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Electricity is the basic need today, and its demand is increasing all over the world. The world population is increasing, and the electrical power consumption per capita is increasing due to the influence of technology in human life. Over the last decade, countries have increased the production of electricity, which in turn has helped the shunt capacitor market to grow.
Based on the system, the shunt capacitor market is divided into floor-mounted, pole-mounted, wall-mount, etc. Based on voltage, the shunt capacitor market is segmented into low, medium, and high. High voltage systems dominantly use the shunt capacitor to either absorb or supply reactive power and thereby also help control voltage levels. Based on the application, the shunt capacitor market is divided in utility, industrial, commercial, etc. Utility-scale applications majorly use the shunt capacitor in the sub-stations and distribution centers.
The major market driver for the global shunt capacitor market is the increasing demand for electricity. The per capita consumption of electricity is also increasing. All electrical networks require the use of a shunt capacitor for safe, efficient, and reliable operation. The increasing industries and manufacturing units are a boost for the capacitor market.
The key market restraint for the global shunt capacitor market is the availability of alternatives. A shunt capacitor is a type of capacitor bank and availability of different types of capacitor banks makes the market fragmented and adversely affects the demand for shunt capacitor.
Key Market Driver -
Increase in demand for electricity
Key Market Restraint -
Availability of alternatives
Some of the major companies that are present in the shunt capacitor market are Energe capacitors Pvt Ltd., Yashenergy Capacitors Pvt. Ltd., ABB, Arteche, Schneider Electric, Siemens, GE Grid Solutions, Larsen & Toubro Electrical & Automation, Vishay Intertechnology, Inc., Gentec inc., Enerlux Power s.r.l., COMAR Condensatori S.p.A., and CG Power and Industrial Solutions Limited.
The global shunt capacitor market has been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific region is expected to dominate the shunt capacitor market. The high increase in the number of manufacturing and industrial units has boosted demand for shunt capacitors. The increase in railways, metros, high-speed trains, IT hubs, commercial centers, etc. require the use of shunt capacitors for stable, efficient, and reliable electricity supply. Rural electrification initiatives and an increase in long-distance high voltage transmission power cables have positively impacted the shunt capacitor market. Rapid urbanization has increased the number of sub-stations, which has positively impacted the shunt capacitor market. The increase in the number of power generation plants and transmission lines have also increased sales of a shunt capacitor. The African continent has the largest potential for the growth of the shunt capacitor market, while Latin America has second-largest growth potential for the shunt capacitor market. Just like the Asia-Pacific region, Latin America and Africa will experience fast growth of the shunt capacitor market due to similar reasons and conditions. Middle East region is experiencing much infrastructural development, which will require boost the shunt reactor market. High voltage lines are used to supply power to oil and gas platforms, which require use shunt capacitor. Europe and North America will experience steady growth of the shunt capacitor market. The refurbishment, upgradation, and modernization of electrical infrastructure will these regions will spur the growth of the shunt capacitor market. Several European nations are gradually phasing out conventional power generation sources and are building renewable power plants to fulfill the demand for electricity.
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