Capacitor Bank Market to Reach $6.0 Billion, Globally, by 2031 at 4.6% CAGR: Allied Market Research

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:

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.

Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3B4VlrQ

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.

For Purchase Inquiry: https://www.alliedmarketresearch.com/capacitor-bank-market/purchase-options

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.

Trending Reports in Energy & Power Industry:

Electric Capacitor Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Capacity, by Application: Global Opportunity Analysis and Industry Forecast, 2021-2031

High Voltage Capacitor Market Size, Share, Competitive Landscape and Trend Analysis Report, by Dielectric, Capacity and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030

Ceramic Capacitors Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product and, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032

AC Drives Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Voltage Type, by Application: Global Opportunity Analysis and Industry Forecast, 2024-2033

Circuit Breakers Market Size, Share, Competitive Landscape and Trend Analysis Report, by Voltage, by Insulation Type, by Installation, by End User: Global Opportunity Analysis and Industry Forecast, 2020-2030

Electrical House (E-house) Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, Application and Voltage Type: Global Opportunity Analysis and Industry Forecast, 2021-2030

Thermal Spray Wire Market Size, Share, Competitive Landscape and Trend Analysis Report, by Material Type, by Process Type, by End-Use: Global Opportunity Analysis and Industry Forecast, 2024-2029

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
Follow Us on | Facebook | LinkedIn | YouTube 

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg