Wilmington, Delaware, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Recently, Allied Market Research published a report, "Capacitor Bank Market by Voltage (Low [<10 Kv], Medium [10 Kv - 69 Kv], And High [>69Kv]), Type (Externally Fused, Internally Fused, And Fuseless), Installation (Pole Mounted, Open Air Substation, Metal Enclosed Substation, and Other), Connection Type (Star Connection and Delta Connection), Application (Power Factor Correction, Industrial, Harmonic Filter, And Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031". As per the report, the global capacitor bank market is predicted to gather a revenue of $6.0 billion by 2031. The market was valued at $3.9 billion in 2021 and is anticipated to rise at a CAGR of 4.3% during the 2022-2031 period. The report provides a comprehensive study of the latest market trends, major investment pockets, and the regional scenarios in the industry.
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Growth Drivers, Market Restraints, and Investment Opportunities
The rise in demand for capacitor banks from the industrial sector for power factor correction is expected to drive the growth of the global capacitor bank market. On the other hand, fluctuating prices of raw materials might restrain the growth of the market. Nonetheless, growing investments by the major players is anticipated to create numerous growth opportunities in the market.
The internally fused segment to dominate the market
Based on type, the internally fused segment accounted for the highest market share in 2021 with nearly half of the total market revenue. The same segment is also expected to have the fastest CAGR of 4.6% during the analysis timeframe. Various advantages of internally fused capacitor banks such ease of installation and easy maintenance are pushing the growth of this segment.
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The pole mounted segment to generate lucrative growth opportunities in the market
Based on installation, the pole mounted segment held the largest market share in 2021 with nearly two-fifths of the total share. The same segment is predicted to have the highest CAGR of 4.6% during the 2022-2031 period. The ability of pole mounted capacitor banks to offer voltage management and power factor correction for different electrical systems is estimated to augment the growth rate of the segment.
The delta segment to flourish immensely by 2031
Based connection type, the delta segment generated the maximum revenue and with nearly two-thirds of the total share in 2021. The same segment is anticipated to be the fastest growing with a CAGR of 3.7% during the analysis timeframe. Since capacitor banks in a delta connection can be used for high voltage, they are widely popular which will help the segment to dominate in the coming period.
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Asia-Pacific held the highest market share in 2021
Based on region, the Asia-Pacific capacitor bank market generated the highest revenue in 2021 with around one-third of the total market share in 2021. The market in the same region is expected to have the fastest CAGR of 4.9% during the forecast timeframe. Rapid surge in population and economic growth of this region are predicted to be the two main factors fueling the growth of the market.
Major Companies in the Industry:
- ABB Ltd.
- Circutor
- Vishay Intertechnology, Inc.
- Enerlux Power s.r.l.
- Siemens
- EPCOS
- Eaton
- Comar Condensatori S.p.A
- Toshiba Corporation (Toshiba)
- Hitachi Ltd. (Hitachi)
The report also studies these major companies in the market along with the different strategic alliances that these players have entered into including mergers, acquisitions, and collaborations.
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