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HVDC Capacitor Companies

Suppliers of high-voltage direct current (HVDC) capacitors, crucial for efficient power transmission and distribution, supporting the development of smart grids and renewable energy.

HVDC Capacitor Companies

Competitive Landscape of the HVDC Capacitor Market:

The High Voltage Direct Current (HVDC) capacitor market is experiencing a surge, propelled by the integration of renewable energy sources and the modernization of grids. This surge has ignited a dynamic competitive landscape, with established players battling for market share against emerging competitors. Understanding this landscape is crucial for both established and aspiring participants.

Key Players:

  • Eaton Corporation PLC

  • ABB Ltd

  • RTDS Technologies Inc.

  • Alstom SA

  • Maxwell Technologies Inc

  • Siemens AG

  • Sieyuan Electric Co. Ltd

  • Vishay Intertechnology Inc

  • TDK Corporation

  • AVX Corporation (Kyocera Corporation)

Strategies Adopted by Key Players:

Companies in the HVDC capacitor market employ a range of strategies to secure market share and growth:

  • Product Diversification:¬†Expanding product portfolios to cater to various voltage levels,¬†applications,¬†and installation types broadens customer appeal.

  • R&D Investment:¬†Continuously investing in research and development of new materials,¬†designs,¬†and manufacturing processes ensures technological leadership.

  • Vertical Integration:¬†Integrating production processes,¬†from raw materials to finished products,¬†can improve cost-efficiency and quality control.

  • Digitalization and Automation:¬†Implementing advanced digital solutions and automation in manufacturing and supply chains enhances efficiency and responsiveness.

  • Sustainability Focus:¬†Emphasizing environmentally friendly production processes and recyclable materials resonates with sustainability-conscious customers.

Market Share Analysis:

A handful of established players currently dominate the market. Companies like ABB, Siemens, Eaton, and Epcos-TDK have leveraged their technological expertise and brand recognition to secure significant market shares. However, several factors influence market share dynamics:

  • Technological Prowess:¬†Offering advanced capacitor technologies like self-healing film capacitors and dry-type designs that boost efficiency and reliability can be a game-changer.

  • Geographical Focus:¬†Targeting regions with significant HVDC projects,¬†particularly those focusing on renewable energy integration,¬†grants companies access to high-growth markets.

  • Cost-Competitiveness:¬†Striking a balance between cost and quality is critical,¬†especially in price-sensitive emerging markets.

  • Strategic Partnerships:¬†Collaborations with key utilities,¬†grid operators,¬†and technology providers can open doors to larger projects and strengthen market presence.

New and Emerging Companies:

While established players reign supreme, new and emerging companies are chipping away at the market share. These innovators often focus on niche applications, customized solutions, or disruptive technologies:

  • Start-ups:¬†Agile and nimble,¬†start-ups like Maxwell Technologies and General Atomics are introducing novel materials and designs,¬†challenging the status quo.

  • Regional Players:¬†Companies like Hitachi (Japan) and TBEA (China) are capitalizing on their regional expertise and competitive pricing to gain traction in their respective markets.

  • Technology Focus:¬†Several players are specializing in specific HVDC capacitor technologies,¬†like VSC-rated (Voltage Source Converter) capacitors or pole-mounted solutions,¬†catering to evolving grid needs.

Industry Developments

Eaton Corporation PLC:

  • Oct 2023:¬†Eaton announced its new generation of Metallized Polypropylene (MPP) film capacitors for HVDC applications,¬†offering higher energy density and reduced weight compared to traditional designs.¬†

  • Jun 2022:¬†Eaton partnered with the National Renewable Energy Laboratory (NREL) on a research project to develop advanced filter designs for HVDC systems using silicon carbide (SiC) power electronics.¬†

ABB Ltd:

  • Dec 2023:¬†ABB secured a major contract to supply HVDC capacitor systems for the ¬Ī500 kV Zhoushan II HVDC project in China,¬†one of the world's largest offshore wind farms.¬†

  • Jul 2023:¬†ABB unveiled its latest HVDC hybrid capacitor technology,¬†combining film and electrolytic capacitors for improved performance and cost-efficiency.¬†

Global HVDC Capacitor Market Overview

HVDC Capacitor Market Size was valued at USD 4.9 Billion in 2022. The HVDC Capacitor market Application is projected to grow from USD 5.6 Billion in 2023 to USD 16.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.60% during the forecast period (2023 - 2032). HVDC transmission systems drive up demand for HVDC capacitors and for improving grid infrastructure to make electricity more widely available, are the key market drivers enhancing the market growth.

