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(IndustryNews247.Com, August 22, 2023 ) 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.
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Based on product type, plastic film capacitors accounted for the largest market share, and a similar trend is projected to be observed during the forecast period. The growth can be attributed to the increased adoption of these capacitors due to their self-healing capability, long service life, and ability to operate effectively even in high temperatures. Plastic film capacitors are widely used in commercial, industrial, aerospace and defense, healthcare, and energy and power applications wherein low loss and high insulation resistance are required.
Enclosed rack capacitor banks held the largest share in the HVDC capacitor market in 2022, and this prevailing trend is projected to persist throughout the forecast period. This dominance can be attributed to their widespread utilization in both indoor and outdoor settings, such as power generation plants, electrical substations, chemical factories, and iron and steel manufacturing plants. Their popularity is driven by the advantages of reduced installation and maintenance costs, as well as the convenience of minimal field assembly. Enclosed rack capacitor banks play a significant role in various applications like reactive power compensation, power factor control, and harmonic filtering across commercial, industrial, and utility power systems. As demand continues to rise for these banks in such applications, the growth of the HVDC capacitor market is propelled.
In 2022, Line-Commutated Converter (LCC) technology captured a larger share of the HVDC capacitor market, and a similar trend is likely to be observed throughout the forecast period. LCC is a mature and cost-effective technology; therefore, it is widely adopted in HVDC applications. It offers short-time overload capability and high efficiency with a total operating power loss of 0.7–0.8% in a converter station. Moreover, LCC technology-based HVDC system is effective for long-distance wind power transmission.
The HVDC Capacitor Market for energy and power applications is expected to hold the highest market share during the forecast period. The growing preference for these capacitor banks can be attributed to several factors, including their ease of installation and maintenance, streamlined assembly, uncomplicated design, and cost-effectiveness. These capacitor banks find frequent application in energy and power scenarios, particularly for efficient power transmission over long distances. Anticipated government initiatives aimed at enhancing energy generation and distribution infrastructure are expected to drive substantial future demand for pole-mounted capacitor banks.
Europe is projected to account for the largest HVDC Capacitor Market share in 2031.
The dominance can be attributed to the increased demand for HVDC capacitors from several existing and ongoing HVDC transmission projects in the region. Moreover, the players in the HVDC capacitor market in the region collaborate with major giants to accelerate the energy transition. In addition, the region holds a strong base of end users from aerospace & defense, energy & power, mining, transportation, automotive, consumer electronics, and healthcare sectors. These end users demand highly reliable and efficient HVDC capacitors to achieve voltage stabilization and reduce transmission loss.
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).
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Mr. Aashish Mehra
Industrial News TV