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Electrical energy is the basic need today, and its demand is increasing all over the world. The world population is increasing, and the electricity consumption per capita is rising due to influence of technology in human life. Over the last decade countries have increased the production of electricity by solar energy which in turn has helped the Capacitor bank market to grow.
Based on types, the capacitor bank market can be segmented into Automatic Capacitor Bank, Solid-state Contactor Capacitor Bank, Shunt Capacitor Bank, etc. Based on system, capacitor bank market is divided in floor-mounted, pole-mounted, wall-mount, etc. Based on application, capacitor bank market is divided into electrical networks, industrial, power plant, commercial, etc.
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The major market driver for the global capacitor bank market is the increasing demand for electricity. The per capita consumption of electricity is also increasing. All electrical infrastructure requires the use of capacitor bank for safe and reliable operation. The increasing industrial and manufacturing activities is a boost for the capacitor market.
The key market restraint for the global capacitor bank market is lack of awareness. The capacitor banks are used to limit the power factor from dropping down. Although it is recommended to use capacitor banks, the small scale industries, and under-developed countries do not use them,
Some of the major companies that are present in the capacitor bank market are Zez Silko, s.r.o., ABB, Anener Energia, Alpes technologies, Arteche Grop, CG power systems, Circuitor, Comar Condensatori, Enerlux, GE, Gentec, Vishay, Schneider Electric and Hengyi Electrical Co., Ltd.
The global capacitor bank market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region is expected to dominate the capacitor bank market. The high increase in number of manufacturing and industrial units has boosted demand for capacitor banks. The increase in railways, metros, bullet trains, IT hubs, commercial centers, etc. require use of capacitor banks for stable and reliable electricity supply. Rural electrification initiatives and increase in long-distance high tension transmission power lines have positively impacted the capacitor bank market. Rapid urbanization has increased demand for circuit panels which in-turn have increased demand for capacitor banks. The increase in number of power generation plants and transmission has also increased sales of capacitor bank.
The African continent has the largest potential for growth of capacitor bank market while Latin America has second-largest growth potential for capacitor bank market. Just like Asia-Pacific region, Latin America and Africa will experience fast growth of capacitor bank market due to similar reasons and conditions. Europe and North America will experience steady growth of capacitor bank market. The refurbishment, upgradation, and modernization of electrical infrastructure will these regions will spur growth of capacitor bank market. Several European nations are gradually phasing out conventional power generation sources and are building renewable power plants to fulfill the demand for electricity. These projects require use of capacitor banks. Modern buildings use panel boards which mandatorily use capacitor banks for smooth operation.
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