The global high voltage capacitors market size totaled USD 16.6 billion in 2022 and is estimated to reach USD 18.2 billion by 2023. Global high voltage capacitor sales are predicted to soar at 8.6% CAGR during the forecast period, taking the overall market valuation to USD 41.5 billion by 2033.
Demand for high voltage capacitors is expected to remain high in power generation applications during the forecast period. The latest high voltage capacitors market report analysis forecasts the power generation segment to exhibit 8.2% CAGR between 2023 and 2033.
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High Voltage Capacitors Market to Grow 2.3x Despite Reduction in Predicted CAGR
The worldwide market for high voltage capacitors is projected to expand nearly 2.3X during the forecast period despite a slight decrease in the predicted CAGR compared to the historical one. This is due to the rapid expansion of power generation, transmission, and distribution infrastructure.
Plastic to Dominate, but Ceramic to Provide Heavy Competition
During the forecast period, the plastic segment is expected to retain its dominance in the global high voltage capacitors industry. This is attributable to rising plastic usage as a dielectric material in high voltage capacitors because of its low cost, high dielectric strength, and good mechanical properties.
However, latest market projections show a slight reduction in the predicted CAGR of plastic segment compared to the historical one. This is due to the shifting preference towards compact dielectric materials such as ceramics, growing popularity of multilayer ceramic capacitors (MLCCs), and the expansion of the ultra-high voltage ceramics capacitors market.
Ceramic materials, such as aluminum oxide or barium titanate, are widely used in high voltage capacitors due to their excellent dielectric constant and stability. Ceramic high voltage capacitors are gaining wider popularity for their compact size relative to their capacitance.
Ceramic capacitors are ideal for applications where compact size and high voltage ratings are essential. Rising usage of ceramic high voltage capacitors in applications like RF filters, voltage multiplier circuits, and high voltage power supplies is expected to improve the share of the ceramic segment.
End users are showing a keen inclination towards using compact high voltage capacitors. This is expected to create growth opportunities for the high-temperature ceramics industry and boost revenues in the high-voltage capacitors market. Environmental regulations are also likely to favor using materials like ceramics instead of plastics.
United States to Vanguard Growth in the Global High Voltage Capacitors Market
The United States is expected to dominate the global high voltage capacitors industry during the assessment period. This is attributable to rising government investments in developing and expanding renewable energy infrastructure, large presence of leading high voltage capacitor manufacturers, and growing adoption of smart grids.
Large voltage capacitors are critical components in power generation, transmission, and distribution systems for stabilizing voltage and improving efficiency. As the adoption of renewable energy sources continues to rise in the United States, so will the demand for high voltage capacitors.
The country is also investing in grid modernization and smart grids. This is expected to boost sales of high voltage capacitors as they play a key role in smart grids for improving power quality and reducing losses during electricity transmission.
| Attributes | Key Insights |
|---|---|
| Global High Voltage Capacitors Market Value in 2022 | USD 16.6 billion |
| Estimated High Voltage Capacitors Market Size (2023) | USD 18.2 billion |
| Expected Market Size (2033) | USD 41.5 billion |
| Predicted High Voltage Capacitors Market CAGR (2023 to 2033) | 8.6% |
Passive electronics components that store charge and energy for high voltage applications are known as high voltage capacitors. These specialized capacitors are designed to handle and store electrical charge at high voltage levels.
High voltage capacitors are gaining immense traction in applications such as power electronics, telecommunication equipment, and electrical systems requiring high voltage. This is due to their ability to operate in high voltage environments.
The global high voltage capacitors market is expected to witness a robust growth trajectory owing to several factors. One such factor is the growing adoption of high voltage capacitors in power electronics.
High-voltage capacitors, such as motor drives, inverters, and voltage multiplier circuits, are widely used in power electronics applications. This is because they stabilize voltage levels, store energy for peak power demand, and filter out noise.
Rising demand for energy globally is forecast to boost the high voltage capacitors industry through 2033. Subsequently, increasing usage in energy storage systems is expected to bolster global sales of high voltage capacitors during the forecast period.
Power generation applications like hydroelectric storage systems use high voltage capacitors for short-term energy storage and rapid energy discharge. They store energy during periods of low demand and release it when demand rises.
The exploding population and rapid urbanization & industrialization are leading to a higher demand for electricity. This, in turn, is prompting governments to invest in power generation and transmission infrastructure, which requires high voltage capacitors.
Expansion of related markets like high voltage direct current capacitors and high-voltage multilayer ceramic capacitors markets is predicted to create lucrative revenue-generation opportunities for high voltage capacitor manufacturers.
