India Low
Voltage Capacitors market is expected to register a high CAGR during the
forecast period, 2025-2029. Low voltage capacitors are electronic components
designed to store and release electrical energy in an electric field. They are
typically used in various electrical systems and devices to improve the power
quality and efficiency of the circuit. Low voltage capacitors are available in
various types such as paper/polypropylene film capacitors, ceramic capacitors,
aluminium electrolytic capacitors, and others. They are used for applications
such as power factor correction, motor starting, lighting, and more. Low
voltage capacitors are also used to enhance the performance and lifespan of
electrical equipment by reducing power losses and improving power factor. They
are widely used in industries, commercial buildings, and residential
applications. With the increasing demand for energy-efficient solutions and the
modernization of power infrastructure, the market for low voltage capacitors is
expected to grow significantly during the forecast period.
The Low
Voltage Capacitors market in India has been experiencing significant growth in
recent years. They are used in various applications, such as power factor
correction, motor starting, and lighting. Increasing urbanization in quest of
better career prospects, as well as increased desire for higher living
standards, are likely to be major drivers of low voltage capacitor market
growth during the forecast period. Increasing disposable income among
middle-class families increases customers' spending power, allowing them to
purchase technological devices. Penetration of internet services owing to
affordable services supplied by telecommunication firms is assisting in the
rise of smart devices, laptops, and desktops, among others, which require a
power supply for battery charging. The expansion of electricity, automotive,
and consumer electronics industries is anticipated to boost the region's low
voltage capacitor market.
The India low
voltage capacitors market is expected to grow at a steady rate during the
forecast period. The market is primarily driven by the growing demand for power
quality improvement and the increasing adoption of renewable energy sources.
Furthermore, the increasing number of power plants and the modernization of the
existing power infrastructure are expected to drive the growth of the market.
The market is highly fragmented with the presence of several local and global
players. Product innovation, partnerships, and collaborations are some of the
key strategies adopted by these players to strengthen their market position.
Increasing
demand for power quality improvement
Power quality
is a critical aspect of any power system, and it is essential for the efficient
and safe operation of electrical equipment. The demand for power quality
improvement is increasing worldwide and India is no exception. The Indian low
voltage capacitors market is expected to see a significant increase in demand
due to this trend. Low voltage capacitors are widely used in power systems to
improve power quality by reducing voltage drops, power factor correction, and
reducing harmonic distortion. The Indian government has launched various
initiatives to improve power quality, and the use of low voltage capacitors is
one of the solutions to achieve this goal. The Indian government is also encouraging
the use of renewable energy sources, and the use of low voltage capacitors can
help integrate these sources into the grid. The Indian low voltage capacitor
market is also driven by the growth of industries such as power, construction,
and infrastructure. These industries require a reliable and stable power
supply, and the use of low voltage capacitors can help improve power quality
and reduce downtime. The rise in urbanization and the increasing demand for
electricity in rural areas are also driving the demand for low voltage
capacitors.
In conclusion,
the increasing demand for power quality improvement is driving the Indian low
voltage capacitor market. The Indian government's initiatives to improve power
quality, the growth of industries, and the rise in urbanization and electricity
demand in rural areas are some of the factors contributing to this trend. As a
result, the low voltage capacitor market is expected to grow significantly
during the forecast period.
Growing
adoption of renewable energy source
The adoption of
renewable energy sources is rapidly increasing in India, driven by factors such
as the need to reduce carbon emissions and dependence on fossil fuels,
increasing energy demand, and favorable government policies and incentives.
This growth in renewable energy adoption is expected to have a significant
impact on the India low voltage capacitors market. Low voltage capacitors are
essential components in renewable energy systems, as they help to improve power
quality, stabilize voltage, and increase energy efficiency. In particular, low
voltage capacitors are used in wind and solar power systems to reduce power
losses and improve power factor. With the growing installation of wind and
solar power plants in India, the demand for low voltage capacitors is also
expected to increase.
Moreover, the
Indian government's emphasis on renewable energy is evident from the launch of
various initiatives such as the National Solar Mission, the Wind Energy
Program, and the Smart Cities Mission. These initiatives are expected to
provide a significant boost to the renewable energy sector, leading to an
increase in the demand for low voltage capacitors.
In addition to
renewable energy, the India low voltage capacitors market is also expected to
benefit from the growth in industries such as manufacturing, healthcare, and
infrastructure. These sectors require reliable and efficient power supply,
which can be achieved by using low voltage capacitors. In conclusion, the
growing adoption of renewable energy sources, coupled with favorable government
policies and the need for efficient power supply, is expected to drive the
demand for low voltage capacitors in India.
Modernization
of existing power infrastructure
The
modernization of existing power infrastructure is a key factor that is expected
to drive the growth of India low-voltage capacitor market. The India power
sector has been facing various challenges such as power shortages, poor quality
of power supply, and high transmission and distribution losses. These challenges
have created a pressing need to upgrade and modernize the existing power
infrastructure, which is expected to create a significant demand for
low-voltage capacitors. Low-voltage capacitors are essential components in
power infrastructure modernization as they help to improve the power factor,
stabilize voltage, and reduce power losses. The use of low-voltage capacitors
in the power infrastructure can help to improve the efficiency of the
electrical system, reduce energy consumption, and improve the reliability of
power supply. Moreover, the Indian government has launched various initiatives
such as the Integrated Power Development Scheme (IPDS) and the Smart Cities
Mission, which aim to modernize and upgrade the power infrastructure in the
country. These initiatives are expected to drive the demand for low-voltage
capacitors as they require the deployment of advanced technologies and
solutions to improve the efficiency and reliability of power supply.
Recent
Development
- In February 2023, Hitachi Energy
constructed a high-voltage direct current (HVDC) and power quality factory
at Mahindra World City to help meet the country's expanding electricity
demand. It is the world's second testing lab for power quality control
systems and the most recent HVDC factory established.
- In March 2023, the Power Grid
Company of India Limited (PGCIL) has granted GE T&D India Ltd. a 1.62
billion (22.87 million) contract to extend the 765 kV air-insulated
substation (AIS) and construct a new 400 kV/220 kV gas-insulated substation
(GIS) in Bhuj, Gujarat. Turnkey delivery of the project is planned within
5 years. The deal also includes the extension of the existing 400 kV GIS
at the Tirunelveli substation. The project, which is part of the green
corridor transmission system, will assist in the evacuation of around
2,500 MW of wind power generated in Gujarat.