Austin, July 15, 2024 (GLOBE NEWSWIRE) -- The HVDC Capacitor Market Size was $ 6.80 Billion in 2023 & expects a good growth by reaching USD 22.47 billion till end of year2032 at CAGR about 14.23 %during forecast period
HDVC Capacitors market play a role in decreasing energy loss during the transmission of electricity, particularly over extended distances. As more solar and wind farms are incorporated, situated at a distance from cities .HVDC capacitors enhance power grid stability and efficiency by preventing overload and ensuring consistent power flow. This is essential for data centers, electric vehicles, and overall modern power systems. Ultimately, the increasing focus on sustainable energy necessitates strong transmission infrastructure, with HVDC capacitors serving as crucial components in enabling this transition. The increasing trend is generating notable chances for manufacturers, especially in developing nations with old power systems and an increasing demand for renewable energy. Choosing the appropriate HVDC capacitor for electric vehicles (EVs) is vital for designers. Progress in capacitors such as the DC link power capacitor has played a crucial role in the advancement of EV technology. Manufacturers provide different types of HVDC capacitors such as aluminum electrolytic, film, tantalum, and ceramic. These capacitors adhere to the strict quality and reliability requirements of AEC-Q200 and VW AUDI 80808, guaranteeing they can endure double the rated voltage without substantially affecting longevity, even when subjected to frequent voltage spikes. This results in consistent power distribution for different EV parts.
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For instance, Hitachi Energy backs SunZia, a major US renewable energy company, in providing wind power to the Western regions.
Segment Analysis
Plastic film capacitors hold the majority share in the HVDC capacitor market in 2023, dominating with 38% of market share. These champions possess both high voltage tolerance and the superpower of self-healing. Minor repairs are taken care of automatically to avoid larger problems and maintain smooth operations. This equates to extended lifespan, minimal upkeep, and excellent performance in challenging HVDC tasks. Their outstanding dependability and longevity make them the preferred option for reliable and effective HVDC power transmission.
Open Rack capacitor banks dominate the HVDC market in 2023, accounting for 45% of the market share due to their cheaper price and quicker installation process. These unprotected installations need additional upkeep because of the elements and more stringent safety protocols for the elevated voltage components. Though the initial cost savings may be attractive, certain individuals could later opt to switch to enclosed racks for increased protection and reduced maintenance. The ongoing conflict between initial expenses and future advantages will continue to influence this industry.
HVDC Capacitor Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 6.80 Billion |
| Market Size by 2032 | USD 22.47 billion |
| CAGR | 14.23 % by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Regional Analysis
Asia Pacific region dominates the HVDC capacitor market with a strong 40% share in 2023. Numerous factors are driving this growth. The increasing need for HVDC capacitors in various industries such as automotive, consumer electronics, and renewable energy, along with the rapid industrial growth in the area, highlights the crucial importance of dependable and effective power transmission. Countries are increasing the use of HVDC capacitors to upgrade and construct power grids, as well as to accommodate higher electricity loads. HVDC technology is also suitable for transmitting power from solar farms and offshore wind turbines.
In 2023, North America is leading in the HVDC capacitor market with a dominant 35% share and the most rapid growth rate. The dominance is a result of being early adopters of HVDC technology, making significant grid upgrades to incorporate renewable energy sources, and the increasing demand for effective long-distance power transmission in North America.
The European region is upgrading to HDVC technology to enhance electricity transmission. The innovative power grid department in Europe is using advanced technology to enable bidirectional electricity transport in HDVC lines, supporting the development of a flexible multi-terminal network. This includes integrating offshore wind farms situated far from the main grid. The Viking Wind project efficiently delivers wind power to Scotland's mainland and nearby islands, showcasing the importance of transitioning to multidirectional HDVC for increasing renewable energy usage.
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Key Takeaways
- Uncover potential opportunities for expanding your business or developing new products, By analyzing market growth and regional trends,
- Understand the most popular and rapidly expanding product and installation categories helps you customize your offerings or adjust your tactics to match consumer trends.
- This report gives a deep knowledge of the HVDC capacitor market, keeping you informed about upcoming trends and changes that could affect your business.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. HVDC Capacitor Market Segmentation, By Product Type
8. HVDC Capacitor Market Segmentation, By Technology
9. HVDC Capacitor Market Segmentation, By Installation Type
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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