HVDC Capacitor Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

HVDC Capacitor Market Trends

  • The increasing demand for reducing energy losses in power transmission and distribution is driving the market growth

One of the main causes driving the adoption of HVDC capacitors is the growing demand for minimising energy losses in power transmission and distribution, increasing the use of renewable energy, and expanding demand for solar inverters and industrial inverters. These capacitors are intended for use in systems like HVDC transmission systems that generate strong current pulses. Power capacitor use in HVDC transmission systems will also grow as utilities place more emphasis on preventing overload situations, optimising power flow across parallel lines, and enhancing system stability. Furthermore, HVDC systems are becoming more widely used in sectors like data centres and electric cars as a result of recent technical advancements and the necessity for uninterruptible power.

Many governments all over the world are making large investments to make renewable energy the main source of electricity in their region. Renewable energy sources will be predominantly used to generate power, according to recent EIA predictions. Multiple gearbox systems will be put in place as a result of all of these issues. In order to connect users to renewable energy sources, such as far-flung solar power plants and offshore wind turbines, HVDC capacitors are finding use in power transmission. As a result, increased use of renewable energy sources will greatly expand market potential for vendors.

The primary factor propelling the expansion of the high voltage direct current (HVDC) capacitor business during the forecast period is the increased requirement to upgrade grid infrastructure in order to increase the accessibility to electricity. The market for HVDC capacitors is expanding faster as high voltage capacitors are increasingly used in extra high voltage (EHV) and ultra high voltage (UVH) transmission. Additionally, expanding industrialisation presents opportunities for market expansion. Given these variables, it is anticipated that the high voltage direct current (HVDC) capacitor market will expand significantly in the coming years. During the anticipated period, innovation in the energy and power sector is anticipated to present profitable growth prospects for the market.

A HVDC capacitor, a critical component of the HVDC transmission system, is required for converting AC to DC, transporting electricity between converter stations, and converting DC to AC again so that it may be fed into the power grid. They help to maintain voltage stability, improve power quality, and manage power flow quickly. They reduce the possibility of short-circuiting current by rapidly managing power flow in transmission cables. At the receiving converter station at the end of the HVDC link, capacitor banks also safeguard and guarantee that the AC output voltage is constant and prepared to be supplied into the electrical grid. As a result, the market for HVDC capacitors is expanding due to the rising need for HVDC transmission lines. Thus, driving the HVDC Capacitor market revenue.

HVDC Capacitor Market Segment Insights

HVDC Capacitor Product Type Insights

The HVDC Capacitor Market segmentation, based on product type, includes plastic film capacitors, aluminum electrolytic capacitors, ceramic capacitors, tantalum wet capacitors, and others. Ceramic capacitors segment dominated the global market in 2022. Because of its great stability and capacitance and their capacity to counteract the effects of temperature, ceramic capacitors can function at high temperatures. As a result, they are frequently utilised as a resonant circuit for non-contact charging equipment as well as a smoothing snubber for electric vehicle and hybrid electric vehicle motor drive inverters.

HVDC Capacitor Technology Insights

The HVDC Capacitor Market segmentation, based on technology, includes line-commulated converter (LCC) and voltage-source converter (VSC). Voltage-source converter (VSC) segment dominated the HVDC Capacitor Market in 2022. A more recent technology built on power transistors is VSC. By reducing the low voltage needs, it lowers the possibility of commutation failure. It is also the best technology for connecting undersea and land cables, combining applications for renewable energy sources, offshore drilling, and urban infeed. Consequently, a larger CAGR is anticipated for VSC technology during the period.

HVDC Capacitor Installation Type Insights

The HVDC Capacitor Market segmentation, based on installation type, includes open rack capacitor banks, enclosed rack capacitor banks, and pole-mounted capacitor banks. Pole-mounted capacitor banks segment dominated the HVDC Capacitor Market in 2022. Pole-mounted capacitor banks can be fixed or automated in a single step. These banks provide a number of advantages, including better voltage management and power factor, a straightforward design, affordable equipment, and a smaller installation footprint. As a result, they are used in applications for large industrial loads, induction furnaces, distribution transformers, and agricultural loads.

HVDC Capacitor Application Insights

The HVDC Capacitor Market segmentation, based on application, includes commercial, industrial, aerospace and defense, and others. Industrial segment dominated the global market in 2022. In the energy and power sector, including the production, distribution, and transmission of energy that serves a variety of sectors, HVDC capacitor meets the strictest electrical and mechanical specifications. They can function in the worst environmental conditions and are employed in the widest range of industrial applications. High voltage power capacitors increase network reliability, transmission capacity, and carbon dioxide emissions significantly.

