Electric Capacitor Market Size

Electric Capacitor Market Size

Electric Capacitor Market size was valued at USD 20.6 billion in 2023 and is set to grow at 7.1% CAGR from 2024 to 2032. The electric capacitor industry in recent years has undergone various improvements and strengthened its roots across a spectrum of electronic & electrical applications. Its utilization in varied applications and high suitability to provide efficient storage of electrical energy has favored its adoption. Furthermore, the enhanced complexity, functionality, and convergence of devices that utilize state-of-the-art microprocessors is entailing increased capacitance and hence the demand for these products is growing exponentially across the emerging economies.

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Positive outlook toward electronic components, predominantly due to investments in consumer electronics, automotive, and other manufacturing facilities will boost the industry growth. In recent years, the quantity of electronic control units (ECUs) installed within a vehicle has enhanced with the progression of automobile electrification. The requirement for capacitors across these applications are lightweight, small, and can withstand vibration, temperature, current & high voltage while achieving low resistance to optimize temperature rise. In response to these necessities, the automakers are adopting design & simulation technologies to create suitable products. The increasing focus toward manufacturing designs that contribute to miniaturization, cost reduction and superior performance will further lead to intensified demand.

The digital economy gives rise to complexities in electronic appliances including TVs, smartphones, security systems, refrigerators, and electrical vehicles. The trend of increasing functionalities has thrust the demand for better storage capabilities, influencing the electric capacitor market growth.

The utilization of capacitors in the power sector is witnessing momentum due to increasing investments toward power grids driven by growing global power demand. The power capacitors improve the quality, efficiency, performance of electrical systems & minimize the power losses. Consequently, they reduce the environmental impact and thus their adoption is expected to grow substantially across the forecast timeline.