Capacitor Bank Market Research, 2031
The global capacitor bank market was valued at $3.9 billion in 2021, and is projected to reach $6.0 billion by 2031, expanding at a CAGR of 4.3% from 2022 to 2031.
Report Key Highlighters
- The capacitor bank market is consolidated in nature with few players such as Eaton, Comar Condensatori S.p.A, ABB Ltd, Enerlux Power s.r.l., Hitachi Ltd. (Hitachi), Circutor, Siemens, Toshiba Corporation (Toshiba), that hold significant share of the market.
- The study covers in-depth analysis of 34 countries from different regions including North America, Europe, Asia-Pacific, and LAMEA. In addition, country-wise data of every country has been provided for better understanding of capacitor bank market dynamics in every country.
- The capacitor bank market includes company profiles of 10 key players who are actively engaged in producing various capacitor bank.
A capacitor bank is a collection of several capacitors that are linked in series or parallelly and have the same rating, which is used to store electrical energy in every single capacitor connected in capacitor bank. Therefore, increasing the number of capacitors in a bank increases the amount of energy that can be stored in a single device.
Power factor correction, and harmonic filter are two major applications of capacitor banks that are widely used in the cement, power generation, steel, electric power, pulp & paper, and mining industry for voltage regulation, power factor correction, and to jerk of single-phase motor in electronic industries. In several end use industries, fixed type HV and MV capacitor banks are used for indoor and outdoor application. In particular, HV capacitor banks are installed in outdoor application and are surrounded by a fence, while MV capacitors are installed for outdoors or indoors or in the poles of MV overhead lines.
The capacitor bank market is driven by rise in demand for capacitor banks from the industrial sector. Capacitor banks are used for power supplies to increase overall amount of stored energy and to increase the ripple present capacity of the power supply in the electric power industry. In the industrial sector, working loads use capacitor banks to correct AC power supply variances. This kind of working load is troublesome because electric motors and transformers used in industrial sector are inductive loads that result in a phenomenon called phase shift or power factor lag in the power supply. The existence of this undesired phenomenon can result in significant reductions in the overall system efficiency and an increase in the cost of power supply. Thus, capacitor banks are used in the industrial sector to correct power factor and reduce cost of power supply.
“Volatility in prices of raw materials such as aluminum, copper, titanium, and other materials that can lower the market demand is anticipated to hamper the growth of the capacitor bank market during the forecast period. Rise in organic growth strategies by major key players is anticipated to create opportunities for key players that operate in the capacitor bank market during the forecast period.”
The capacitor bank market is segmented on the basis of voltage, type, installation, connection type, application, and region. Depending on type, the market is segmented into Low [<10 kV], Medium [10 kV - 69 kV], and High [>69 kV]. On the basis of type, it is categorized into three classes, including externally fused, internally fused, and Fuseless. On the basis of installation, it is divided into four types - pole mounted, open air substation, metal enclosed substation, and other installation methods, including shunt rack capacitors. Moreover, on the basis of connection type, it is divided into two types, star connection and delta connection. On the basis of application, it is divided into power factor correction, industrial, harmonic filter, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Capacitor bank market, by Voltage
In 2021, the medium segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.6% during the forecast period. The use of medium voltage capacitor bank is used to improve the efficiency of electronic devices and also reduce the cost of electricity bills.
High voltage segment was the second-largest contributor in terms of revenue in the global capacitor bank market in 2021, and is anticipated to grow at a CAGR of 4.1% during the forecast period. High voltage capacitor banks ranging above 69 KV are used with high voltage electrical equipment. This range of voltage rating devices is used in the power generation and industrial sectors, which are expected to drive the demand for high voltage, thus driving the demand for capacitor bank.
By Voltage
Medium type of voltage is the most lucrative segment
Capacitor bank market, by Type
The internally fused segment dominates the global capacitor bank market. The use of medium voltage capacitor bank is used to improve the efficiency of electronic devices and also reduce the cost of electricity bills. Various advantages associated with the use of internally fused capacitor banks, including easy to install and easy maintenance, are increasing the demand for internally fused capacitor banks in global capacitor bank market. Increasing investments in the power generation industry and high demand for capacitor banks to enhance the supply quality of electricity are the key factors driving the growth of the capacitor bank market.
Externally fused segment accounts for second largest market share in the global capacitor bank market in 2021, and is anticipated to grow at a CAGR of 4.6% during the forecast period. Rise in demand for electricity in developing economies is expected to drive the growth of the externally capacitor bank market during the forecast period.
