Capacitor Banks Market is projected to grow at a CAGR of 5.80% during the forecast period.
For rating the group of various capacitors bank that is connected in parallel series that will help on storing electrical energy. This allows the phase or factor lag in shifting towards alternating current (AC) by the resulting bank for efficient power supply. For increasing the current capacity, Direct Current (DC) can also increase for providing adequate power supply. Moreover, owing to infrastructural growth in various emerging countries the capacitor banks market is increasing at a high pace in the global market.
However, the global market is expected to grow at a higher CAGR to account for a higher market value in the capacitor bank market in global market during the forecasted period.
The most prominent major key players in the capacitor banks market in the global market are mentioned below:
These major key players use various strategies to sustain their market position in the global market by collaborating, by going for mergers, and acquisitions, setting up a new joint venture, establishing a partnership, developing a new production process, innovation in the existing product, developing a new product line, and many others to expand their customer base in the untapped market of the capacitor bank all across the globe.
With the growing outbreak of the global pandemic of COVID 19 businesses have suffered huge losses which have pushed the economies towards forced recession. The growing wave of the global pandemic has suffocated the individual to fight between the financial crises along with health concerns. The situation of lockdown has resulted in the shut down of various electronic projects which leads to a steep downfall in the sales revenue of the market all across the globe especially in Brazil and India. The supply chain networks have also been disrupted which results in reduced profit margin coupled with product deployment.
However, it is expected that the capacitor banks market will recover from this global pandemic of COVID 19 by strategizing properly to meet the requirements of their customers. Also, it is expected to recover at the end of the second quarter in the coming year.
The rising demand for capacitor bank market in the global market. Owing to increasing development in the transmission industry, huge demand for electric supply is needed which accelerated the growth of the global market. Also, the increasing investment in renewable power generation boosts the growth of global market. Investment in infrastructure development by various emerging countries is another contributing factor that drives the growth of the market.
The demand for the capacitor bank market is increasing rapidly in the global market. The favorable government policies for the development of the market in emerging countries provide various growth opportunities in the global market for the capacitor bank market. Moreover, the increasing policies and initiatives related to interconnected power grids provide growth opportunities to the capacitor banks market during the estimated period.
The demand for capacitor bank market is increasing constantly in the global market but some factors restrict the growth of the market. The high initial capital requirement acts as a barrier to the growth of the market. Also, the fluctuations in the price of raw material is another factor that hinders the growth of capacitor bank market.
The demand for the capacitor bank market is increasing tremendously as it allows various benefits. The increasing infrastructure development is a major factor for the growth of the market. Moreover, the global market allows an adequate and interruption-free supply of electricity.
Global market has been divided based on technology, voltage, type, application, and region.
Based on Technology
Global market has been divided based on the technology into Voltage Source Converter (VSC) and Line Commutated Converter (LCC).
Based on the Voltage
Global market has been divided based on the voltage into low voltage, medium voltage, and high voltage.
Based on the Type
Global market has been divided based on the type into pole-mounted type, metal-enclosed substation, open-air substation, and many others.
Based on the Application
Global market has been divided based on the application into data centers application, industrial application, renewable integration application, harmonic filter, power factor correction application, and many others.
Based on the Region
The global market has been divided based on the region into North American region, Latin American region, Asia-Pacific region, European region, the Middle East and African region, and the rest of the world.
The global market has been divided based on the region into North American region, Latin American region, Asia-Pacific region, European region, the Middle East and African region, and the rest of the world. The largest market share in the global market is held by the Asia-Pacific region and hence it dominates in the global market. The changing lifestyle and increasing population in the Asia-Pacific region especially in countries like China and India drive the demand for capacitor bank market in the Asia-Pacific region. High investment in distribution channels along with transmission are other contributing factors.
The second-largest market share in the global market is held by the European region owing to increasing cross-border interconnections between Sweden, France, Poland, Germany, and the UK coupled with increasing distribution market and transmission market in the European region accelerate the demand for capacitor bank market.
The third-largest market share in the global market is held by the North American region. Owing to increasing advancement in the technology coupled with product innovation boost the growth of the market in the North American region. The increasing disposable income during the estimated period is another contributing factor.
The Latin American region and the Middle East and African region show a significant growth rate in the capacitor bank market owing to low investment in infrastructure in these regions along with less personal disposable income. The low level of electricity demand is another factor that limits the growth of the market in the Latin American region.
This global capacitor banks market research report consist of the following elements mentioned below:
This global capacitor bank market research report contains factors that drive the growth of the global market along with the factors that restrict the growth of the global market. The opportunities available for the growth of the market during the forecasted period are mentioned. The impact of COVID 19 on the sales revenue of the market all across the globe is mentioned. The future growth rate of the market during the forecasted period is estimated and mentioned.
|Market Size||2030: Significant Value|
|CAGR||5.80% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology , Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alstom SA (France), BB Ltd. (Switzerland), Siemens Energy (Germany),Toshiba (Japan), Epcos AG (Germany)|
|Key Market Opportunities||Favorable government policies and initiatives to interconnect power grids|
|Key Market Drivers||Increased usage of capacitors in the transmission industry|
Frequently Asked Questions (FAQ) :
The primary applications of capacitor banks include residential, industrial and commercial.
Considerable development of the latest technology as well as product innovation ensure market growth in North America.
The market can grow at a high rate during the review period.
The market size by the end of forecast period is expected to increase tremendously, owing to a number of positive factors.
The notable companies listed in the report are Siemens Energy (Germany), BB Ltd. (Switzerland), Epcos AG (Germany), Alstom SA (France), Toshiba (Japan), and others.