ID: MRFR/E&P/2645-CR | 90 Pages | Published By Priya Nagrale on October 2020
Shunt Capacitor Market share is expected to reach up to a CAGR of 6.7%, with market size of USD 1469.03 Million at the end of the forecast period.
Global Shunt Capacitor Market Research (MRFR Insights)
The shunt capacitor market is projected to register a CAGR of 7.10% from 2022 to 2030. The shunt capacitor is an electrical component that provides a load line and is largely utilized in power systems. By releasing the power supply capacity, enhancing the voltage profile, and bracing the reactive power to offer the proper power factor, it is utilized to enhance the quality of the electrical supply. As per the shunt capacitor market research, factors like rising demand for dependable and efficient power supplies, tools for long-lasting and workable policies, and exposure to new technologies are driving the market. The demand for power grids is also growing, supporting the world market for shunt capacitors. Investments in renewable energy are anticipated to rise during the forecast period due to growing environmental concerns and initiatives by various governments worldwide. During the forecast period, it is predicted by the market report that this surge in power grid usage will increase demand for shunt capacitors. The shunt capacitor market size is expected to reach approximately USD xx billion by 2030.
COVID-19 Impact Analysis
According to the shunt capacitor market report, the market for shunt capacitors suffered as a result of the Covid-19 outbreak. The market was already at a halt due to a shortage of investors, and the pandemic caused a decline in sales value, product transfers, and manufacturing. Although the government's actions and plans helped to neutralize the situation, the market incurred a significant loss.
Shunt Capacitor Market Dynamics
The market dynamics for shunt capacitor includes the significant population of the world improving their quality of life, which raises the need for energy. The need for shunt capacitors is on the rise due to several causes, including rising power consumption and significant investments in the manufacturing of electricity from renewable sources. In addition, the demand for a constant supply of electricity, ensuing investments in transmission and distribution networks, and secure electrical infrastructure are anticipated to fuel the expansion of the shunt capacitor market. However, the expansion of the shunt capacitor market is constrained by fluctuating raw material prices and costly initial investment.
The power consumption used per person is likewise rising. For secure, effective, and dependable functioning, shunt capacitors must be used in all electrical networks. The expansion of industrial facilities and businesses benefits the capacitor market. During the forecast period, the worldwide shunt capacitor market is anticipated to be driven by expansion in the residential and commercial construction industries and increased investments in the construction of railways and other transportation infrastructure. The demand for electricity generation, telecommunications, infrastructure, and mass transportation has expanded as a result of urbanization's exponential growth and the population's growth as per the market driver. In turn, it is projected that this would increase demand for infrastructure for power transmission and distribution shortly.
A shunt capacitor is a kind of capacitor bank, and the presence of different types of alternatives makes the market diversified and adversely affects the demand for shunt capacitors. Thus, it acts as a market restraint per the shunt capacitor market overview over the forecast period.
During the forecast period, it is expected that the growth of the residential and commercial construction sector and an increase in investments for the construction of railroads and other transportation infrastructure would fuel demand for shunt capacitors worldwide.
By Voltage Insights
Based on voltage, the shunt capacitor market segmentation is low, medium, and high. The high segment had a prominent share in 2021. Several industries utilize high-voltage capacitors frequently because of their dependability and efficiency. Additionally, these capacitors are utilized in industrial settings. These are employed to fulfill the needs for MV induction motor compensation and general power factor adjustment at the medium voltage bus.
By End Use Industry Insights
Based on the end-use industry, the shunt capacitor market segmentation is power generation, renewable energy, transmission, and distribution utilities, transport & infrastructure, industrial, and others. The shunt capacitor market growth was prominently high under the power generation segment in 2021. The electrical shunt capacitor is a component of the electrical power grid. By enhancing the quality of the electrical supply and enabling effective operation, this device is used. The fundamental purpose of shunt capacitors is to supply the ideal power factor. Capacitors for power factor adjustment are another name for this method. The market size is expanding daily due to the utilization of renewable energy. This is the market's driving force.
Global Shunt Capacitor Market Share by Region, 2021 (%)
Shunt Capacitor Market Overview, by Region
As per the shunt capacitor market forecast, the shunt capacitor market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific accounted for the most extensive market share. North America is anticipated to account for the highest CAGR during the forecast period.
As per the market research, the Asia-Pacific accounted for the most extensive shunt capacitor market share in 2021. The high increase in manufacturing and industrial units has propelled the demand for shunt capacitors. The growth in railways, IT hubs, metros, high-speed trains, commercial centers, etc., requires shunt capacitors for stable, efficient, and reliable electricity supply. Rural electrification initiatives and increased long-distance high-voltage transmission power cables have positively impacted the market. Growing urbanization has increased the number of sub-stations, which has also positively impacted the shunt capacitor market.
North America is anticipated to encounter the fastest growth rate during the forecast period, according to market research. The countries' economies will be boosted by upgrading, modernizing, and refurbishing their electrical infrastructure, which will also fuel the expansion of the shunt capacitor industry. To meet the need for electricity, several European countries are gradually phasing out conventional power-producing methods and establishing renewable power plants.
Shunt Capacitor Market Competitive Landscape
The competitive market landscape includes tier-1, tier-2, and local players. The key market participants generally pursue new shunt capacitor market categories. Leading companies are concentrating on purchasing feed mills and small factories to grow their operations in domestic and international markets.
Prominent players in the shunt capacitor market include ABB Ltd., General Electric Company, Siemens AG, Larsen & Toubro Ltd., Eaton Corporation Plc, Magnewin Energy Pvt. Ltd., Globe Capacitors Ltd., Motif Electric Limited, TDK Electronics AG, Schneider Electric SE, among others.
Scope of the Shunt Capacitor Market Segmantation
Shunt Capacitor Market, By Voltage Outlook
Shunt Capacitor Market, By End Use Industry Outlook
Shunt Capacitor Market, By Region Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the shunt capacitor market report segmented by voltage & end-use industry by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers with the shunt capacitor market forecast between 2022 and 2030.
To identify and infer the drivers, restraints, opportunities, and challenges for the shunt capacitor market growth
To find out the factors which are affecting the shunt capacitor market size among consumers
To identify and understand the various factors involved in the shunt capacitor market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 1469.03 Million|
|CAGR||6.7% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Voltage and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Ltd. (U.S.), General Electric Company (U.S.), Schneider Electric (France), Siemens AG (Germany), Eaton Corporation Plc (Ireland), Larsen & Toubro Ltd (India), Aerovox Corp. (U.S.), Magnewin Energy Private Limited (India), SA (Spain), CIRCUTOR, Energy Capacitors Pvt Ltd (India) and others.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
The shunt capacitor market forecast period is 2022 - 2030
The shunt capacitor market is growing at a CAGR of 6.7% over the next 10 years, according to shunt capacitor market research.
North America is expected to register the highest CAGR during 2022 - 2030
Asia Pacific held the largest share in 2021
The market size is expected to be USD 1469.03 billion by 2030.
ABB Ltd., General Electric Company, Siemens AG, Larsen & Toubro Ltd., Eaton Corporation Plc, and Magnewin Energy Pvt. Ltd. are the key companies operating in the shunt capacitor market.