Series Capacitor Market size is anticipated to cross USD 40 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of series capacitor was over USD 17 Billion. The reason behind the growth of the market is the rising demand for electric vehicles. The demand for electric vehicles is increasing consistently due to favorable government regulations and rising incentive policies for the adoption of electric vehicles across the globe. According to a report, in just three years, the percentage of electric vehicles in overall sales has more than tripled, rising from 4% in 2020 to 14% in 2022. It is anticipated that EV sales will rise significantly until 2024. Moreover, electric vehicles have fueled the demand for capacitor technologies with high performance and reliability. Series capacitor in electric vehicles are designed to prevent ripple currents from returning to the power source and to smooth out DC bus voltage variations.
Also, due to limitations on the number of components that may put on the substrate and the size & working temperature of those components, the design of communication base stations is getting harder as they get smaller and utilize higher frequency bands. Passive components like capacitor are increasingly being chosen for these applications due to their smaller size and lower cost.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 6% |
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Base Year Market Size (2023) |
~ USD 17 Billion |
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Forecast Year Market Size (2036) |
~ USD 40 Billion |
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Regional Scope |
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Voltage Type (High, Low)
Series capacitor market for the high voltage segment is anticipated to hold the largest share of 56% during the projected period. In residential & commercial buildings, high-voltage capacitor are mainly used to ensure a continuous power supply and to transmit extra-high voltage (EHV) and ultra-high voltage (UHV). Additionally, because of its insulating qualities and capacity to withstand high temperatures, capacitor are becoming increasingly in demand across a wide range of industries. Further, as electronics have become more ingrained in customers' daily lives, more mobile phones, televisions, multimedia players, and smart televisions that make use of these devices are being produced. They can split the power system to increase the flexibility of the grid and provide enormous stability, power flow control, resilience, and reliability. Because of these advantages, HV capacitor are widely used in the chemical, electronics, utility, and automotive industries.
Application (Industrial, Automotive Electronic, Consumer Electronics, Energy)
Energy segment in the series capacitor market is expected to hold a share of 36% by the end of 2o36. The growth can be attributed to the increased demand for these capacitor banks owing to several benefits, including easy installation & 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 market. As per a report, compared to earlier projections of 867 TWh, the amount of electricity generated from fossil fuels for 2030 is now only 595 TWh. EU nations' proportion of renewable energy in power generation will rise from 55% to 63% by 2030. The number of renewable applications for EDLC has grown, opening up new application areas. Examples of these include solar-powered watches and display lights, among other small devices.
Our in-depth analysis of the global market includes the following segments:
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Voltage Type |
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Application |
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North American Market Forecast
North American Series Capacitor Market is poised to hold a share of 34% during the forecast period. The development of ultra-small case-size capacitor for portable electronic devices has accelerated growth in North America and led to a rise in the manufacturing of electric vehicles. For example, as fuel prices have risen, the use of electric vehicles has increased in many different countries and areas. Electric vehicles employ lithium-ion batteries that offer a hybrid charging mechanism in place of gasoline and diesel engines. Also, the need for improved power transmission efficiency is driving the adoption of series capacitor in the region. By compensating for reactive power and enhancing voltage stability, series capacitor help optimize power flow and reduce transmission losses.
APAC Market Statistics
Series capacitor market in the Asia Pacific region is poised to hold a share of 27% by the end of 2036. The growth can be attributed to the expansion of the automotive industry in the region. The growing popularity of EVs in the region is propelling the market growth. For instance, by 2028, it is projected that Asia's market for electric vehicles will have 9.30 million units sold. Also, the availability of raw materials and the strong presence of small-scale capacitor manufacturing companies in the region. Also, the growing use of capacitor in the automotive power, and utility sectors is propelling market growth in the region.
Author Credits: Abhishek Verma, Hetal Singh
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