Figure 1: HVDC Capacitor Market, by Application, 2022 & 2032 (USD Billion)

HVDC Capacitor Market, by Application, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

HVDC Capacitor Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America HVDC Capacitor Market dominated this market in 2022 (45.80%). Due to their rapid adoption of HVDC transmission systems, the area is among the top investors and adopters in the market under study. For instance, to increase the transmission capacity and network stability, residential, commercial, and industrial consumers in the United States continue to drive the adoption of HVDC capacitors. Further, the U.S. HVDC Capacitor market held the largest market share, and the Canada HVDC Capacitor market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe HVDC Capacitor market accounted for the healthy market share in 2022. The region is one of the major adopters and investors in the studied market, owing to their high rate of adoption of HVDC transmission systems. For instance, the residential, commercial, and industrial consumers in the United States continue to drive the adoption of HVDC capacitors, to enhance the transmission capacity and network stability. Further, the German HVDC Capacitor market held the largest market share, and the U.K HVDC Capacitor market was the fastest growing market in the European region

The Asia Pacific HVDC Capacitor market is expected to register significant growth from 2023 to 2032. This is due to the fact that it is the perfect remedy to lower power loss and boost effectiveness during long-distance point-to-point power transmission in the area. Additionally, the market is expanding as a result of the region's increasing industrial change. Moreover, China’s HVDC Capacitor market held the largest market share, and the Indian HVDC Capacitor market was the fastest growing market in the Asia-Pacific region.

HVDC Capacitor Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the HVDC Capacitor market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, HVDC Capacitor Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global HVDC Capacitor Industry to benefit clients and increase the market sector. In recent years, the HVDC Capacitor Industry has offered some of the most significant advantages to medicine. Major players in the HVDC Capacitor market, including Eaton Corporation PLC, ABB Ltd, RTDS Technologies Inc., Alstom SA, Maxwell Technologies Inc, Siemens AG, Sieyuan Electric Co. Ltd, Vishay Intertechnology Inc, TDK Corporation, and AVX Corporation (Kyocera Corporation), are attempting to increase market demand by investing in research and development operations.

A division of Hitachi Ltd., Hitachi Energy Ltd. (Hitachi) creates cutting-edge power, digital, and automation systems. The company's product line consists of a variety of items, such as cooling, asset, and work management systems, capacitors and filters, communication networks, disconnectors, generator circuit-breakers (GCB), instrument transformers, SCADA and control systems, semiconductors, substations, transformers, cable accessories, and other items. Installation and commissioning, training and development, consultation, maintenance, upgrade, and replacement services are all provided by Hitachi. The business provides services to clients in the infrastructure, industry, information technology, mobility, and energy sectors. The headquarters of Hitachi are in Zurich, Switzerland. In order to assist the rapidly expanding offshore wind market, Hitachi Energy, a division of Hitachi, Ltd., joined forces with Petrofac, a major global service provider to the energy sector, in June 2022 to provide joint grid integration and related infrastructure. HVDC and HVAC solutions are provided as part of the collaboration.

Electronic items, such as passive components, applied film goods, applied magnetics, and others, are produced and supplied by TDK Corp (TDK). Inductors, ceramic capacitors, sensors, inductive devices, piezoelectric materials, transformers, circuit protection components, applied films, magnets, hard disc drive (HDD) heads, flash storages, sensor systems, EMC components, RF components, inductors, power supplies, FA Systems, and other components are among the company's product offerings. To increase the production of multilayer ceramic capacitors, TDK Corporation plans to build a new production facility on the grounds of the Kitakami Factory in Kitakami City, Japan, in May 2022.

Key Companies in the HVDC Capacitor market include

  • Eaton Corporation PLC

  • ABB Ltd

  • RTDS Technologies Inc.

  • Alstom SA

  • Maxwell Technologies Inc

  • Siemens AG

  • Sieyuan Electric Co. Ltd

  • Vishay Intertechnology Inc

  • TDK Corporation

  • AVX Corporation (Kyocera Corporation)

HVDC Capacitor Industry Developments

March 2022: For the purpose of enhancing its current offering of electrolytic capacitor solutions for use in aerospace, defence, and medical applications, KYOCERA AVX Corporation purchased the tantalum and polymer capacitor businesses from ROHM Semiconductor.  

HVDC Capacitor Market Segmentation

HVDC Capacitor Product Type Outlook

  • Plastic Film Capacitors

  • Aluminum Electrolytic Capacitors

  • Ceramic Capacitors

  • Tantalum Wet Capacitors

  • Others

HVDC Capacitor Technology Outlook

  • Line-Commulated Converter (LCC)

  • Voltage-source Converter (VSC)

HVDC Capacitor Installation Type Outlook

  • Open Rack Capacitor Banks

  • Enclosed Rack Capacitor Banks

  • Pole-mounted Capacitor Banks

HVDC Capacitor Application Outlook

  • Commercial

  • Industrial

  • Aerospace and Defense

  • Others

HVDC Capacitor Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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