Electric capacitor market size is being driven by the ever-expanding demand for electronic devices in virtue of the rising per capita income and the improved standard of living. Electric capacitors find wide use in the automobiles, so the increasing automobile sales will also support the market trends over the forecast period. Additionally, the penetration of IOT devices has fueled the product demand owing to its significant use in the IOT based circuitries.
North America Electric Capacitor Market Size, By Voltage, 2018 & 2025 (USD Million)
Capacitors are the basic components of electronics products and host a wide array of applications on account of their power storage capabilities. Because of the varied application scope, the electric capacitor has become vital part of many industrial sectors. Electric capacitors are available in huge number of variants for serving the key requirements of numerous application trends. No electronic circuits can be completed without the use of electric capacitors, driving the high product demand from multiple end-use sectors.
As of now, many automobiles are featured with a plethora of circuit boards which control many important functions of the vehicle. They are easily found in different automotive electronics including engine electronics, transmission electronics, chassis electronics, driver assistance, active safety, passenger comfort, and integrated entertainment systems. The increasing rate of electronic content incorporation in vehicles will help to augment electric capacitor market share.
Additionally, the rising environmental concerns have supported the deployment of stringent regulations for emission control and fuel efficiency in both developing and developed countries. Automakers have been continuously working to meet the emission regulations by inventing advanced propulsion technologies, which will encourage the use of electric capacitor in the automobile industry. Moreover, the adoption of 48-volt electrical systems to promote the use of smaller engines for better fuel economy and performance will also enhance electric capacitor market forecast.
The improving standard of living with the rising per capita income have been fueling the demand for both passenger and commercial vehicles. For instance, Japan witnessed sharp growth in the production of passenger cars over the period of 2015-2017. The regional car production raised from 7.8 million units in 2015 to 8.3 million units in 2017. The constantly evolving automotive electronics coupled with the increasing sale of passenger vehicles will boost electric capacitor industry size.
Apart from the automotive industry, the electric capacitor is also utilized in the consumer electronics sector – one of the prominent consumers of electric capacitors owing to their surging usage in the electric appliances comprising computers, televisions, music systems, washing machines, refrigerators, ovens, and mixer grinders. The increasing use of consumer electronics with the improving standard of living will drive high product demand, creating enormous opportunities to expand electric capacitor industry share.
Other applications of electric capacitors focus on the emerging trends like IOT (Internet of Things) and renewable energy harvesting. IOT has been creating a buzz lately, with rising applications such as smart homes, smart farming, smart retail, connected car, connected health, etc. The increasing integration of IOT is anticipated to strengthen electric capacitor industry outlook.
Moreover, the depleting fossil fuel reserves have led to a shift of focus towards the use of renewable energy sources. Owing to uninterruptible power supply, countries are integrating renewable energy sources into the existing power grids. This will lead to increased demand for efficient power storage solutions thus driving the electric capacitor market growth. Increasing electricity demand owing to high growth in population coupled with the capability of electric capacitor to minimize power losses will foster industry outlook.
Medium voltage electric capacitor market is anticipated to register strong growth on account of its ability to compensate power across electrical networks coupled with its improved power transfer capabilities. Owing to its advantage of improving voltage levels for various network load states which enables long lasting electrical performance of the power systems, it will stimulate product demand from the energy sector.
Electric capacitor industry has been witnessing immense traction on account of increasing product application from industries like automobile, consumer electronics, and energy. Some of the notable players across the electric capacitor market include Siemens, ABB, Schneider Electric, AVX Corporation, Kemet, Murata Manufacturing, Cornell Dubilier, Maxwell Technologies, WIMA GmbH, Samsung, TDK-EPC Corporation, Panasonic, Schaffner Group, Vishay Intertechnology, Hua Jung Components, C&H Technology, and Jianghai Capacitor