USD 3.96 billion
Capacitor Bank Market Size, Share, Growth Analysis, By Type(Automatic, solid-state contactor), By Application(Electrical networks, industrial) - Industry Forecast 2024-2031
Report ID:
SQMIG10E2011 |
Region:
Global |
Published Date: March, 2024
Pages:
178
|
Tables:
64 |
Figures:
75
Capacitor Bank Market Insights
Global Capacitor Bank Market size was valued at USD 3.96 billion in 2022 and is poised to grow from USD 4.12 billion in 2023 to USD 5.69 billion by 2031, growing at a CAGR of 4.1% in the forecast period (2024-2031).
The global capacitor bank market has observed significant growth and increase in recent years. The increasing demand for energy-efficient solutions, coupled with the rising focus on renewable energy sources, has been driving the market growth. The capacitor banks help in improving power quality, reducing energy losses, and enhancing the overall efficiency of electrical systems. Moreover, the rising industrialization and urbanization across emerging economies have led to a surge in power consumption, requiring the installation of capacitor banks for effective power distribution. Furthermore, stringent government regulations and initiatives expected at reducing greenhouse gas emissions and helping sustainable energy practices have further boosted the adoption of capacitor banks. The market is also helping from technological advancements, such as the integration of smart grid skills and the development of progressive capacitors with higher power ratings and improved performance. Though, factors like high installation and maintenance costs, along with the challenges associated with the disposal of capacitors, may delay the market growth to some extent. However, the growing emphasis on energy conservation, coupled with continuing research and development activities, is predicted to present lucrative chances for the global capacitor bank market in the coming years.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Shunt
Fastest Growth
Automatic
Growth Rate
4.1% CAGR
Global Capacitor Bank Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Capacitor Bank Market By Type ($ Bn)
Global Capacitor Bank Market By Type (%)
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Capacitor Bank Market Segmental Analysis
Global Capacitor Bank Market is segmented by type, application, and region. Based on type, the market can be segmented into Automatic, solid-state contactor, shunt and others. Based on application, the market is segmented into electrical networks, industrial, power plant, commercial and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The dominant type in the global capacitor bank market is the shunt capacitor bank. Shunt capacitor banks are broadly used for power factor correction and voltage regulation in electrical systems. They are planned to operate continuously, if reactive power compensation to advance the power factor and overall system efficiency. Shunt capacitor banks are usually employed in industries such as manufacturing, utilities, and commercial buildings, where there is an important need for power factor alteration to reduce energy consumption and enhance electrical distribution.
The fastest-growing segment in the market is the automatic capacitor bank. Automatic capacitor banks are prepared with advanced control systems that uninterruptedly monitor the power factor and mechanically switch the capacitors on or off based on real-time demand. These intelligent systems ensure efficient power factor correction and help maintain a stable voltage profile in electrical networks. The rising demand for smart grid technologies and the need for real-time monitoring and control of power systems have been driving the adoption of automatic capacitor banks. Moreover, the growing focus on energy conservation and the addition of renewable energy sources have further forced the growth of automatic capacitor banks in recent years.
Analysis by Application
The main application segment in the global capacitor bank market is the industrial sector. Capacitor banks find extensive use in industrial applications such as manufacturing plants, mining operations, and industrial facilities where there is a high demand for power factor correction and voltage support. These productions characteristically have complex electrical systems with variable loads, and the installation of capacitor banks helps improve power quality, reduce reactive power losses, and enhance energy productivity. By maintaining a stable power factor, capacitor banks enable smooth operations and minimize the risk of voltage variations, improving the overall productivity of industrial processes.
The fastest-growing application segment in the market is the commercial sector. With the growing electrification and automation of commercial buildings, there is a growing need for power factor correction and voltage regulation. Capacitor banks show a dynamic role in improving energy productivity, reducing electricity bills, and ensuring stable voltage supply in commercial facilities. Furthermore, the increasing awareness of sustainable practices and energy conservation in the commercial sector has further driven the adoption of capacitor banks for power factor improvement and energy optimization.
Global Capacitor Bank Market By Type, 2023 (%)
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Capacitor Bank Market Regional Insights
Asia Pacific dominated the global capacitor bank market. Asia Pacific has observed significant growth in industrialization, urbanization, and infrastructure development, important to a surge in power consumption and the need for well-organized power distribution systems. China, India, Japan, and South Korea are driving the demand for capacitor banks in various sectors such as manufacturing, utilities, and commercial buildings. Moreover, government initiatives promoting renewable energy integration and energy efficiency measures further contribute to the governance of the Asia Pacific region in the capacitor bank market.
