Capacitor Bank Market size is anticipated to cross USD 4 billion by 2032, according to the latest research report by Global Market Insights Inc.
A remarkable rise in peak load demand due to increasing power consumption will carve a healthy industry growth trajectory from 2023 to 2032. The consistent surge in the global population, in line with rapid industrial growth, has subsequently transformed the electricity consumption pattern. Policymakers are also extending their connections in areas with limited or no access to electricity. This, as a result, has boosted the expansion of T&D networks, which will enhance market performance by 2032.
Additionally, grid stability & security of supply concerns will further accelerate capacitor market growth during 2023-2032. Rapid economic advances has led to an upsurge in energy demand and the integration of smart networking technologies. Grid integration of renewable technologies and the ongoing expansion of cross-border transmission networks will favor the business scenario by end of 2032.
Broad application spectrum to accentuate the deployment of medium-voltage capacitor banks
The industry size from the medium [10 kV – 69 kV] segment attained a valuation of USD 1.5 billion in 2022 and is expected to grow substantially between 2023 and 2032. Increasing the applicability of medium voltage capacitor banks across renewables, commercial, industrial, and utility power systems will energize the business dynamics. Besides, the widespread deployment of these units to reduce the KVAR billing and power factor penalties in wide tandem of applications will propel sector gains.
Browse key industry insights spread across 535 pages with 868 market data tables & 33 figures & charts from the report, “Capacitor Bank Market Size By Voltage (Low, Medium, High), By Type (Open Air Substation, Metal Enclosed Substation, Pole Mounted), By Application (Power Factor Correction, Harmonic Filter, Voltage Regulation, Renewable Integration, Industrial Application, Data Centers) & Forecast, 2023 – 2032”, in detail along with the table of contents:
Pole-mounted capacitor bank sales to gain popularity due to their ease of maintenance
Thepole-mounted segment accumulated over 20% of the capacitor bank market share in 2022. These capacitor banks are directly fitted to a utility pole using a frame structure consisting of a three-phase design in which each phase contains one to three capacitor units. These systems are easy to install and provide ease of maintenance with optimal performance when compared to their available counterparts, augmenting their adoption.
North America to emerge as a promising business hub owing to increasing focus on energy efficiency
North America capacitor bank market is primed to exceed USD 900 million by 2032. The growth of the regional industry is credited to the increasing demand for the replacement and retrofitting of the existing supply network. This apart, the ongoing technological developments and an increased emphasis on minimizing the energy losses in a system will further garner the market statistics.
Expansion of existing power infrastructure to strengthen the competitive landscape
Prominent enterprises in the capacitor bank market include Larsen & Toubro, ABB, Siemens, General Electric, ARTECHE, Alpes Technologies, Eaton, Schneider Electric, CIRCUTOR, The Legrand Group, Powerside, Aener Energía, Enerlux Power, ZEZ SILKO, Bharat Heavy Electricals Limited, and Hitachi Energy. These firms are consistently improving their production capabilities as part of their key growth strategy. This will help them capture a larger market share and strengthen their business standing.