The global HVDC capacitor market is growing rapidly. The advantages of HVAC capacitor technology drive the market demand. Moreover, increasing government incentive policies for developing advanced HVDC capacitor systems escalate the market size. The rapid uptake of these systems in power transmission and renewable energy fosters market share.
The adoption of HVDC transmission systems to improve grid infrastructure to make electricity more widely available is a key driver in increasing the HVDC capacitor market demand. Market Research Future (MRFR) states that the global HVDC capacitor market value is poised to escalate from USD 4.9 BN in 2022 to USD 16.7 BN by 2032, growing at a 14.60% CAGR throughout the assessment period (2023-2032).
HVDC capacitor technology offers enhanced stability and power flow control, enhancing the grid’s flexibility, reliability, and resilience. Therefore, these capacitors are used in HVDC transmission systems. These capacitors are designed to handle high current pulses, like in HVDC transmission systems. The increasing need to reduce energy losses in power transmission & distribution, the rise in renewable energy generation, and the growing adoption of solar and industrial inverters boost the HVDC capacitor market size.
Moreover, an increased focus on avoiding overload conditions by enhancing power flow between parallel lines supports market growth. The growing need for improved stability of transmission systems increases the adoption of power capacitors. Also, the increasing demand for uninterrupted power supply boosts the adoption of HVDC systems in data centers and electric vehicles.
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Major Players:
Players leading the HVDC capacitor market include
Global HVDC Capacitor Market – Segments
The report is segmented into product types, technologies, installation types, applications, and regions. The product type segment is sub-segmented into plastic film capacitors, aluminum electrolytic capacitors, ceramic capacitors, tantalum wet capacitors, and others. The technology segment is sub-segmented into line-commulated converter (LCC) and voltage-source converter (VSC).
The installation type segment is sub-segmented into open rack capacitor banks, enclosed rack capacitor banks, and pole-mounted capacitor banks. The application segment is expanded into commercial, industrial, aerospace & defense, and others. By region, the HVDC capacitor market is segmented into the Americas, Europe, Asia-Pacific, and the Rest-of-the-World.
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Global HVDC Capacitor Market – Geographical Analysis
North America dominates the global HVDC capacitor market. The rapid adoption of HVDC transmission systems and vast investments in developing HVDC systems are key growth drivers. Besides, the growing use of HVDC capacitors to increase transmission capacity and network stability drives market growth. With the rapid adoption of HVDC capacitors in residential, commercial, and industrial setups, the U.S. holds the leading position, while Canada stands second in the North American HVDC capacitor market.
Europe accounts for a sizable share of the global HVDC capacitor market. Owing to the proliferation of HVDC transmission systems in various European countries increases the adoption of HVDC capacitors. Moreover, increasing government initiatives to develop more offshore wind farms in the region escalates the market demand. Also, the rising pressures to reduce energy loss during long-distance energy transmission and improve controllability increases the HVDC capacitor market value. Germany is the largest, while the UK is the fastest-growing market for HVDC capacitors in Europe.
APAC is also a significantly growing market for HVDC capacitors, experiencing a broad uptake of green energy generation systems. The increased power generation stations and renewable energy plants in the region boost the market size. Furthermore, factors such as the rising production of renewable energy generation led by government initiatives support the regional market’s growth.
The increasing focus on minimizing power generation costs and substantial investments in renewable energy plants propel regional market growth. The increasing demand from end-use sectors substantiates the region’s market share. The power infrastructure expansion in various APAC countries presents numerous opportunities for market participants.
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HVDC Capacitor Market – Competitive Analysis
Intensely competitive, the HVDC capacitor market appears to be well-established with the presence of many large and small-scale players. Strategic initiatives such as acquisition, expansion, collaboration, and product launch remain the key trends to gain a larger competitive advantage. The market’s competitive landscape is based on the market participants, production capacities, supply chain, and revenue generation.
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