Capacitor Banks Market: Development, Current Analysis & Forecast to 2027
A capacitor bank is a combination of similar capacitors used to store energy. The latest study has been published by Market Research Future (MRFR), which unfolds that the global capacitor banks market is expected to register a steady CAGR over the evaluation period. Capacitor banks are used for rectifying power lag or phase shift; thus, increasing power consumption levels are anticipated to drive the expansion of the capacitor banks market over the next couple of years.
Increasing demand for power owing to rapid urbanization and industrialization is also projected to catapult capacitor banks market on upward trajectory. Technological innovations are expected to facilitate the market to gain further prominence in the years to come. Increasing investments in energy & power sector by the governments are poised to unleash developmental opportunities for key players. However, high initial investment is anticipated to check the growth rate of the capacitor banks market in the foreseeable future.
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The segmental analysis of the capacitor banks market, in this MRFR study, is done based on technology and end-user. On the basis of technology, the market has been bifurcated into Voltage Source Converter (VSC) and Line Commutated Converter (LCC).
On the basis of end-user, the global capacitor banks market has been segmented into commercial, residential, and industrial.
The geographical evaluation of the global capacitor banks market covers four major regional segments - North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Asia Pacific is anticipated to dictate the growth of the global market over the next couple of years. Increasing population and rising standards of living have led to an increasing need for energy. In addition, rapid urban migration and industrialization are also likely to fuel demand for energy in the years to come. These factors are expected to work in favor of the growth pattern of the capacitor banks market in the region. The governments are investing in energy generation and distribution, which is projected to boost the revenue growth of the regional market over the next few years. China holds the forefront position in the regional segment owing to its massive investments in the power and energy sector. India, on the other hand, is also projected to contribute substantially to the development of the regional capacitor banks market across the forecast period.
Europe is an important growth pocket of the global capacitor banks market. An increasing number of cross-border interconnections is anticipated to drive the growth of the regional market over the next few years.
BB Ltd. (Switzerland), Alstom SA (France), Siemens Energy (Germany), Epcos AG (Germany), Toshiba (Japan) are few of the prominent players operating in the global capacitor banks market and assessed in the share analysis included in the report. The market is assessed to remain competitive in the years to come owing to the presence of both well-established as well as small players. Participants in the capacitor banks market are projected to emphasize on product quality and pricing policies for gaining an edge over its competitors.
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