Global sales of high voltage capacitors increased at a healthy CAGR of 10.8% between 2018 and 2022. Total market value at the end of 2022 reached around USD 16.6 billion. For the assessment period, a CAGR of 8.6% has been predicted for the target market.
| Historical CAGR (2018 to 2022) | Forecast CAGR (2023 to 2033) |
|---|---|
| 10.8% | 8.6% |
Several factors are expected to boost the global high voltage capacitors industry during the forecast period. These include rising focus on enhancing grid infrastructure for increasing electricity accessibility, growth of the renewable energy sector, and favorable government support.
High voltage capacitors are gaining wider popularity in the power generation sector. These valuable tools allow power generation companies to improve the reliability and efficiency of the power grid.
Rapid expansion of power generation infrastructure is set to fuel high voltage capacitor sales. This is because high voltage capacitors play a key role in power generation by helping to improve efficiency, stability, and power quality.
High-voltage capacitors are used in the power generation sectors for several purposes. These include power factor correction (PFC), voltage stabilization, and surge protection. For instance, high voltage capacitors are used to stabilize the voltage of a power system.
Increasing investments in renewable energy sources will likely trigger growth of the high voltage capacitors industry. This is because high voltage capacitors are widely used in applications like solar panels and wind turbines.
Growing usage of high voltage capacitors for energy storage is another key factor expected to fuel global demand. High voltage capacitors are increasingly used to store energy in applications such as renewable energy systems and electric vehicles.
Implementation of energy efficiency by governments and businesses to reduce their environmental impact and save money is expected to encourage adoption of high voltage capacitors. This is because these capacitors can help to improve energy efficiency by reducing power losses in T&D systems.
The growing importance of high voltage capacitors in the medical device industry is another key factor expected to improve the market share of high voltage capacitors in the global capacitors market. High voltage capacitors are widely used in advanced medical devices, including X-ray systems and MRI machines.
Leading companies are concentrating on developing new capacitor technologies that offer improved performance and reliability. This is expected to expand the application area of high voltage capacitors and contribute to market expansion.
With these factors, the latest high voltage capacitors market analysis estimates total market revenue to reach USD 41.5 billion by 2033.
Key High Voltage Capacitors Market Trends and Drivers
High Voltage Capacitors Market Opportunities
Key Challenges in the High Voltage Capacitors Market
Principal Consultant
The table below highlights key countries’ high voltage capacitors market revenue. Japan, China, and the United States are the top three markets for high voltage capacitors, with expected valuations of USD 3.7 billion, USD 6.3 billion, and USD 7.5 billion, respectively, in 2033.
South Korea, the United Kingdom, and India are also expected to present lucrative opportunities for high voltage capacitor manufacturers. This is attributable to increasing government investments and initiatives in developing and expanding power generation and transmission infrastructure.
| Countries | Market Value (2033) |
|---|---|
| United States | USD 7.5 billion |
| United Kingdom | USD 1.4 billion |
| China | USD 6.3 billion |
| Japan | USD 3.7 billion |
| South Korea | USD 1.9 billion |
Below table shows the estimated high voltage capacitors market growth rates of top five countries. South Korea, the United States, and Japan are set to register higher CAGRs of 9.1%, 8.5%, and 8.9% respectively through 2033.
| Countries | Projected High Voltage Capacitors Market CAGR (2023 to 2033) |
|---|---|
| United States | 8.5% |
| United Kingdom | 7.8% |
| China | 8.9% |
| Japan | 8.0% |
| South Korea | 9.1% |
The table below highlights the top five countries’ historical high voltage capacitors market growth rates. With CAGRs of 11.5%, 11.1%, and 10.7%, respectively, South Korea, the United Kingdom, and the United States were the key markets for high voltage capacitors between 2018 and 2022.
| Countries | Historical High Voltage Capacitors Market CAGR (2018 to 2022) |
|---|---|
| United States | 10.7% |
| United Kingdom | 11.1% |
| China | 10.6% |
| Japan | 10.1% |
| South Korea | 11.5% |
The United States high-voltage capacitors market size is estimated to reach USD 7.5 billion by 2033. Over the forecast period, high voltage capacitor demand in the country will likely rise at 8.5% CAGR.
Several factors are expected to stimulate growth in the United States market. Rapid transition towards renewable energy sources and electrification of industries such as aerospace & defense are key high voltage capacitors market drivers in the country.
The United States government is investing rigorously in expanding the country’s renewable infrastructure. For instance, as per the Solar Energy Industries Association, the United States solar industry installed a total capacity of around 6.1 gigawatts-direct current in the first quarter of 2023.
Renewable energy sources, like solar and wind power, require advanced power electronics and grid systems. This creates demand for high voltage capacitors for energy conversion, storage, and distribution.
