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Capacitor Bank Market is projected to surpass USD 6.0 billion by 2031
OREGON, PORTLAND, UNITED STATES, May 26, 2023 /einpresswire.com / --
The global capacitor bank market was valued at $3.9 billion in 2021, and is projected to reach $6.0 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
A capacitor bank is a collection of individual capacitors connected together to provide a combined capacitance value. It is typically used in electrical power systems to improve power factor, stabilize voltage, and provide short-duration power supply during voltage sags or surges.
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The key players that operate in the capacitor bank market are profiled in the report, which include Eaton, Comar Condensatori S.p.A, ABB Ltd., Enerlux Power s.r.l., Hitachi Ltd. (Hitachi), Circutor, Siemens, Toshiba Corporation (Toshiba), Vishay Intertechnology, Inc., EPCOS, and others.
Other players that operate in the value chain of the global capacitor bank market include Yuhchang, Treffer Power System Solution Private Limited, R J Enterprises, Laxmi Electronics, ABPS Solution Private Limited, Clantech Solutions and Services Private Limited, Amp Volt Control, and other tier-2 players.
The global Capacitor bank market size is expected to gain high growth in the coming years as capacitor bank are used for power saving, storage of energy, and other associated purposes.
Other specifications such as power output and load are also required to manufacture a customized capacitor bank depending on the needed rating. Its major uses include storage of electrical energy in and regulate the energy flow, across the system.
In addition, increasing investments rise in investment by major key players such as ABB Ltd and COMAR Condensatori S.p.A is expected to create potential growth opportunities for key players operating in this market.
Rise in demand for capacitor banks for power factor correction, rapid growth of industrialization, and rise in investment by major key players are the key factors that significantly contribute toward the growth of the global capacitor bank market.
North America is expected to grow at the fastest rate, registering a CAGR of 4.7%, throughout the forecast period.
In 2021, Asia-Pacific dominated the global capacitor bank market, with more than 31.0% of the share in terms of revenue.
Industrial sector is also the fastest-growing application segment in the global capacitor bank market, expected to grow at a CAGR of 4.9% during 2022–2031.
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In 2021, the medium voltage segment accounted for about 47% of the share in the global capacitor bank market, and is expected to maintain its dominance till the end of the forecast period.
In 2021, the industrial segment accounted for 26.9% of the capacitor bank market share in the year 2021, and is anticipated to grow at a rate of 4.9% in terms of revenue, increasing its share in the global capacitor bank market.
These capacitor banks have proved to be very useful in industrial sectors, which, in turn, gives traction to the capacitor bank market growth globally. There are two major advantages associated with capacitor banks, including improved quality of the electrical supply and increased effectiveness of power systems.
Another factor fueling the global market demand is increasing use of capacitor banks in the electric power industry as power saver widely utilized in the electric motors and transmission lines.
Other applications include steel, cement, petrochemical refineries, pulp &paper industry. These industries use capacitor banks to reduce cost of electricity bills and improve the efficiency of electric energy.
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The Capacitor bank market was negatively impacted due to the COVID-19 pandemic. However, Europe is the prominent market which was impacted the most in 2020, with a loss of 7% year on year. This slowed down the growth of global market in 2020. But, at the end of third quarter of 2022, the global market is estimated to be fully recover, and is projected to grow with a CAGR of 4.3% by the end of 2031.
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