Capacitor Bank Market Growth Rate Analysis and Outlook Report Till 2030

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Capacitor Bank: Introduction

• Capacitor bank is a group of capacitors of the same rating that are connected in parallel or series with each other to store electrical energy. Capacitor bank is used to correct phase shift or power-factor lag in alternating-current (AC) power supplies. Furthermore, it is used to redirect high-frequency noise to ground before it can propagate throughout the system, especially to the load

Key Drivers and Restraints of Capacitor Bank Market

• Rise in electricity consumption, primarily in developing nations such as China and India, due to rapid urbanization & industrialization, along with accelerating investments in the refurbishment & replacement of existing electrical infrastructure are expected to drive the global capacitor bank market. For instance, electricity consumption in Asia has increased from 8,866 TWh in 2015 to 10,716 TWh in 2019. A capacitor bank optimizes the power transmission capability and increases control of the power flow.
• Increase in demand for efficient power transmission systems to ensure reliable power distribution is expected to propel the global capacitor bank market during the forecast period, as capacitor banks offer voltage stability, limit charges for excessive reactive power consumption, and enhances power quality. Furthermore, rise in concern to minimize power system losses along with hefty investments by regulatory authorities for the expansion of grid networks is projected to stimulate the global capacitor bank market between 2019 and 2030.

• The global capacitor bank market can be segmented based on application, rating, type, and region
• Based on application, the global capacitor bank market can be segregated into commercial, industrial, and others. The industrial segment held major share in the capacitor bank market in 2019. Increase in demand for uninterrupted and reliable power supply systems to store electrical energy in the industrial sector is anticipated to propel the industrial application segment in the capacitor bank market during the forecast period.
• Based on rating, the global capacitor bank market can be segregated into 50KVAR-150KVAR, 150KVAR-300KVAR, and 300KVAR-400KVAR.

• In terms of region, the global capacitor bank market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
• Europe is projected to dominate the capacitor bank market during the forecast period. This can be ascribed to the increase in investment in modernization of aging electrical grid infrastructure to carry out efficient operations and to improve the quality of power supply across transmission and distribution networks. Furthermore, rising integration of renewable energy sources to power networks is also a prime factor anticipated to propel the capacitor bank market in Europe during the forecast period
• The capacitor bank market in Asia Pacific is expected to expand at a significant pace during the forecast period due to increase in demand for power from residential, commercial, and industrial embodiments. Strong economic growth, increase in investment in the industrial sector, and rise in living standards are some of the major factors propelling the demand for electricity across the region, majorly in developing economies.
• North America is also projected to hold vital share of the global capacitor bank market during the forecast period due to ongoing investment in development of High Voltage Direct Current (HVDC) networks to meet the continuously surging electricity demand across the region
• The capacitor bank market in Latin America and Middle East & Africa is anticipated to expand during the forecast period due to technological innovations in design of electrical energy storage facilities.