Rising high voltage DC (HVDC) transmission usage is expected to create growth prospects for high voltage capacitor companies and facilitate growth in the HVDC capacitor market. This is due to growing importance of high voltage capacitors in HVDC systems to filter harmonics and improve power quality.
China is set to emerge as a highly lucrative market for high voltage capacitor companies across East Asia. This is due to growing popularity of electric and hybrid vehicles and increasing usage of high voltage direct current transmission systems.
China high voltage capacitors industry is projected to progress at 8.9% CAGR during the forecast period. Total high voltage capacitor sales revenue in China is set to reach about USD 6.3 billion by 2033.
Sales of high voltage capacitors in China are expected to rise rapidly due to increasing production and sales of electric vehicles. China remained the leading country for electric vehicles in 2020, with around 4.5 million electric cars, per the International Energy Association (IEA).
Rise in electric vehicle adoption necessitates high voltage capacitors for power management, energy storage, and motor drives. Hence, a shift towards electric vehicles is anticipated to contribute to market expansion in China.
Increasing usage of high voltage capacitors in new industrial applications is another key factor expected to fuel demand in China. High voltage capacitors are now used in industrial applications, such as power factor correction, motor starting, and surge protection.
The United Kingdom high voltage capacitors market is forecast to expand at a CAGR of 7.8% during the forecast period. Total market valuation in the country is expected to reach around USD 1.4 billion by 2033.
As per the latest report, the United Kingdom will likely remain one of the key markets for high voltage capacitors across Europe. This is attributable to rising energy demand and favorable government support.
Since the beginning of the war in Russia and Ukraine, the United Kingdom has been facing an energy crisis due to a gas supply shortage. As per the International Monetary Fund (IMF), energy crisis is hitting United Kingdom households harder than other countries in Western Europe.
Rising energy crisis is expected to drive investments in new power generation and transmission infrastructure, which requires high voltage capacitors and other devices. This will positively impact the overall performance of the high voltage capacitors market in the country.
Japan is projected to witness a CAGR of 8.0% over the forecast period, totaling a valuation of USD 3.7 billion by 2033. The country's demand for high voltage capacitors is set to rise rapidly owing to rising energy efficiency initiatives and renewable energy integration.
Japan strives to reduce its reliance on fossil fuels and increase usage of renewable energy sources. The country’s target of achieving net-zero carbon emissions by 2050 is compelling it to invest in renewable energy sources. This is expected to fuel steady demand for high voltage capacitors to power fluctuations and enhance grid efficiency.
Increasing energy efficient initiatives and growing popularity of multilayer ceramic capacitors (MLCCs) are other prominent factors expected to boost Japan market. The Japan government is promoting energy efficiency measures in all sectors of the economy, which is expected to impact high voltage capacitors sales positively.
High voltage capacitors can reduce power loss during electricity transmission and distribution. As a result, the country is witnessing a higher demand for products like high voltage shunt capacitors that can save electricity transmission & distribution costs.
Strong presence of leading high voltage capacitors also improves Japan high voltage capacitors market share. The country is home to companies like Kyocera Corporation, Murata Manufacturing, and TDK Corporations, which are world leaders in high voltage capacitor production.
South Korea is anticipated to thrive at a CAGR of 9.1% during the forecast period compared to the 11.5% CAGR registered from 2018 to 2022. Total market valuation in the country is forecast to reach USD 1.9 billion by 2033.
Several factors are influencing growth in South Korea high-voltage capacitors market. These include the surging demand from the electronics sector, favorable government support, and adoption of smart grid technology.
The South Korean government invests heavily in smart grid technology and energy management systems. This is anticipated to elevate demand for high voltage capacitors as they are used in smart grids to improve power quality and reliability.
The Korea capacitor industry is also receiving high support and financial assistance from the government to develop new products and technologies. This will likely help boost the competitiveness of Korea high voltage capacitors industry and attract foreign investments.
Below section highlights the plastic segment to register healthy growth based on dielectric material. It is predicted to progress at 8.4% CAGR between 2023 and 2033.
Based on application, the power generation segment is forecast to generate lucrative growth prospects for high voltage capacitor manufacturers. It is poised to exhibit a CAGR of 8.2% during the forecast period.
| Top Segment (Dielectric Material) | Predicted CAGR (2023 to 2033) |
|---|---|
| Plastic | 8.4% |
The high voltage capacitors market by dielectric material is categorized into plastic, ceramic, aluminum electrolytic, and others. Among these, plastic segment holds a prominent market share and is expected to thrive rapidly through 2033.
As per the latest report, plastic segment is forecast to expand at around 8.4% CAGR during the forecast period compared to 10.6% CAGR recorded from 2018 to 2022. Growing usage of plastic as a dielectric material in high voltage capacitors and escalating demand for film capacitors are driving the target segment.