Latin America is the fastest-growing region in the global market. Latin America is undergoing rapid economic growth and industrialization, leading to an improved demand for electricity. The region is focusing on improving power quality, reducing energy, and ornamental the reliability of electrical systems. Capacitor banks play a vital role in meeting these objectives by providing power factor correction and voltage support. Furthermore, the growing stress on renewable energy sources in Latin America further drives the need for capacitor banks for efficient power distribution. With promising government policies and growing investments in the energy sector, Latin America is poised to witness significant growth in the capacitor bank market.
Global Capacitor Bank Market By Region, 2024-2031
- Largest
- Fastest
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Capacitor Bank Market Dynamics
Drivers
Increasing focus on energy efficiency and power quality
- One key driver is the increasing focus on energy efficiency and power quality. With the increasing demand for electricity and the growing stress on sustainable energy practices, industries and utilities are actively seeking solutions to advance energy efficiency and reduce power losses. Capacitor banks play a vital role in achieving these objectives by providing power factor correction and voltage support, thereby educating the overall efficacy of electrical systems.
Restraints
High installation and maintenance costs associated with capacitor banks
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One key restraint of the market is the high installation and maintenance costs associated with capacitor banks. Applying a capacitor bank needs significant upfront investment, including the cost, associated equipment, and installation expenses. Moreover, regular maintenance and periodic replacement of capacitors add to the working costs. These financial thoughts can pose challenges for small and medium-sized enterprises or businesses with limited budgets, obstructing the widespread adoption of capacitor banks
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Capacitor Bank Market Competitive Landscape
The competitive landscape of the global capacitor bank market is characterized by intense competition and the presence of several key players. Market participants are primarily focused on product innovation, strategic partnerships, and expansion into new geographic regions to gain a competitive edge. Additionally, there is a significant emphasis on research and development activities to develop advanced capacitor bank technologies that offer higher power ratings, improved efficiency, and enhanced performance. The market also witnesses the presence of both established manufacturers and emerging players, creating a diverse competitive environment. Factors such as brand reputation, product quality, pricing strategies, and customer relationships play a crucial role in determining the market position of these players. Overall, the competitive landscape is dynamic and driven by continuous technological advancements and evolving customer demands.
Top Player’s Company Profiles
- Eaton (US)
- Comar Condensatori S.p.A (Italy)
- ABB Ltd. (Switzerland)
- Enerlux Power s.r.l. (Italy)
- Hitachi Ltd. (Japan)
- Circutor (Spain)
- Siemens (Germany)
- Toshiba Corporation (Japan)
- Vishay Intertechnology Inc. (US)
- EPCOS (Germany)
- Schneider Electric SE (France)
- General Electric Company (US)
- Schneider Electric SE (France)
- Nissin Electric Co., Ltd. (Japan)
- L&T Electrical & Automation Ltd. (India)
- Capacitor Technologies Pty Ltd. (Australia)
- Dynamic Power Solutions (South Africa)
- ZEZ Silko Sp. z o.o. (Poland)
- Suraj Capacitors Pvt. Ltd. (India)
- Mirador Power & Automation Solutions Pvt. Ltd. (India)
Recent Developments
-
In February 2024, Powerside presented Pole-MVar, a tuned-filter capacitor bank extraordinarily intended to address symphonious mutilation and reverberation issues in a minimal post-mounted unit. This imaginative arrangement is supposed to significantly help engineers wrestling with power framework dependability challenges, especially as they explore the convergence of innovation and existing foundations.
-
In December 2023, Akanksha Power and Infra declared that their initial public offering (IPO) had been opened. The cost band for the Initial public offering has been set at ₹52 to ₹55 per share.
Capacitor Bank Key Market Trends
- One key market trend in the global capacitor bank market is the increasing addition of advanced control and monitoring systems. Capacitor banks are now being prepared with intelligent technologies, such as IoT and advanced data analytics, to enable real-time monitoring, control, and optimization of power factor correction and voltage regulation. These advanced control systems offer benefits. By leveraging these technologies, businesses and utilities can improve the efficiency and consistency of their electrical systems, leading to optimized energy consumption and cost savings.
Capacitor Bank Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Capacitor Bank Market analysis, the increasing focus on energy efficiency, power quality, and sustainable energy practices has propelled the demand for capacitor banks across different industries and sectors. Capacitor banks play a crucial role in power factor correction, voltage support, and energy optimization, enhancing the overall efficiency of electrical systems. The market is characterized by intense competition, with key players focusing on product innovation, strategic partnerships, and geographical expansion. Additionally, advancements in technology, such as the integration of smart grid solutions and advanced control systems, are shaping the market landscape. However, challenges such as high installation and maintenance costs can hinder market growth to some extent. Overall, the capacitor bank market is driven by the rising demand for efficient energy management, increased industrialization, and the adoption of renewable energy sources.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.96 billion |
| Market size value in 2031 | USD 5.69 billion |
| Growth Rate | 4.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Capacitor Bank Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Capacitor Bank Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Capacitor Bank Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Capacitor Bank Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Capacitor Bank Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Capacitor Bank Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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