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

Capacitor Bank Market Size

Capacitor Bank Market size surpassed USD 2.5 billion in 2022 and is anticipated to register growth at 4% CAGR from 2023 to 2032, owing to the continued refurbishment & retrofit of existing electricity networks.
 

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Governments across several economies have been emphasizing and modernizing the existing power network infrastructure while promoting the adoption of energy-efficient equipment. The policymakers have been working with private and public partners to strengthen and transform energy infrastructure to ensure access to secure and reliable energy resources, which, in turn, will foster industry growth.
 

Additionally, the integration of clean energy sources at a large scale due to escalating energy requirements coupled with rapid urbanization will augment the capacitor bank market outlook by 2032. However, the slow-paced technological evolution across developing nations may hamper industry revenue streams during 2023-2032. In contrast, the increasing policy rollouts focused on shifting the dependency from conventional to unconventional clean energy systems will positively influence the business landscape.
 

Capacitor Bank Market Analysis

The industry size from the low [<10 kV] segment is projected to observe 3% growth between 2023 and 2032. The primary factors driving the espousal of low-voltage capacitor banks are soaring electricity demand and shifting regulatory focus on reducing line losses. In addition, the lack of efficient power networks in developing economies and a growing inclination toward the enhancement & retrofitting of existing electric infrastructure in developed nations have instituted a favorable business scenario and are expected to witness a similar trend by 2032.
 

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The capacitor bank market revenue from power factor correction applications is slated to attain 4% gains through 2032. The deployment of a power factor correction system offers several benefits, including increased system capability, reduced electric utility bills, reduced power losses, and improved grid voltage will propel segment growth by 2032. In addition, these banks help enhance the power carrying capacity, further stimulating its espousal across the substations, thus, garner sector gains.
 

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The open air substation market is predicted to be worth USD 2.2 billion by 2032. Wide-scale product utilization across industrial & utility facilities to improve power quality & reduce losses will positively sway the business growth. Increasing investments toward developing T&D lines and the thriving smart energy infrastructure along with product demand in renewable sector will also foster industry progression.
 

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Asia Pacific capacitor bank market is estimated to amass USD 2 billion by 2032. Increasing investments focused on developing industrial establishments and shifting government inclination toward implementing electrification programs will favor regional business growth. This apart, evolving power consumption requirements across residential buildings and commercial zones in line rising integration of clean energy resources will foster product necessity in the region.
 

Capacitor Bank Market Share

Notable players operating in the capacitor bank sector include:

• Larsen & Toubro
•  ABB
•  Siemens
• General Electric
•  ARTECHE
•  Alpes Technologies
• Eaton
• Schneider Electric
• CIRCUTOR
•  The Legrand Group
•  Powerslide
•  Aener Energía
•  Enerlux Power
•  ZEZ SILKO
•  Bharat Heavy Electricals Limited and Hitachi Energy. 

These companies are investing in research & development (R&D), focusing on strengthening their strategic associations and enhancing their production capabilities to meet the competition prevailing in the industry.
 

This 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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Market, By Voltage

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

Market, By Type

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

Market, 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 regions and country:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Spain
  • Italy
  • UK
  • Netherlands
  • Russia
  • Sweden
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • New Zealand
  • Malaysia
  • Thailand
  • Singapore
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Oman
  • South Africa
• Latin America
  • Brazil
  • Chile
  • Argentina