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.
Download PDF Brochure:
https://www.alliedmarketresearch.com/request-sample/A31818
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
|
- Increase in demand for power quality
improvement
- Integration with renewable energy
sources
|
Opportunities
|
- Advancements in aviation technologies, such
as navigation aids and communication systems
|
Restraint
|
- Lack of space constraints
|
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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