Rise in demand for high performance capacitors for superior thermal stability & insulating qualities across various industries, including renewable energy, automotive, and industrial automation, and advancements in technology for water cooled capacitors drive the global water cooled capacitors market.
PORTLAND, Ore., April 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Water Cooled Capacitors Market by Capacitor Type (Polypropylene, Ceramic, Aluminium, Others), by Frequency Rating (Medium, High), by Voltage Rating (Low, Medium, High), by Application (Heating and Melting, Resonant Circuits/RF, Medical Imaging, Plasma Applications, Wireless Power Transfer, EV Charging, Others), by End User (Automotive, Aerospace, Industrial, Railways, Renewable energy, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global water cooled capacitors industry generated $0.7 billion in 2021, and is anticipated to generate $1.5 billion by 2031, witnessing a CAGR of 7.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, restraints, and opportunities:
The global water cooled capacitors market is being driven by factors including, rise in demand for high performance capacitors for superior thermal stability and insulating qualities across various industries, including renewable energy, automotive, and industrial automation. However, the growth of the water cooled capacitors market is hindered by factors such as high cost related to rapid prototyping and the requirement for skilled professionals. Furthermore, rapid technological advancement and increasing demand for high-power applications are expected to create new opportunities for growth in the water cooled capacitors industry in the future.
Covid-19 Scenario-
- The COVID-19 pandemic had an adverse effect on the market for water cooled capacitors.
- There were delays in the production and delivery of electronic components, including capacitors, as a result of disruptions in the global supply chains.
- Due to this, some capacitor types were in short supply, which caused an increase in their price. This had a major impact on the industries that rely on these components.
- However, the water cooled capacitors market has bounced back after the COVID-19 situation.
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The polypropylene segment to rule the roost-
By capacitor type, polypropylene segment accounted for around two-fifths of the global water cooled capacitors market share in 2021, and is expected to rule the roost by 2031. The growth of the segment is driven by high-performance polymer that provides excellent insulation qualities and is resistant to high temperatures and humidity. However, the aluminum segment would display the fastest CAGR of 8.06% during the forecast period. This is due to the three-hybrid aluminum polymer capacitor series, The A780, PHA225, and PHH225, that were introduced by KEMET in November 2022. These aluminum capacitors are excellent for industrial and automotive powertrain applications, such as switched-mode power supplies (SMPS), computer voltage regulator modules (VRM), engine control units, 48V inverters for MHEVs, and DC/DC converters.
The medium segment to maintain its dominance throughout the forecast period-
By frequency rating, the medium segment contributed to the major share in 2021, holding nearly three-fifths of the global water cooled capacitors market revenue, and is likely to dominate the market during the forecast period. Also, the same segment would portray the fastest CAGR of 7.94% during the forecast period. The growth is attributed to the increase in demand for induction heating applications in various industries, such as automotive, aerospace, and metalworking. In applications involving medium frequency induction heating, the ability of medium frequency water cooled capacitors to deliver a high level of power transfer efficiency is one of their main advantages.
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The medium segment to maintain its leadership status throughout the forecast period-
By voltage rating, medium segment accounted for the highest share in 2021, contributing to more than two-fifths of the global water cooled capacitors market, and is expected to maintain its lead in terms of revenue during the forecast period. Also, the same segment would showcase the fastest CAGR of 8.32% during the forecast period. This is due to the medium voltage water cooled capacitor's ability to improve the efficiency and reliability of electrical systems. Capacitors can be used to improve system stability, lower energy losses, and correct electrical systems' power factors. Medium voltage water cooled capacitors are also used in motor control applications, where they are used to regulate the voltage and provide a smooth start-up of the motor. Medium voltage water cooled capacitors are used in renewable energy systems to store energy and control voltage in order to produce a stable amount of power.
The industrial segment to rule the roost in 2031-
By end user, the industrial segment held the largest share in 2021, garnering around one-third of the global water cooled capacitors market revenue, and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 8.17% during the forecast period. The growth of the segment is driven by numerous significant industrial applications of water cooled capacitors, such as welding equipment, power supplies, and induction heating systems. The water-cooling capacitors are required to effectively remove the heat produced by these processes and guarantee the industrial equipment operates faithfully. Induction heating systems are another industrial application for water-cooled capacitors. High-frequency electrical energy is used by induction heating systems to warm materials like metals. These systems utilize water cooled capacitors to store, regulate, and ensure stable operation of the electrical energy, which will provide ample opportunities for the growth of segment in the upcoming years.
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Asia-Pacific garnered the major share in 2021-
By region, Asia-Pacific garnered more than one-third of the global water cooled capacitors market revenue in 2021 and is expected to continue its lead in terms of revenue during the forecast period. Simultaneously, the same region would also cite the fastest CAGR of 9.24% during the forecast period. The growth of the Asia-Pacific water-cooled capacitors market is attributed to factors such as rise in acceptance of advanced technologies and IoT, increase in R&D spending, and early adoption of sophisticated and innovative technology.
Leading Market Players-
- MAGNEWIN ENERGY PVT.LTD.
- Cornell Dubilier Electronics
- SAILING TECH
- ZEZ SILKO Ltd.
- Celem Power Capacitors
- Clariant Power System Ltd.
- ge grid solutions
- Vishay Intertechnology Inc.
- High Energy Corp.
- MARXELEC ENERGY PVT.LTD.
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