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Electrolytic capacitors are a type of capacitor that uses an electrolyte to achieve a larger capacitance than other types. They are commonly used in power supply circuits for smoothing and filtering due to their high capacitance-to-volume ratio. Key features include polarity (must be connected correctly), varying voltage ratings, and a wide range of capacitance values. These components are essential in industrial applications like motor drives, power converters, and electronic equipment where stable voltage regulation is required.