondary sources include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; IoT technologies journals and certified publications; articles by recognized authors; gold-standard and silver-standard websites; directories; and databases.
Secondary research has been conducted mainly to obtain critical information about the market’s value chain, the total pool of key players, market classification and segmentation according to the industry trends to the bottom-most level, geographic markets, and key developments from both demand- and technology-oriented perspectives. Secondary data has been collected and analyzed to determine the overall market size, further validated by primary research.
Primary Research
Extensive primary research has been conducted after understanding and analyzing the current scenario of the HVDC capacitor market through secondary research. Several primary interviews have been conducted with key opinion leaders from both demand and supply sides across 4 major regions: North America, Europe, Asia Pacific, and RoW. Approximately 25% of the primary interviews have been conducted with the demand side, while 75% have been conducted with the supply side. Primary data has been collected mainly through telephonic interviews, which consist of 80% of the total primary interviews. Questionnaires and e-mails have also been used to collect data.
After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primary. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report. The breakdown of primary respondents is as follows:
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Market Size Estimation
The bottom-up procedure has been employed to arrive at the overall size of the HVDC Capacitor Market.
- Identifying approximate revenues of companies involved in the HVDC capacitors market ecosystem
- Identifying various key players offering different types of HVDC capacitors
- Analyzing the global penetration of each offering through primary and secondary research
- Estimating the market for HVDC capacitors by product type
- Tracking the ongoing developments and identifying the upcoming ones in the market that include investments, research and development activities, product launches, collaborations, and partnerships undertaken, as well as forecasting the market based on these developments and other critical parameters.
- Carrying out multiple discussions with the key opinion leaders to understand the HVDC capacitors technologies and related raw materials, as well as products designed and developed to analyze the break-up of the scope of work carried out by the key companies manufacturing panels.
- Verifying and cross-checking the estimate at every level through discussions with key opinion leaders such as chief executives (CXOs), directors, and operation managers, and finally with the domain experts in MarketsandMarkets.
- Studying various paid and unpaid sources of information such as annual reports, press releases, white papers, and databases for the company- and region-specific developments undertaken in the HVDC capacitor market
The top-down approach has been used to estimate and validate the total size of the HVDC Capacitor Market.
- Focusing initially on the high investments and expenditures undertaken in the ecosystem of HVDC capacitors, further splitting into product type, technology, installation type, application, and region and listing key developments in major market areas
- Identifying all major players in the HVDC capacitor market and the deployment of their products for various applications and verifying the findings through secondary research and brief discussions with industry experts
- Analyzing revenues, product mix, geographic presence, and key end-use applications of HVDC capacitors to estimate and arrive at the percentage splits
- Discussing these splits with industry experts to validate the information and identify key growth pockets across all major segments
- Breaking down the total market based on verified splits and key growth pockets across all segments
Data Triangulation
After arriving at the overall size of the HVDC capacitor market through the process explained, the total market has been split into several segments and subsegments. Market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from the demand and supply sides. The market has also been validated using the top-down and bottom-up approaches.
Market Definition
A high-voltage direct current (HVDC) capacitor creates a smooth voltage from irregular or pulsating voltage sources. HVDC capacitors offer high efficiency and reduce electric losses. Therefore, they are commonly used in HVDC transmission systems for long-distance, point-to-point power transfers. They are also used in DC supplies or electronic equipment and applications wherein high current pulses are produced. The scope of the study includes product types, technologies, installation types, and application of HVDC capacitors as well as regions wherein they are used.
Key Stakeholders
- Suppliers of raw materials
- Technology investors
- Manufacturers and suppliers of a wide variety of HVDC capacitors
- Integrators and service providers of HVDC capacitors
- Government bodies such as regulatory authorities and policymakers for the electronics industry
- Venture capitalists, startup companies, and private equity firms
- Technology developers
- Distributors, resellers, and traders
- Hardware component suppliers and distributors
- Original equipment manufacturers (OEMs) and system integrators
- Standardization and testing firms
- Associations, forums, and alliances related to the HVDC applications and energy generation sector
- Research institutions and organizations
- Market research and consulting firms
- End users
Report Objectives
- To describe, segment, and forecast the HVDC capacitor market based on technology, installation type, and application in terms of value
- To describe and forecast the market size for different product types of HVDC capacitors in terms of value and volume
- To describe and forecast the market for four key regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW), in terms of value and volume
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the HVDC capacitor market
- To provide a detailed overview of the value chain pertaining to the HVDC capacitor ecosystem, along with the average selling prices of different types of HVDC capacitors
- To strategically analyze the ecosystem, Porter’s five forces, technology analysis, tariffs and regulations, patent landscape, trade landscape, key conferences and events, and case studies pertaining to the market under study
- To strategically analyze micromarkets with regard to individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of the market
- To analyze competitive developments such as product launches, collaborations, partnerships, contracts, expansions, and mergers and acquisitions in the HVDC capacitor market
- To strategically profile the key players in the HVDC capacitor market and comprehensively analyze their market ranking and core competencies
Available customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players based on various blocks of the supply chain
Growth opportunities and latent adjacency in HVDC Capacitor Market
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