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Capacitor Banks Market 2021 Current Trends, CAGR Status, Massive Economic Growth and Business Prospect by Forecast to 2024


iCrowdNewswire   Jan 7, 2021  4:00 AM ET

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Market Research Future published a Cooked  research report on “Global Capacitor Banks Market Research Report – Forecast to 2027” Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.

Global Capacitor Banks Market – Overview

A Capacitor Bank is a group of several capacitors of the same rating that are connected in series or parallel with each other to store electrical energy. The resulting bank is then used correct a power factor lag or phase shift in an alternating current (AC) power supply. They can also be used in a direct current (DC) power supply to increase the ripple current capacity of the power supply. The Global Capacitor Banks Market is growing with the rapid pace; mainly due to the increase in the power consumption. According to World Bank, in 2014, the consumption of electricity was 3,144.4 kWh per capita as compared to 2,956.6 in 2010.

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According to a recent study report published by the Market Research Future, The global market of Capacitor Banks is booming and expected to gain prominence over the forecast period. The global Capacitor Banks market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2027).

Currently, the Capacitor Banks market is spurting mainly due to the growing attention and substantial investment in renewable power energy generation. The tremendous yearly addition (in capacity) of renewable energy requires the strong transmission and distribution network, which ultimately increases the demand of capacitor banks. Additionally, many countries around the world are expanding and upgrading their electric grid infrastructure, so as to fulfil the growing demand of power and margining of grid to form inter grid connection. These developments are expected to provide vital boost for capacitor banks market. However, high initial investment and fluctuation in raw material prices are the major factor that may hamper the growth of the market.  

Global Capacitor Banks Market – Competitive Analysis

Characterized by the presence of several well-established and small players, the global Market of Capacitor Banks appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Capacitor Banks market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.

Capacitor Banks Market – Segmentation

Global Capacitor Banks Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.

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Segmentation:

On the basis of technology, the market has been segmented as Line Commutated Converter (LCC), and Voltage Source Converter (VSC).

Based on End User, the market has been segmented into Commercial, Residential, and Industrial.

Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.

Global Capacitor Banks Market – Regional Analysis

Asia Pacific region dominates the global capacitor banks market mainly due to increasing demand for energy because of the growing population and improvement in the lifestyle in the region. China, India, japan and Indonesia are the major market in Asia Pacific region. China accounted for the largest share in Asia pacific region mainly due to strong economic growth along with high investment in transmission & distribution network. According to IEA World Energy Investment Outlook, China is investing around USD 83 billion on their transmission & distribution network. In India, the rising participation of the private sector in power generation, transmission and distribution sectors, is leading to the rapid development of robust and healthy domestic electrical equipment (EE) industry.

Europe is another major market for the capacitor banks. The increasing number of cross-border interconnections will drive the growth for the transmission and distribution (T&D) equipment market in Europe. The region is developing an interconnected grid that can transfer electricity between countries in the region such as between the UK, Germany, Poland, France, and Sweden. This drives the growth of the market.

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