Europe electric capacitor market is estimated to be valued at US$3,017.187 million in 2020.
Electric capacitors are electronic components that store and release electricity. A capacitor is almost usually included in an electrical circuit because it is a necessary component of electronic equipment. Because of its simple charging and discharging characteristics and lightweight, it has effectively supplanted traditional batteries. With the growth of technology, capacitors have become a crucial component in constructing almost every electronic gadget. In this region, the capacitor market has developed in response to increased demand for consumer and wearable electronics, as well as increased use of polymer-based capacitors in industrial applications and electronic equipment. Further, the demand for electric capacitors will rise with the increased use of automation in different industries.
The growth of electric capacitors in Europe is expected to grow in the United Kingdom and Poland. The UK is driven by government initiatives to increase R&D investments and high-skilled jobs. While in Poland, there are growing investments in the automotive industry, energy sector & other manufacturing industries. Since capacitors are a key component in consumer electronics built in Poland, the outlook for the electronic components industry in Poland is positive, providing new suppliers of electrical components in general, and capacitors in particular, from developing nations with possibilities to enter the market. Europe is one of the leading nations in electric car sales. According to International Energy Agency (IEA), Electric car registrations reached 1.4 million in 2020, which is more than doubled from the previous year. The UK registration reached 176,000 for electric cars in 2020. The sales percentage for electric cars also increased in Germany, France, Iceland, Sweden, and the Netherlands, owing to the European Green Deal and agenda of achieving net-zero carbon emission by 2050. To boost the contribution of the road transport sector to the EU's climate targets, the legislative proposal sets more ambitious 2030 targets for reducing carbon dioxide emissions of new cars and vans and only allows zero-emission vehicles from 2035. Such policies are further anticipated to influence the European electric capacitor market.
By Type, Europe electric capacitor market is segmented into aluminium, ceramic, tantalum, paper and film, and supercapacitors. Cars, buses, trains, cranes, and elevators, among other things, employ supercapacitors for regenerative braking, short-term energy storage, and burst mode power delivery. The growing use of freshly enhanced capacitors in the industrial and electronic sectors has been a primary driver of the electrical capacitor market's growth.
By Polarization, Europe electric capacitor market is segmented into polarized & non-polarized. The polarized capacitor is a type of capacitor that can be connected only one way in a circuit, whereas non-polarized capacitors can be connected either way. High capacitance, the capacity to endure large charge and discharge cycles, as well as rapid supply and charge storage are all key attributes that are driving product adoption. Furthermore, the ability to withstand rapid degradation while maintaining operational functionality would boost product demand.
By Voltage, Europe electric capacitor market is segmented into high voltage and low voltage. Low voltage electric capacitors will see significant growth due to rising demand for consumer electronic items, which will be fuelled by short replacement cycles and steadily falling prices. The growth of the low voltage market will be aided by increased demand for consumer electronics, which will be fueled by vigorous urban population growth and gradually dropping prices. Furthermore, global economic expansion has increased disposable income. Moreover, as consumer income has increased, demand for automobiles and consumer gadgets has increased as well, driving total sector growth.
By Industry vertical, Europe electric capacitor market is segmented into consumer electronics, automotive, communication & technology, energy & power, industrial electronics, and others. Automotive and energy & power are expected to rise as EVs and plug-in hybrids are in demand, and sales are forecasted to increase in the future. The rising adoption of improved and advanced capacitors in the industrial and electronic sector is a major driving force for the Europe market.
The COVID-19 pandemic impacted the electric capacitor market by putting a hold on imports and export. Plus, manufacturing units were shut down, and sales declined during the period. However, gradually, with the world back to normal and sales and demand picking up, a new world post-COVID is what is aspired by the businesses and leaders as some industries have shown immense growth potential and will be growing in the forecasted period.
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Murata manufacturing co. Ltd.
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