The global capacitor bank market is experiencing growth due to several factors such as integration of renewable energy sources. Renewable energy sources like wind and solar power are inherently variable and intermittent, which can create challenges in maintaining a stable and efficient power supply.
WILMINGTON, Del., Sept. 17, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Capacitor Bank Market by Voltage (Low [<10 kV], Medium [10 kV-69 kV], and High [>69 kV]), Type (Externally Fused, Internally Fused, and Fuseless), Installation (Pole Mounted, Open Air Substation, Metal Enclosed Substation, and Others), Connection Type (Star Connection, and Delta Connection) and Application (Power Factor Correction, Industrial, Harmonic Filter, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the capacitor bank market was valued at $4.2 billion in 2023, and is estimated to reach $6.0 billion by 2031, growing at a CAGR of 4.6% from 2024 to 2031.
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Prime determinants of growth
The global capacitor bank market is experiencing growth due to several factors such as grid modernization and increase in electric vehicle (EV) adoption. However, technical issues such as harmonics, overvoltage, and resonance hinder market growth to some extent. Moreover, innovation in smart capacitor banks with advanced monitoring and control capabilities offers remunerative opportunities for the expansion of the global capacitor bank market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2031 |
Base Year | 2023 |
Market Size in 2023 | $4.2 billion |
Market Size in 2031 | $6.0 billion |
CAGR | 4.6 % |
No. of Pages in Report | 300 |
Segments Covered | Voltage, Type, Installation, Connection Type, Application, and Region |
Drivers |
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Opportunities |
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Restraint |
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The medium [10 kV - 69 kV] is expected to remain the largest type throughout the forecast period
In medium [10 kV to 69 kV] segment, capacitor banks serve several critical roles that enhance the efficiency and stability of electrical networks. These systems are predominantly utilized in industrial, commercial, and utility applications where maintaining power quality and system reliability is paramount. Medium voltage capacitor banks can also be equipped with harmonic filtering capabilities. Industrial and commercial facilities often contain non-linear loads, such as variable frequency drives (VFDs) and other power electronic devices, which generate harmonic distortions in the electrical system.
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The internally fused segment is expected to lead throughout the forecast period
Internally fused capacitor banks are critical components in modern electrical power systems, providing essential benefits for power factor correction, voltage support, and energy efficiency. These capacitor banks are designed with internal fuses for each individual capacitor unit, offering distinct advantages in terms of reliability, maintenance, and safety. The internal fuses play a crucial role in protecting the capacitor units from overcurrent conditions, thereby preventing catastrophic failures and ensuring the longevity and stability of the entire capacitor bank system.
The pole mounted segment is expected to lead throughout the forecast period
Pole-mounted capacitor banks are often equipped with advanced control systems that can automatically switch the capacitors in and out of the circuit based on real-time monitoring of the electrical conditions. These controls ensure that the capacitor banks provide the right amount of reactive power support without causing overcompensation, which could lead to voltage instability. Regular maintenance is essential to ensure the reliable operation of capacitor banks. This includes inspecting the physical condition of the capacitors, checking for signs of wear or damage, and verifying the proper operation of the control systems.
The delta connection is expected to remain the largest type throughout the forecast period
In a delta configuration, capacitors can be strategically placed at specific points along the distribution network to mitigate voltage variations and ensure a consistent supply to connected loads. Delta-connected capacitor banks are also utilized in harmonic filtering and resonance mitigation. In electrical systems, harmonic distortion can arise from nonlinear loads, such as variable frequency drives and rectifiers, leading to voltage and current distortions. By deploying capacitors in a delta configuration, certain harmonics can be filtered out, reducing the overall distortion and minimizing the risk of resonance phenomena, which can damage equipment and disrupt system operation.
Based on application, power factor correction is expected to lead throughout the forecast period
Capacitor banks are commonly used in power factor correction (PFC) to improve the power factor of electrical systems. The installation of capacitor banks for power factor correction offers several benefits to end-users and utility providers. Power factor correction helps in maximizing the transmission and distribution capacity of existing electrical infrastructure, allowing for more efficient utilization of resources. Improved power factor also leads to reduced voltage drop along distribution lines, ensuring stable voltage levels at consumer endpoints.
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Asia-Pacific to maintain its dominance by 2033
Capacitor banks are increasingly utilized in renewable energy integration projects. As Asia-Pacific countries transition towards cleaner energy sources like solar and wind, capacitor banks are used to mitigate the intermittent nature of these renewables. By smoothing out voltage fluctuations and stabilizing grid frequency, capacitor banks facilitate the seamless integration of renewable energy into the existing power infrastructure.
Furthermore, governments and utilities in the Asia-Pacific region are implementing initiatives to promote the deployment of capacitor banks for energy efficiency and grid modernization. These initiatives often include incentives or regulations encouraging industries and utilities to invest in capacitor bank installations to improve overall power system performance and reduce environmental impact.
Players: -
- Eaton
- Comar Condensatori S.p.A.
- ABB Ltd.
- Enerlux Power s.r.l.
- Hitachi Ltd. (Hitachi)
- Circutor
- Siemens
- Toshiba Corporation (Toshiba)
- Vishay Intertechnology Inc.
- EPCOS
The report provides a detailed analysis of these key players in the global capacitor bank market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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