Plastic has become an ideal dielectric material for high voltage capacitors. This is due to its high dielectric strength, low cost, chemical inertness, and good mechanical properties.
Plastic has a very high dielectric strength, which means it can withstand strong electric field stress without breaking down. This high dielectric strength of plastic is essential for high voltage capacitors, which must withstand very high voltages.
Low plastic cost encourages high voltage capacitor manufacturers to utilize it as a dielectric material. Plastic is relatively inexpensive compared to materials such as ceramics. This makes it a cost-effective choice for high voltage capacitors.
Polypropylene (PP) and polyethylene terephthalate (PET) are commonly used plastic dielectric materials in high voltage capacitors. Increasing adoption of these plastics as dielectric materials in high voltage capacitors is expected to boost segment growth.
Growing demand for film capacitors or plastic film capacitors is anticipated to play a key role in improving the market share of plastic segment through 2033.
High voltage capacitors inside consumer electronics like computers generally use plastic as dielectric material. Hence, expansion of consumer electronics will bode well for the target segment and the market.
| Top Segment (Application) | Projected CAGR (2023 to 2033) |
|---|---|
| Power Generation | 8.2% |
The high voltage capacitors market by application is segmented into power generation, transmission, distribution, and other applications. Among these, power generation is projected to remain a highly lucrative application of high voltage capacitors.
Historically, power generation segment exhibited a CAGR of 10.4%. For the assessment period, a CAGR of 8.2% has been predicted for the target segment. This is due to growing adoption of high voltage capacitors in the thriving power generation sector.
High voltage capacitors play key roles in several power generation applications. They are used to improve power generation systems’ efficiency, safety, and stability. For instance, they are frequently employed to enhance the power factor of power generation systems.
High voltage capacitors also stabilize voltage levels in power generation equipment. They can mitigate transient voltage fluctuations by absorbing and dissipating excess energy.
Rising application of high voltage capacitors in the power generation industry is expected to boost growth of the target segment. Usage of high voltage capacitors for short-term energy storage and rapid energy discharge in certain power generation applications will also stimulate growth.
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Leading manufacturers of high voltage capacitors listed in the report include Arteche, ABB Ltd., Crompton Greaves Ltd., PRESCO AG, Trench Austria GmbH, Iris Power, LP, ISOFARAD Ltd., KONCAR Group, AVX CORPORATION, HSP Steuerungs-und Anlagentechnik GmbH, and SIEMENS AG.
Key high voltage capacitor companies are adopting multiple strategies to boost their revenues and expand their footprint. These include new product launches, partnerships, alliances, facility expansions, collaborations, mergers, and acquisitions.
Recent developments in High Voltage Capacitors Market:
| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 18.2 billion |
| Projected Market Value (2033) | USD 41.5 billion |
| Anticipated Growth Rate (2023 to 2033) | 8.6% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Segments Covered | Dielectric Material, Application, and Region |
| Regions Covered | North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled | ABB Ltd.; Arteche; Crompton Greaves Ltd.; HSP Steuerungs-und Anlagentechnik GmbH; Iris Power, LP; ISOFARAD Ltd.; KONCAR Group; Trench Austria GmbH; PRESCO AG; AVX CORPORATION; SIEMENS AG |
In 2022, the global market size reached USD 16.6 billion.
The global market is estimated to reach USD 18.2 billion in 2023.
By 2033, the global market size is set to reach USD 41.5 billion.
The global market recorded a CAGR of 10.8% from 2018 to 2022.
Demand for high voltage capacitors is expected to rise at 8.6% CAGR through 2033.
The United States market is projected to reach USD 7.5 billion by 2033.
Growing demand for multilayer ceramic capacitors is a key trend observed in the market.
Ceramic capacitors and film capacitors are best for high voltage applications.
ABB Ltd., Arteche, and Crompton Greaves Ltd. are few key players in the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Dielectric Material 5.1. Plastic 5.2. Aluminum Electrolytic 5.3. Ceramic 5.4. Other Dielectric Materials 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Power Generation 6.2. Transmission 6.3. Distribution 6.4. Other Applications 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. ABB Ltd. 17.2. Arteche 17.3. Crompton Greaves Ltd. 17.4. HSP Steuerungs-und Anlagentechnik GmbH 17.5. Iris Power, LP 17.6. ISOFARAD Ltd. 17.7. KONCAR Group 17.8. Trench Austria GmbH 17.9. PRESCO AG 17.10. AVX CORPORATION 17.11. SIEMENS AG 18. Assumptions & Acronyms Used 19. Research Methodology
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High Voltage Capacitors Market
