The global electric capacitor market is expected to grow at a compound annual growth rate over the analyzed period. The market stood at US$19,490.671 million in 2019. Electric Capacitor is an electric device consisting of two conductors nearby and insulated from each other that are used to store electrical energy in the electrical field. In a capacitor, two metal plates are attached to the sides of the insulator. When the current flows, the positive and negative charges transfer with the conductor but the insulator does not carry any current and block the charge. These charges are built up only on one of the capacitors while the other plate has an opposing charge. This, therefore, creates a structure for the capacitors to store the electric charge between the plates. The major purpose of the electric capacitor is to store electricity. Capacitors are used for power supply purposes and for charging and discharging electric charges. Such a feature is used in cameras to emit high voltage flashes. Apart from that, capacitors are also used to reduce the noise by using its property of flowing AC but DC. Also, capacitors are used to maintain the level of voltage.
Types of Electric Capacitors:
Electric Capacitors are of various types ranging from Aluminum, Tantalum, Ceramic, Paper and Film, Mica, etc. Aluminum Electrolytic Capacitor is made from aluminum and comes at an affordable price. Its oxide film blocks the electricity but it also has some weak points like bad frequency, large size, etc. Tantalum Capacitor has a large capacitance and is superior to the aluminum capacitor in terms of leakage current characteristics and uses tantalum for the anode. Ceramic Capacitor uses 3 types of ceramics: low dielectric type, high dielectric type, and semiconductor type. A film capacitor uses films such as polyester and polyethylene as the dielectric material that provides high reliability in frequency and temperature and Mica Capacitor uses mica, which is a natural mineral, as the dielectric material.
Based on the voltage capacities, the electric capacitors are divided into high voltage and low voltage electric capacitors. Low Voltage Capacitors are widely used in low voltage networks to increase power saving in applications. With the rise in disposable income of the people, the consumption of personal electronic gadgets has increased significantly and with the projected increase in the demand for these gadgets, the electric capacitor market holds a wide scope of development.
High Voltage Capacitors are used in high voltage networks to reduce the power system losses and provide a continuous flow of electricity. With the rising population, the need to supply uninterrupted power with low overload conditions and has increased significantly. This is expected to increase the demand for high voltage electric capacitors in the coming years.
The Growing Use of Electronics:
The use of electric devices has increased significantly over the decades be it smartphones, laptops, etc. Due to the increasing disposable income powered by urbanization especially in developing economies, the demand for these electronic devices is projected to increase at a significant rate. Capacitors are an important component of these electrical gadgets that make up the power supply units, electronic circuits, and power circuits and are also used in power conditioning and in sensors to measure several things like humidity, mechanical strain, and fuel levels. With the growing usage of these components and devices powered by automation and industrialization, the demand for the electric capacitor is projected to increase at a significant rate in the coming years.
Regional and Geographical Insights:
On a Geographical note, North America is expected to come out as a market leader for the electric capacitor market due to already booming industrialization in the region that holds a wide scope of development for electric, automotive, and power industries.
Besides that, Asia-Pacific is also projected to register significant market growth in the coming years. The growing population and fast-developing economies like India and China hold a wide scope for rapid industrialization and automation. With this, the application and demand for the electric capacitor are also expected to increase at a significant rate. Also, the increasing population in the region is projected to increase the demand for electric gadgets like smartphones, laptops, etc. that use electric capacitors as a major component.
The coronavirus pandemic severely impacted the industries and sectors worldwide. The restrictions imposed by the government that was followed by global lockdowns, curfews, disruptions in supply chains, and export restrictions severely hampered the growth of the electric capacitors market. With the industries shutting down and halting their operations, both the demand and supply side of the market was severely hampered.