Film Capacitor Market - Forecasts from 2022 to 2027
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発行: Knowledge Sourcing Intelligence
ページ情報: 英文 137 Pages
The film capacitor market is projected to grow at a CAGR of 2.86% to reach US$2.663 billion by 2027, from US$2.185 billion in 2020.
The capacitors are used across industry verticals including automotive, manufacturing, consumer electronics, and communication and technology among various others. The growth of these industries will directly influence the demand for these capacitors.
Growing demand for various consumer electronics including smartphones, tablets, and laptops coupled with increasing demand for electric vehicles will boost the demand for film capacitors. Geographically, Asia Pacific is a very attractive market on account of favorable government policies promoting the manufacturing industry and the demand for electric vehicles. In addition, improvements in the standard of living and rising disposable income will further add to the demand for these capacitors in the APAC region over the forecast period.
The growing number of smartphone users worldwide will strengthen the market growth since smartphone users are likely to propel the demand for film capacitors used in these devices. According to Datareportal 2022, the total number of smartphone users worldwide was 5.31 billion as of January 2022, which is 67.1% of the world's total population.
Further, an increase in the sales and adoption of electric vehicles is expected to drive the demand for the capacitors used in these vehicles. Key markets for electric vehicles like the US, China, and Germany have been investing substantially in the EV charging infrastructure along with investments in research & development for the innovation of faster and energy-efficient charging methods. Significant investments by automakers are also projected to aid the rising demand for these vehicles and thus, play a huge role in the development of the market. Key EV market players like Tesla, Ford, Nissan Volkswagen, BMW, and General Motors have allocated significant budgets to R&D for the development of industry-leading EVs. Back in 2020, the EV market saw an increase of 41% in sales with approximately 3 million EV sales worldwide, despite the impact that COVID-19 had on the automotive market, as the overall automobile market size decreased by 6%. This factor shows an inclining demand for electric vehicles, which, in turn, is expected to boost the market for film capacitors worldwide.
Additionally, nanolayer cells are now being introduced that can handle temperatures up to 150°C. The most important feature of this capacitor is the dielectric strength of the material. In addition, to improve the dielectric strength, it is also important to improve the energy density of the dielectric and an increase in the energy density is also mandatory to reduce the size of the component. Also, these capacitors should be operable at higher temperatures, as it makes them useful in industrial applications. Further, it has a high energy density, which is a required feature while the development of next-generation capacitors, and provides lucrative opportunities for the film capacitor market globally.
The Asia Pacific region is a very attractive market due to favorable government policies promoting the manufacturing industry. The sector has emerged vastly in this region due to government initiatives across various countries. For instance, in India, manufacturing has emerged as one of the sectors with high growth due to the government. The 'Make in India' program by the government has entrenched India on the world map as a manufacturing hub and provides worldwide recognition to the Indian economy. Thus, in order to make this program a success, manufacturers in India have been adopting more efficient methods and technology to stay competitive. Manufacturing solutions like the application of film capacitors is considered a viable option to achieve that, hence posing promising growth for the market. Further, with the Made in China 2025 initiative by the Chinese government which allows the relocation of manufacturing back to China, Southeast Asian countries are under immense pressure to minimize the risk of labor issues and Industry 4.0. This is currently driving demand for manufacturing development in the region, which is likely to drive the film capacitor market to ease the manufacturing processes.
The COVID-19 pandemic had a negative impact on the film capacitor market. The restricted investment costs and a lack of employees hampered sales and production of electronic paper display technology. However, the increase in sales of devices such as smartphones and tablets across the globe during the pandemic provided decent growth to the market.
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