The advent of next generation automotive electronics paired with increased connectivity and mobility demand will propel electric capacitor market size over the forecast timeframe. Never-ending technological advancements in the consumer electronics industry, majorly in the smartphone segment, has encouraged industry players to develop more efficient devices. Increasing demand for consumer electronics fueled by rapid growth in urban population as well as gradually dropping capacitor prices will drive electric capacitor industry trends.
North America Electric Capacitor Market Size, By Voltage, 2018 & 2025 (USD Million)
Gradual reduction in overall production and maintenance costs along with limited barriers on import are some key factors that will transform the electronic components landscape worldwide. Increasing application in fields such as personal computing, transportation, renewable energy system, as well as electronic controls for industrial machinery and engines will expand electric capacitor industry scope. Developments in the automobile segment have resulted in the enhancement of air conditioners, airbag controls and automatic windows. Rising complexity and functionality of electronic devices in vehicles combined with surging desire for smart components will boost consumption of internal components.
Increased use of smartphones all over the world has influenced the demand for electric capacitors globally. According to estimates, over 5 billion people currently own mobile devices, more than half of which are smartphones and approximately 76% individuals across 18 developed economies own a smartphone, indicating the tremendous penetration of mobile phones. Deployment of latest technologies and features into smartphones has surged the popularity for these gadgets, which will invariably escalate revenue prospects for electric capacitor market from the consumer electronics segment.
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Electric vehicle (EV) sales have exhibited robust growth in recent years, where China currently holds a major share of the EV market, with U.S. and Europe not too far behind. Inclination of consumers towards electric vehicles has increased significantly owing to its easy maintenance and lower repair costs, besides environmental benefits. According to International Energy Agency, almost 750,000 electric cars were sold across the world in 2018, and over 2 million electric vehicles are currently in operation. Rising awareness towards greener options for commute will fuel the demand for electric cars, strengthening electric capacitor industry outlook in China, Europe, and U.S.
With considerable advancements in television display technologies over the years, consumers across the globe are showing strong preference for 4K screens, which comprise 4 times as many on-screen pixels as compared with HDTVs. 4K television is anticipated to double in terms of sales in the U.S., to over 15 million units per year in coming years, owing to a growing adoption rate. Further, dropping manufacturing costs and rising affordability of 4K television devices, along with increased spending on consumer electronics will tremendously catapult electric capacitor market size.
Swiss technology giant ABB had recently been appointed to supply equipment for the Beijing-based Zhangbei high-voltage direct-current grid in China. The list of equipment supplied for the project included high-voltage capacitors, power semiconductor devices and various transformer components. The HVDC grid was designed by the State Grid Corporation of China and is considered to be the first of its kind in the world. Construction of similar mega projects worldwide will positively influence the electric capacitor market share, as capacitors play a crucial role in transmission and distribution of power.
Increasing federal initiatives to encourage the adoption of renewable energy systems coupled with growing efforts for the promotion of electric mobility will enhance electric capacitor industry prospects in the future. Ambitious government plans regarding emission control along with shifting trends towards energy-efficient technologies will push market revenues. Escalating investments in R&D paired with strategic mergers & acquisitions to expand production capacities will be a key tactic among industry players, in addition to material cost reduction and restructuring of various capacitors to achieve enhanced efficiency.
Author Name : Hrishikesh Kadam