By Type
Internally Fused is the fastest growing segment during 2022-2031.
Capacitor bank market, by Installation
The pole mounted segment accounted for maximum market share in terms of revenue in the global capacitor bank market. This growth is due to rise in demand for pole mounted capacitor banks from various end user applications, including power factor correction, harmonic filter, industrial sector, and others, is expected to drive the growth of the market during the forecast period.
Metal enclosed substation segment is the fastest growing segment in the global capacitor bank market in 2021, and is anticipated to expected to boost global demand during the forecast period. Significant increase in the supply of electricity and power, along with growth of the electric power industry in the northeastern United States, has surged the demand for metal enclosed substation in the North America region.
By Installation
Pole Mounted segment is growing at a CAGR of 4.6% during the forecast period.
Capacitor bank market, by Connection Type
The delta segment dominates the global capacitor bank market in terms of revenue with a growing CAGR of 4.5% during the forecast period. This growth is due to increasing use of delta connection for installation of capacitor bank in electric power industry.
Star segment accounted for second largest market share in global capacitor bank market. The advantage of star connection includes simple connection systems compared to delta, and the voltage pressure across each capacitor is low, which results in high life span of capacitors compared to delta.
By Connection Type
Delta segment is the most lucrative segment
Capacitor bank market, by Application
The power factor correction accounted for maximum market share in terms of revenue in the global capacitor bank market. This growth is due to Increase in investment by governments and private individuals in power generation plants, wind farms, and others is expected to increase the demand for power factor connection devices in the power industry.
Industrial segment is the fastest growing segment in the global capacitor bank market in 2021, and is anticipated to expected to boost global demand during the forecast period. Rapid industrialization across the globe and increase in utilization of latest technology in production facilities to improve efficiency are expected to drive the demand for capacitor banks in industrial sector.
By Application
Power Factor Correction segment accounts for maximum market share
Capacitor bank market, by Region
The Asia-Pacific capacitor bank market size is projected to grow at the highest CAGR during the forecast period. China is predicted to be a promising market and the Asia-Pacific industrial sector's fastest-growing market in the near future. Thus, during the course of the forecast period, the expansion of the industrial sector will directly drive demand for capacitor banks. Europe was the second-largest contributor in terms of revenue in the global capacitor bank market in 2021, and is anticipated to grow at a CAGR of 3.6% during the forecast period.
By Region
North America would exhibit highest CAGR of 4.7% during 2022-2031.
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current Capacitor bank market trends and future estimations from 2021 to 2031 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Capacitor Bank Market Report Highlights
| Aspects | Details |
 By Voltage |
|
 By Type |
|
 By Installation |
|
 By Connection Type |
|
 By Application |
|
 By Region |
|
 By Key players in the global Capacitor bank market are: |
|
Analyst Review
According to various top-level CXOs of leading companies, demand for capacitor bank is fueled by growth in the industrial sector, surge in use of capacitor banks for storage of electrical energy, reduction in electricity bills, and rapid increase in usage of power factor correction in several end-use industries.
Rise in demand for capacitor banks for medium voltage ranking between 10 KV to 69 KV for harmonic filter application is driving the growth of the market globally. However, fluctuating raw material prices used in the production of capacitor banks are expected to be major restraining factors for the global capacitor bank market growth. On the contrary, key players focusing on organic growth strategies such as product launches and merger and acquisition activities are anticipated to create opportunities in the global capacitor bank market during the forecast period.
Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market during the forecast period, followed by Europe, North America, and LAMEA. Asia-Pacific accounted for 25.7% of the total global capacitor bank market share in 2021, and is expected to maintain its dominance during the forecast period. China plays a crucial role in the development of global capacitor bank market
The medium voltage segment was the largest revenue generator in 2021, and is anticipated to grow at a CAGR of 4.6% during the forecast period.
The Asia-Pacific is the largest regional market in the global capacitor bank market, followed by North America region.
The global capacitor bank market was valued at $3.9 billion in 2021, and is projected to reach $ 6.0 billion by 2031, expanding at a CAGR of 4.3% from 2022 to 2031.
The electric power industry is expected to offer lucrative opportunity to global capacitor bank market due to advancements in manufacturing technologies over decades.
The leading players operating in the global capacitor bank market 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.
Loading Table Of Content...
