Capacitor Bank Market is expected to surpass USD 4.4 Billion by 2026, as reported in the latest study by Global Market Insights Inc. Growing demand for efficient power factor conversion systems and ongoing refurbishment of grid infrastructure will enhance the market opportunities.
The capacitor bank market has witnessed a significant growth over the last decade on account of rising electricity demand across utility & industrial sector. Ongoing regulatory initiatives towards safeguarding the high capacity electrical infrastructure from voltage fluctuations during peak loads will drive installations of capacitor banks.
High reliability, elevated product lifecycle along with enhanced operational efficiency are some of the prominent factors driving the market demand. Moreover, power factor correction and large storage capacity are some of the paramount features driving the installation of high capacity capacitor bank units over the forecasted period.
Growing demand for reliable power factor conversion technologies across residential and commercial applications will fuel the market demand
The low voltage capacitor banks are prominently installed across small & medium enterprises and other commercial applications to curb the power loss and to improve the operational efficiency of electrical instruments. These banks are majorly deployed in establishments to effectively curtail the electricity consumption and thereby to reduce electricity bills which will further augment the market growth.
Moreover, ease of installations, enhanced power factor regulator along with self-healing characteristics are some of the paramount features augmenting the capacitor bank market growth over the forecast timeline.
Rising demand for enclosed system to avoid any inadvertent external contacts will drive the metal enclosed substation growth
The metal enclosed capacitor banks are pre-installed units with an integrated metal protective barrier. The metal enclosures are primarily deployed to guard the electrical system against any external contacts, which makes them less vulnerable to extreme climatic conditions and power blackouts due to increased air pollution.
Moreover, these systems are highly portable as they can be easily relocated from one site to other, which makes them more user friendly and a preferred choice in the industry. In addition, metal enclosed capacitor banks can also be placed at different locations including indoor, outdoor, and underground, which will further augment the capacitor bank market growth.
Browse key industry insights spread across 320 pages with 579 market data tables & 32 figures & charts from the report, “Capacitor Bank Market Size 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) Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026”, in detail along with the table of contents:
Growing grid integration of clean energy sources will proliferate the industry growth
Capacitor banks are mounted across the renewable power substations to maintain & regulate the voltage during peak hours, minimize the power fluctuations owing to climatic conditions, and to enhance the power factor. These systems can easily rectify any voltage instabilities by directly infusing reactive power in the power grid systems.
These banks are majorly deployed across renewable grid infrastructure which either delivers medium or high voltage electricity to the end users. As the renewable sector is growing at an exponential rate, it will enhance the capacitor bank market statistics in the forthcoming years.
Increasing refurbishment of grid infrastructure will proliferate the market demand of capacitor banks across North America
North America is set to witness a substantial growth on account of rising demand from the renovations of prevailing grid supply network. The shifting focus towards the minimization of line losses along with technological advancements will further augment the industry growth. The U.S. holds the majority of market share and is expected to dominate the regional capacitor bank industry in the coming decade.
Moreover, the upsurge in the electricity demand coupled with ongoing initiatives towards the renovation of existing grid infrastructure will continue to drive the capacitor bank market outlook.
Eminent market players operating across capacitor bank industry include ABB Limited, Siemens AG, General Electric, Eaton Corporation, Schneider Electric, American Superconductor, Arteche, CIRCUTOR, SA, Alpes Technologies, Aener Energía, amongst others. Ongoing technological advancements and inorganic growth initiatives are some of the key strategies undertaken by the market players to sustain a competitive advantage over other participants.