Capacitor Bank Market to be dominated by the increasing peak load demand across the globe through 2028

Increasing capacitor bank demand for refurbishment of existing electricity networks is driving the implementation of the Capacitor Bank Market across the globe.

According to TechSci Research report, “Capacitor Bank Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” The Global Capacitor Bank Market is growing owing to the increasing investments in the energy sector, especially in developing countries by enterprises to meet the need for growing economies along with the development of more electronics products and electrifications.Numerous innovations and product launch carried out in capacitors are expected to enhance the features of capacitor banks. Moreover, the increasing peak load demand, growing grid integration of clean energy sources, and refurbishment of existing electricity networks are further attributed to the growth of Global Capacitor Bank Market.

A capacitor bank is utilized for reactive power compensation and power factor correction in the power substations. The main purposes of capacitor banks are to increase the reliability of the electrical supply and the effectiveness of the power system. Companies are progressively using capacitor bank to reduce electricity cost, increase efficiency and improving safety by reducing the risk of electrical fires and explosions. Numerous innovations carried out in capacitors and upgradation of power transmission technologies are expected to enhance the features of capacitor bank. A capacitor bank come in three different configurations: internally fused, externally fused, and fuse less. They are used to improve the operating efficiency of electric power systems and help transmission and distribution systems voltage stability during disturbances and high load conditions. Furthermore, businesses are adopting capacitor bank to reduce overload and support new applications and services attributed to the growth of capacitor bank market globally.

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The global capacitor bank market is segmented into voltage, type, installation, application. Based on voltage, the market is segmented into low [<10 kV], medium [10 kV - 69 kV] and high [>69 kV]. Based on type, the market is bifurcated into internally fused, externally fused, and fuse less. Based on installation, the market is segmented into open air substation, metal enclosed substation, pole mounted, and others. Based on application, the market is segmented into power factor correction, harmonic filter, voltage regulation, renewable integration, industrial application, data centers, and other. The market analysis studies the regional segmentation divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

The open-air substation type segment dominated the capacitor bank market in 2022 and is expected to maintain its dominance during the forecast period. The enterprises are rapidly adopting open-air substation capacitor bank. These are the most widely utilized systems, installed in utility and industrial facilities to lower power losses, and enhance power quality. Also, there is a rising need for open air substations, particularly from the renewable energy industry, which will support their market expansion in the ensuing years. Therefore, it is anticipated that a number of advantages of the open-air substation implementation will fuel the segment's expansion.

Among the applications, the power factor correction segment is expected to gain the maximum traction in the market over the forecast period. It is because most capacitor banks are used by utilities to improve or adjust the power factor. Capacitor banks are used in transformers and electric motors to correct power-factor lag or phase shift in alternating-current (AC) power supplies. Moreover, a power factor correction system's installation has several advantages, including greater grid voltage, enhanced system capabilities, decreased power losses, and cheaper utility costs.

Key market players in the global capacitor bank market include:

• Eaton Corporation Plc
• Comar Condensatori S.p.A
• ABB Ltd.
• Enerlux Power S.r.l.
• Hitachi Ltd.
• Circutor S.A.
• Siemens Aktiengesellschaft
• Toshiba Corporation
• Vishay Intertechnology Inc.
• Alpes technologies Private Limited
  
  

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“The Asia Pacific region shows substantial growth prospects for capacitor bank which can be attributed to the significant benefits it offers. The capacitor bank is gaining traction and is expanding to various countries in Asia Pacific, including India, and China. Owing to the increasing investments towards the electrification of the utility networks and industrial developments with the presence of massive number of companies in the region. The growing adoption of electric vehicles is anticipated to drive product demand over the forecast period. The China leads the market and is expected to continue its dominance in Asia Pacific Capacitor Bank Market during the forecast period as well.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Capacitor Bank Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented 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, Other), By Region, Competition Forecast & Opportunities, 2028F”, has evaluated the future growth potential of capacitor bank and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global capacitor bank market.