Northbrook, IL 60062 -- (SBWIRE) -- 08/03/2022 -- The global HVDC capacitor market is projected to reach USD 15.3 billion by 2030 from an estimated USD 5.2 billion in 2022, at a CAGR of 14.4% from 2022 to 2030.
The growth of the HVDC capacitor market can be attributed to increasing adoption of renewable energy sources with rising energy consumption and ongoing government initiatives to improve energy infrastructure.
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Plastic film capacitors feature self-healing capability, which helps them protect against catastrophic failures and makes them highly reliable compared to other technologies. Also, they have low equivalent series resistance (ESR), equivalent series inductance (ESL), high thermal and electrical stability, high handling capability, and low dissipation factors. Therefore, they are suitable for commercial, industrial, aerospace and defense, and energy and power applications. Owing to this, the plastic film capacitors accounted for the largest market share of the HVDC capacitor market.
The high industrial load concentration are extremely susceptible to voltage changes and disruptions, which might negatively impact the entire assembly line and significantly reduce productivity. Thus, HVDC capacitors are used in industrial applications to overcome the power quality-related issues in industrial power systems. Due to this, the industrial application held the second-largest share of the HVDC capacitor market during the forecast period.
The Asia Pacific market is expected to register the highest CAGR during the forecast period. China, India, and Japan mainly dominate the HVDC capacitor market in the region. The countries house numerous automotive, consumer electronic device, and HVDC capacitor manufacturing companies, generating massive demand for HVDC capacitors in the region. Also, the rapid commercialization of 5G and the speedy development of space projects are contributing to the growth of the HVDC capacitor market in the region.