Asia Pacific Capacitor Bank Market Size - By Type (Open Air Substation, Metal Enclosed Substation, Pole Mounted), Application (Power Factor Correction, Harmonic Filter, Voltage Regulation, Industrial Application, Data Centers), Voltage & Forecast, 2023 – 2032

Asia Pacific Capacitor Bank Market Size

Asia Pacific Capacitor Bank Market was valued at USD 1.5 billion in 2022 and is set to witness over 3.6% CAGR between 2023 and 2032. Increasing population along with rapid industrialization has subsequently boosted the electricity consumption pattern, stimulating the business potential. For instance, in 2022, industrial production witnesses a growth of over 11% across India.
 

Shifting focus toward the modernization of power networks along with surging adoption of energy efficient equipment will favor the business scenario. The policymakers have been working with private and public partners for strengthening and transforming its energy infrastructure to ensure access to secure and reliable energy resources, which in turn will foster the industry growth.
 

COVID– 19 Impact

The COVID- 19 pandemic has impacted the Capacitor bank market. The pandemic has been troublesome for the manufacturers as the lock down restrictions were able to slowdown the production of the capacitor banks resulting in supply chain disruptions in the market. On the other hand, the demand side has suffered at the same time as investments grid investments were reduced resulting in slowdown in capacitor bank market.
 

Asia Pacific Capacitor Bank Market Trends

Increasing energy requirements coupled with large-scale urbanization are considerably driving demand for the integration of renewable energy sources in the total energy mix, augmenting the business outlook. Additionally, growing initiatives to shift the dependency from conventional to unconventional clean energy systems will proliferate the capacitor bank market. Rapid economic growth has led to an upsurge in the energy demand coupled with integration of smart networking technologies will propel the industry landscape.
 

Asia Pacific Capacitor Bank Market Analysis:

Based on type, the metal enclosed substation capacitor banks industry size will observe gains at nearly 3.3% up to 2032, owing to surging refurbishment of existing electricity infrastructure and increasing peak load demand. These systems are available in multiple step configurations and can be installed in outdoor, indoor, and underground locations.
 

Based on voltage, the medium voltage capacitor banks market holds a share of over 50% in 2022. The units will gain an appreciable momentum owing to soaring electricity demand and shifting regulatory focus to reduce the line losses. The absence of efficient power networks in developing countries, coupled with a strong focus on improving and upgrading existing electrical infrastructure, has created a promising business environment.
 

Based on application, the harmonic filter application is set to surpass USD 400 million by 2032. Applicability of these units can enhance the voltage stability, provide higher power factor, and reduce the network losses at a substation. The growing demand to mitigate the total harmonic distortion in a grid network will augment the product demand.
 

• The China capacitor bank was valued at over USD 445.1 million in 2022. The industry is set to grow on account of increasing investments toward the development of industrial establishments and shifting government focus toward the implementation of electrification programs.
   
• Changing power consumption patterns across residential buildings and commercial zones in line rising integration of clean energy resources with will boost the industry growth across the region.
   

Asia Pacific Capacitor Bank Market Share

Major players in the capacitor bank market employ a range of strategies to both retain and extend their market share. These strategies are typically influenced by factors such as competitive dynamics, technological progress, shifts in regulations, and evolving customer needs. The participants operating across the market include:

• ABB
• Schneider Electric
• Eaton
• Siemens
• Hitachi
• Legrand
• Arteche
• Unistar
• Lifasa
• Genteq
• Circutor
• Vishay
• RTR Energia
• YUHCHANG ELECTRIC CO. LTD.
• Samwha
• DUCATI Energia Spa

Hitachi provide products and solutions for power factor correction, voltage support, and electrical network stability. These capacitor banks are used in various applications, such as industrial facilities, utility substations, and renewable energy installations, to improve the overall efficiency and power quality of electrical systems.
 

Asia Pacific Capacitor Bank Market News:

• In August 2023, Hitachi announced an expansion of their new site in Bengaluru to double production capacity for advanced capacitor units, banks, and power electronic compensators used in low, medium, and high-voltage systems across power utilities, industries, renewables, and transportation sectors. These products are vital for enhancing power stability, enabling increased capacity, and reducing energy losses.Top of Form
   
• Individuals involved in working on electrical power lines or devices, whether separately or in combination, should be equipped with a range of essential tools and safety equipment. These include gloves, rubber shoes, seat belts, ladders, grounding devices, helmets, line testers, hand lamps, and more. The primary purpose of these tools and devices is to safeguard workers from potential mechanical or electrical injuries.
   

This Asia Pacific capacitor bank market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments:

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By Voltage

• Low [<10 kV]
• Medium [10 kV – 69 kV]
• High [>69 kV]

By Type

• Open Air Substation
• Metal Enclosed Substation
• Pole Mounted
• Others

By Application

• Power Factor Correction
• Harmonic filter
• Voltage Regulation
• Renewable Integration
• Industrial Application
• Data Centers
• Others

The above information has been provided for the following countries:

• China
• India
• Japan
• South Korea
• Indonesia
• New Zealand
• Malaysia
• Thailand
• Singapore
• Australia