Capacitor Bank Market Analysis

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.

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.
 

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.
 

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.