Capacitor Bank Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share and Forecast, 2020 - 2026
Report ID: GMI3767
Capacitor Banks Market size is driven by accelerating investments toward the modernization of electrical infrastructure coupled with growing electricity consumption across emerging economies. As per the Global Energy Statistical Yearbook 2018, electricity domestic consumption in china rose from 5,367 TWh in 2016 to 5,683 TWh in 2017. In addition, ability to improve the power transmission capability and increased control of the power flow will stimulate the product adoption.
Favorable regulatory initiatives and policies to interconnect power grids favored by considerable investments toward the renewable energy systems will boost the capacitor bank market size. Increasing applicability of these systems to be deployed as standalone field services or as integration part of an entire automation solution to enhance power quality and grid efficiency will complement the industry outlook. Expansion of smart grids along with the evolution of power networks coupled with the propensity of these systems to maintain grid control will foster the product penetration.
Ongoing development of High Voltage Direct Current (HVDC) networks to fulfil the continuously burgeoning power demand will augment the capacitor banks market size. Growing need for efficient power transmission systems to ensure the reliable power distribution will facilitate the industry growth. Ability to enhance power quality, increase voltage stability, limit charges for excessive reactive power consumption are some of the prominent parameters that will fuel the product demand.
Rising concerns to reduce power system losses coupled with hefty investments by regulatory authorities for the expansion of grid networks will boost the capacitor bank market. Refurbishment of the ageing electrical infrastructure to improve the quality of power supply and to carry out efficient operation across the transmission and distribution networks will instigate a favorable business scenario. For instance, in 2019, a power grid operator in Romania announced its plans to invest around USD 976 million to modernize grid, increase productivity & power capacity in the areas facing electricity consumption shortages.
Capacitor bank market across Asia Pacific will witness a substantial growth on account of rising focus toward energy efficiency in alignment with growing integration of renewable energy sources to the power networks. Mounting regulatory emphasis toward increasing the electricity accessibility across the emerging economies driven by significant improvement in the economic conditions will foster the industry growth. For instance, power grid corporation of India in 2017, announced plans to allocate about USD 13 billion in various projects pertaining green corridors, alternate transmission network for renewable energy, etc.
Eminent players catering to the capacitor bank market share comprise of ABB, CIRCUTOR, Siemens, Eaton, Schneider Electric, Toshiba, Powercap capacitors, Alstom SA, and Epcos AG amongst others.
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