An overview of the Global Electric Capacitor Market
The electric capacitor market is estimated to be valued at US$18.121 billion in 2019 and is projected to grow steadily during the forecast period.
The electric capacitors are the components that store electric energy in an electric field. An electric capacitor adds capacitance to an electric circuit. It is also named a condenser. It has two terminals mostly in form of metallic plates. The electric capacitor can be used like a temporary battery whenever disconnected from a charging point or circuit as it stores electric energy. To prevent losing the information in volatile memory, the electric capacitor is used when batteries are charged.
It converts kinetic energy into electric energy. The group of electric capacitors is used for the supply of huge current pulses. This is done for the application of many pulses of power. The electric capacitors with large size are used as an energy source in the nuclear weapons for the slapper or exploding bridge wire detonators. Certain type of electric capacitors is also used in the power supplies in which they smooth the output of the wave rectifier. Whereas to generate a higher voltage than the input voltage, the electric capacitors are also used in charged pumps.
Demand for High Speed and Long-Lasting Energy Storage Expected to Propel the Global Electric Capacitor Market
The convergence, complexity, and functionality of electronic devices are growing with the advanced innovations in this field. This has paved way for the increase in an increase in the demand for smart components. This factor has been estimated to drive the global electric capacitor market growth. The advancement in the electronic industrial sectors has introduced many new and innovative gadgets. These devices require a large amount of energy storage. Thus, almost every such advanced electronic device prefers an electric capacitor in it. Especially the smartphone consumers prefer smartphones with high battery storage. To top in fulfilling this demand the smartphone industries opt for the best electric capacitors.
Due to the increase in the per capita income and requirement of digital connectivity the demand for smartphones, tablets, and laptops is rising in the last few years. Developing countries like India also registered a high rate of smartphone usage. An official industrial report in November 2021, stated that the per daytime spent on the mobile phone has increased to an average of five hours. This robust the demand for the high energy storage in the phones. Consumers are ready to pay the cost for long-lasting battery storage smartphones. Hence, with the increase in the demand for smartphones, there is rising demand for electric capacitors from the smartphone industry sector. Therefore, the smartphone industry is estimated to drive the global electric capacitors growth during the forecast period.
In terms of polarization, there are two types of electric capacitors. They are polarized and non-polarized electric capacitors. The ability of the polarized electric capacitor to resist degradation and to retain the product's operational functionality is one of the unique features of these capacitors which augment their demand. Additionally, polarized electric capacitors also possess the features such as the ability to bear heavy charge along with fast delivery, charge storage, and high capacitance. Likewise, non-polarized electric capacitors are also expected to grow in the forecast period owing to their properties of lower current leakage, high stability, and low losses at high frequency. The application of these products in almost all the sectors such as digital, power transmission, and automotive has attributed to the growth of its overall market in upcoming years.
Urbanization and Low Electronic Cost Drive the Market Growth
Many developing countries have experienced urbanization in the last few years. Thus, the rate of electronic gadget usage is rising day by day. Increasing economic growth in these countries led to an increase in disposable income in these countries. Moreover, the cost of electronic devices has been declining which has made them affordable to purchase. This is estimated to foster the market of low voltage storage devices with eventually attributing to the growth of the electric capacitor market globally in the next few years. Whereas, due to the increase in focus on reducing power loss, to ensure continuous power supply, and efficiency, the market of high voltage electric capacitors is also projected to grow in the future.
Asia-Pacific Is Expected to Grow at a Faster Pace in the Forecast Period
The demand for electronic devices from consumers in Asian countries is rising and is estimated to rise rapidly in upcoming years. Likewise, the dependency on the technology for day-to-day activities and for commercial developments projects in these countries has expected to fuel the electric capacitor’s demand. This increasing demand for electronic appliances and other electric products has robust the growth in these products in the Asia-Pacific region. Therefore, this has paved the way for growing the market size of the electric capacitor market in the forecast era.
Whereas Europe is also expected to enhance the electric capacitor market growth in the upcoming years owing to the shift in energy-efficient technology trends along with plans of ambitious governments of these countries to pertain to the reduction in energy emission. Furthermore, the initiatives taken by the European country's government to promote electric mobility for the adoption of renewable energy systems along with the federal incentives will also robust the electric capacitor market in Europe.
Recent Developments
in February 2021, TDK corporation announced the launch of a new EPCOS aluminium electric capacitor in its B43548 series. This new electric capacitor has snap-in terminators with a capacity of 9.80 A. They are said to be high in power performance. they are also rated to operate a maximum temperature of around 105 degrees Celsius and a voltage of 400 V.
Analysis of COVID-19 Impact on the Global Electric Capacitor Market
Due to the outbreak of the COVID-19 pandemic, many industrial sectors were shut down for nearly a year. This has declined the production of many industries. Thus, it also affected the production of electric capacitors for a year. This had slowed down the electric capacitor market growth all over the world. However, the steady growth in the demand for electronic devices before and even during the Covid-19 period from the developed countries and the urban area of developing countries has attributed to overcoming the market decline and paved the way for the growth in the electric capacitor market. This is one of the prime reasons to drive the electric capacitor market during the forecast period.
