New York, United States , July 04, 2024 (GLOBE NEWSWIRE) -- The Global Capacitor Bank Market Size is to Grow from USD 3.3 Billion in 2023 to USD 5.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.45% during the projected period.
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An electrical energy storage device known as a capacitor bank is constructed from many capacitors with similar ratings that are linked in series or parallel. To make up for or correct a phase shift or power factor lag, the resultant bank is then applied to an AC power source. They can also be utilized to boost the total amount of stored energy or the power supply's ability to tolerate ripple currents in a DC power source. Improving voltage stability and grid power factor is its primary objective. Whenever the need for reactive power fluctuates, it quickly releases or absorbs energy to make up the difference. Energy costs are reduced and system performance is improved by reducing line losses and maintaining a constant voltage level. Furthermore, the growing product consumption in telecommunications and data centers is having a beneficial effect on the market. This is a result of these sectors' increasing demand for robust and efficient power management solutions. As vital hubs for processing and storing massive volumes of data, data centers require a steady power supply and the highest possible power quality. Capacitor banks are essential for improving power factor, reducing voltage fluctuations, improving power system stability, minimizing downtime, and optimizing overall data center performance. Furthermore, the growing emphasis on power quality and energy efficiency is one of the main factors propelling the capacitor bank market. Due to the increasing demand for electricity and the increased emphasis on sustainable energy practices, industries, and utilities are constantly seeking ways to improve energy efficiency and reduce power losses. However, throughout the projected time frame, price volatility for raw materials like copper, titanium, aluminum, and other components that can reduce market demand is anticipated to hinder the growth of the capacitor bank market.
Browse key industry insights spread across 206 pages with 110 Market data tables and figures & charts from the report on the “Global Capacitor Bank Market Size, Share, and COVID-19 Impact Analysis, By Type (Internally Fused, Externally Fused, and Fuseless), By Application (Power Factor Correction, Harmonic Filter, Industrial, and Others), By Installation (Pole Mounted, Open Air Substation, Metal Enclosed Substation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The internally fused segment is anticipated to hold the greatest share of the global capacitor bank market during the projected timeframe.
Based on the type, the global capacitor bank market is divided into internally fused, externally fused, and fuseless. Among these, the internally fused segment is anticipated to hold the greatest share of the global capacitor bank market during the projected timeframe. The market for capacitor banks is expanding due to two main factors increased investments in the power generation industry and a high demand for capacitor banks to enhance the quality of the energy supply. Internally fused capacitor banks are highly recommended due to their include an internal protection mechanism that ensures safety during operation and lowers the chance of damage from internal faults.
The industrial segment is projected to grow at the fastest CAGR in the global capacitor bank market during the projected timeframe.
Based on the application, the global capacitor bank market is divided into power factor correction, harmonic filter, industrial, and others. Among these, the industrial segment is projected to grow at the fastest CAGR in the global capacitor bank market during the projected timeframe. Due to the world's fast industrialization and the growing usage of modern technologies in production facilities to promote productivity. As industrialization and electrification rise, the need for voltage regulation and power factor correction grows. The creation of energy, the decrease in power costs, and the stability of the voltage supply in industries are all significantly influenced by capacitor banks.
The pole mounted segment accounted for the largest revenue share in the capacitor bank market during the estimated period.
Based on the installation, the global capacitor bank market is divided into pole mounted, open air substations, metal enclosed substations, and others. Among these, the pole mounted segment accounted for the largest revenue share in the capacitor bank market during the estimated period. For spread deployments, pole mounted systems are ideal, especially in remote or rural areas. Due to their compact size, they are easy to incorporate into utility poles, improving the voltage regulation and power factor of distribution networks. This kind of architecture can lower line losses and increase grid stability for utilities.
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Asia Pacific is expected to hold the largest share of the global capacitor bank market over the forecast period.
Asia Pacific is Expected to hold the largest share of the global capacitor bank market over the forecast period. Significant increases in industrialization, urbanization, and infrastructure development have occurred throughout Asia Pacific, resulting in increased power demand and the need for efficient power distribution networks. China, India, Japan, and South Korea are driving the demand for capacitor banks across a range of industries, including manufacturing, utilities, and commercial buildings. Government actions to promote energy efficiency and the use of renewable energy sources contribute to the governance of the Asia Pacific capacitor bank sector.
Europe is predicted to grow at the fastest pace in the global capacitor bank market during the projected timeframe. The renovation, modernization, and updating of these areas' electrical infrastructure will lead to an increase in the demand for capacitor banks. To meet their electrical needs, many European nations are constructing renewable power plants rather than relying on traditional power-producing techniques. It is necessary to use capacitor banks for these applications. Panelboards are used in modern architecture, and their proper operation depends on capacitor banks.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Capacitor Bank Market include Eaton, Comar Condensatori S.p.A, ABB Ltd., Enerlux Power s.r.l., Hitachi Ltd., Circutor, Siemens, Toshiba Corporation, EPCOS, Schneider Electric SE, General Electric Company, and Others.
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Recent Developments
- In February 2024, Pole-MVar is a straightforward post-mounted device that Powerside invented to solve reverberation and symphonious mutilation issues. It is a tuned-filter capacitor bank. This innovative approach aims to be of considerable help to engineers who are facing reliability problems with power frameworks, especially in their exploration of the interface between innovation and existing foundations.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Capacitor Bank Market based on the below-mentioned segments:
Global Capacitor Bank Market, By Type
- Internally Fused
- Externally Fused
- Fuseless
Global Capacitor Bank Market, By Application
- Power Factor Correction
- Harmonic Filter
- Industrial
- Others
Global Capacitor Bank Market, By Installation
- Pole Mounted
- Open Air Substation
- Metal Enclosed Substation
- Others
Global Capacitor Bank Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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