Selbyville, Delaware, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global capacitor bank market was estimated at $3.4 billion in 2019 and is slated to surpass $4.4 billion by 2026, registering a CAGR of 5.6% from 2020 to 2026. The report provides a in-depth analysis of the key investment avenues, drivers and opportunities, key winning strategies, wavering industry trends, competitive scenarios, and market estimations as well as size.
High Voltage capacitor banks are predominantly installed across industrial facilities and various power plants to reduce the current & voltage fluctuation from non-linear electrical equipment. The rising demand for an efficient power factor correction solution and to improve the supply of power across grid network will augment the capacitor bank market demand. Moreover, the growing requirement for efficient grid infrastructure across developing economies will further boost the installation of high voltage capacitor banks in the global industry.
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Pole mounted capacitor banks are usually deployed on an electric pole and is fitted using strong frame structure to mitigate the risk of damage due to extreme climatic conditions. Ease of installation, minimal maintenance coupled with enhanced operational efficiency will fuel the capacitor bank market share. These banks also have the capability to provide support for voltage regulations, reduces system losses, and minimize power system penalties, which will further proliferate the its deployment in the industry.
In most of the industrial facilities power systems supply AC current to power electrical equipment, which makes power factor as one of the key aspects in power transmission. Moreover, for various heavy industrial instruments the power factor correction is essential for rectifying the current, DC drivers, induction furnaces arc furnace and welders. Reduced utility penalties for low power factor, optimized energy consumption, and freeing up capacity overload networks are some of the prominent features augmenting the capacitor bank market deployment across industrial applications.
Some key findings of the capacitor bank market report include:
- The demand for high voltage capacitor bank is surging across industrial and power substations on account of increasing electricity requirement and to mitigate the harmonics majorly due to non-linear loads.
- The rising investments towards the refurbishments & retrofitting of existing grid infrastructure are some of the major factors contributing to the industry growth.
- Rapid urbanization and industrialization across Asia Pacific region will significantly drive the demand for efficient power factor conversion equipment including capacitor banks.
- Rising technological advancements to enhance power factor regulation for uninterrupted power supply will augment the industry outlook.
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The capacitor bank market across Latin America is anticipated to witness a significant growth rate on account of rapid urbanization and the rising demand for efficient solutions for power factor correction. The growing electricity demand across residential and commercial sector along with rising awareness towards secure power supply and grid stability will further boost the product deployment.
Major players operating across the capacitor bank industry include ABB Limited, Siemens AG, General Electric, Eaton Corporation, and Schneider Electric amongst others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.