New York, US, Aug. 19, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Capacitor Banks Market Analysis by Technology, by Application and by Region - Forecast to 2030” valuation is poised to reach USD 3927 million by 2030, registering an 5.6% CAGR throughout the forecast period (2022–2030).
Capacitor Banks Market Overview
The growing need for high voltage capacitor bank in industrial & power substations due to rising electricity need and mitigating the harmonics majorly because of non-linear loads will boost market growth over the forecast period.
Capacitor Banks Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 3927 Million |
| CAGR 2022 to 2030 | 5.6% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
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Drivers
Huge Need for Electric Supply to offer Robust Opportunities
A great demand for electric supply is required due to the transmission industry's continued development, which has sped up the growth of this global market. Additionally, the expansion of the global market is boosted by the rising investment in the production of renewable energy. Another element influencing the market's growth is the construction of infrastructure by various rising nations.
Besides, numerous prospects for expansion in the worldwide capacitor bank market are presented by the supportive government policies for market development in developing nations. Additionally, the market for capacitor banks is expected to benefit from expansion prospects due to rising policies and activities relating to connected electricity grids.
High Initial Capital Investment to act as Market Restraint
The high initial capital investment will act as a market restraint over the forecast period. Besides, the fluctuations in raw material price may also impede market growth.
Capacitor Banks Market Segments
The global capacitor banks market is bifurcated based on application, type, voltage, and technology.
By technology, the global capacitor banks market is segmented into line commutated converter and voltage source converter.
By voltage, the global capacitor banks market is segmented into high voltage, medium voltage, and low voltage.
By type, the global capacitor banks market is segmented into open-air substation, metal-enclosed substation, pole-mounted type, and others.
By application, the global capacitor banks market is segmented into power factor correction application, harmonic filter, renewable integration application, industrial application, data centers application, and others.
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Capacitor Banks Market Regional Analysis
APAC to Head Capacitor Banks Market
The Asia-Pacific region dominates the worldwide market since it holds the biggest percentage of the total market. The need for capacitor banks in the Asia-Pacific area is driven by the region's changing lifestyle and increasing population, especially in China & India. Other contributing elements include transmission and higher investment in distribution routes. An increase of more than 5% is anticipated in the Asia Pacific region between 2020 and 2026 as a result of rising investments in industrial expansion & utility-based electrification network. Due to the continued funding flow for the building and upgrading of power capabilities and electric infrastructure, emerging economies like Malaysia, New Zealand, & China will drive regional market growth.
Furthermore, throughout the course of the projected period, the demand for capacitor banks will be greatly driven by rising attention to the development of commercial zones along with the high-end investment across industrial & utility sector. Due to significant investments made in the industrial and infrastructure sectors, the APAC region is anticipated to domineer the market throughout the forecast period. Due to the existence of China in this region, the Asia-Pacific region has the greatest market share on the global market. China has made significant investments in transmission & distribution networks totaling USD 83 billion. The requirement for energy has increased as a result of improving standards of living and population growth.
In the years to come, the need for energy is also projected to be fueled by increased urbanization and industrialization. These elements are anticipated to support the market for capacitor banks in the area's growth pattern. The governments are making investments in energy production and delivery, which is expected to accelerate the regional market's revenue growth over the coming years. Due to its significant investments in power and energy sectors, China currently occupies the top spot in the regional market. On the other hand, India is also anticipated to make a significant contribution to the growth of the capacitor banks market over the course of the forecast year.
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Europe to Have Favorable Growth in Capacitor Banks Market
The European region holds the second-largest market share in the global market as a result of growing cross-border connections between Sweden, Poland, France, Germany, & the UK, as well as growing distribution and transmission markets in the European region, which together help to drive up demand for capacitor bank market.
Besides, North America will have significant growth over the forecast period. North America currently holds the third-biggest market share. The market is expanding in North America as a result of rising technological advancements and product innovation. Another significant aspect is the rising disposable income over the anticipated period.
COVID-19 Analysis
Businesses have experienced significant losses due to the COVID 19 global pandemic, which has thrown economies into a forced recession. The rising tide of the worldwide pandemic has made it impossible for an individual to battle both the financial and health issues. Numerous electronic projects have been shut down as a result of the lockdown, which has caused a sharp decline in market sales revenue worldwide, particularly in Brazil and India. As a result of the disruption of supply chain networks, product deployment and profit margins have both decreased. However, it is anticipated that the market for capacitor banks would recover from this worldwide COVID 19 epidemic by correctly strategizing to suit their customers' needs. Additionally, at the conclusion of the following year's second quarter, a recovery is anticipated.
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Capacitor Banks Market Competitive Analysis
Dominant Key Players on Capacitor Banks Market Covered are:
- Alstom SA (France)
- BB Ltd. (Switzerland)
- Siemens Energy (Germany)
- Toshiba (Japan)
- Epcos AG (Germany)
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