Global HVDC Capacitor Market - Segmented by Type of Technology (Line Commutated Converters (LCC), Voltage-Sourced Converters (VSC)), Product Type (Plastic Film Capacitors, Ceramic Capacitors, Aluminum Electrolytic Capacitors, Tantalum Wet Capacitors, Reconstituted Mica Paper Capacitors), Applications (Energy and Power, Commercial, Industrial), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global HVDC capacitor market is expected to register a growth rate of 15.64%, during the forecast period (2018 - 2023). The scope of the HVDC capacitor market covers various segments including by technology type line commutated converters, and voltage sourced converters, by type of product includes plastic film capacitor, ceramic capacitor, aluminum electrolytic capacitor, tantalum wet capacitor, and reconstituted mica paper capacitor and by applications are limited to energy and power, commercial and industrial sectors. The regional landscape of the report includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Technical Advances in Power Electronics is Driving the Market
The exponentially increasing advances in high voltage high powerfully controlled semiconductor technology continue to have a substantial impact on the development of advanced power electronic apparatus. Power electronic apparatus are used to support optimized operations and efficient management of electrical grids. It is confirmed that the continuous development of power electronics presents cost-effective opportunities for the utilities to exploit, and HVDC remains a key technology.
Voltage Sourced Converters is Witnessing the Fastest Growth Rate
HVDC technology has specific attributes, which make it attractive for transmission system applications. The HVDC transmission systems are used for bulk power delivery through long-distance transmission and submarine cable crossings and asynchronous interconnections. Voltage source controllers can address various conventional network issues, such as voltage stability support, back to back AC system linking to mention a few.
Also, niche markets segments, such as the integration of large-scale nonconventional renewable energy sources with the grid and to the most recent large onshore/offshore wind farms. The worldwide projects that exploited VSC based HVDC system have been successfully implemented are by ABB involved in back to back systems in US and Sweden, powering of an offshore platform and two controllers asynchronous connections for trading electricity to name a few.
Energy & Power Holds Major Market Share
HVDC capacitor suffices the highest electrical and mechanical requirements in the energy and power sector; they are used for the most diversified applications and can be operated under the most stringent environmental conditions. High Voltage Power Capacitors do not only enhance the transmission capacity or the network stability, but also, contribute to economic growth and enable a significant reduction in carbon dioxide emissions.
North America Region Dominated The Market
North America is followed by Europe and Asia-Pacific with the huge growth potential in countries, such as China and India are expected to provide high growth opportunities for the market.
Key Recent Developments