Capacitor Bank Market to Reach $6.0 Billion, Globally, by 2031 at 4.3% CAGR: Allied Market Research

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Jan 17, 2023, 07:30 ET

Surge in demand for capacitor banks, for power factor correction, from the industrial sector drives the growth of the global capacitor bank market.

PORTLAND, Ore., Jan. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "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" According to the report, the global capacitor bank industry generated $3.9 billion in 2021, and is estimated to reach $6.0 billion by 2031, witnessing a CAGR of 4.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities-

Surge in demand for capacitor banks, for power factor correction, from the industrial sector drives the growth of the global capacitor bank market. On the other hand, volatile prices of raw materials impede the growth to some extent. However, rise in investment by the major key players is expected to create lucrative opportunities in the industry.

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Covid-19 scenario-

Volatility in prices of raw materials such as aluminum, copper, titanium, and other materials lowered the market demand, thus impacting the growth of the capacitor bank industry negatively.
However, rise in organic growth strategies by the major key players has helped the market recover post-pandemic.

The internally fused segment to rule the roost-

By type, the internally fused segment held the major share in 2021, garnering around half of the global capacitor bank market revenue. The same segment would also showcase the fastest CAGR of 4.6% during the forecast period. Various advantages associated with the use of internally fused capacitor banks, including easy to install and easy maintenance, are heightening the demand for internally fused capacitor banks, thus driving the segment growth.

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The pole mounted segment to maintain its dominance during the forecast period-

By installation, the pole mounted segment contributed to the highest share in 2021, accounting for around two-fifths of the global capacitor bank market revenue. The same segment would also showcase the fastest CAGR of 4.6% throughout the forecast period. This is attributed to the fact that pole mounted capacitor banks offer voltage management and power factor correction for medium-voltage industrial and utility overhead electrical systems.

The delta segment to dominate by 2031-

By connection type, the delta segment accounted for nearly two-thirds of the global capacitor bank market share in 2021, and is expected to rule the roost by 2031. The same segment would also display the fastest CAGR of 3.7% throughout the forecast period. This is due to the fact that the capacitor bank in a delta connection can be used for high voltage.

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Asia-Pacific garnered the major share in 2021-

By region, Asia-Pacific garnered the highest share in 2021, holding nearly one-third of the global capacitor bank market revenue in 2021, and is projected to retain its dominance by 2031. The same region would also portray the fastest CAGR of 4.9% during the forecast period. Rapid surge in population and rise in the economy of Asia-Pacific have propelled the market growth.

Leading Market Players-

ABB Ltd.
Enerlux Power s.r.l.
Eaton
Hitachi Ltd. (Hitachi)
Circutor
Siemens
Comar Condensatori S.p.A
Vishay Intertechnology, Inc.
EPCOS
Toshiba Corporation (Toshiba)

The report analyzes these key players in the global capacitor bank market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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