Series Capacitor Market Size

Series Capacitor Market size is anticipated to cross USD 40 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of series capacitor was over USD 17 Billion. The reason behind the growth of the market is the rising demand for electric vehicles. The demand for electric vehicles is increasing consistently due to favorable government regulations and rising incentive policies for the adoption of electric vehicles across the globe. According to a report, in just three years, the percentage of electric vehicles in overall sales has more than tripled, rising from 4% in 2020 to 14% in 2022. It is anticipated that EV sales will rise significantly until 2024. Moreover, electric vehicles have fueled the demand for capacitor technologies with high performance and reliability. Series capacitor in electric vehicles are designed to prevent ripple currents from returning to the power source and to smooth out DC bus voltage variations.

Also, due to limitations on the number of components that may put on the substrate and the size & working temperature of those components, the design of communication base stations is getting harder as they get smaller and utilize higher frequency bands. Passive components like capacitor are increasingly being chosen for these applications due to their smaller size and lower cost.