Global Capacitor Bank Market projected to grow to USD 5.1 billion by 2033, driven by industrial segment.

From GlobeNewswire: 2024-07-04 16:00:00

The Global Capacitor Bank Market Size is projected to grow from USD 3.3 billion in 2023 to USD 5.1 billion by 2033, with a CAGR of 4.45%. Capacitor banks improve power factor, reduce voltage fluctuations, and stabilize power systems, benefiting industries like telecommunications and data centers. However, price volatility in raw materials may hinder market growth.

Internally fused capacitors are expected to dominate the global capacitor bank market. The industrial segment is projected to grow rapidly, driven by industrialization and technological advancements. Pole mounted capacitor systems accounted for the largest revenue share due to their compact size and ability to enhance grid stability. Asia Pacific is expected to lead the market due to increased power demand.

Europe is forecasted to experience the fastest growth in the global capacitor bank market, driven by infrastructure modernization and renewable energy projects. Major vendors in the market include Eaton, ABB Ltd., Siemens, and General Electric Company. Recent developments include innovative solutions like Pole-MVar to address power system reliability issues.

The Global Capacitor Bank Market is segmented by type (internally fused, externally fused, fuseless), application (power factor correction, harmonic filter, industrial), and installation (pole mounted, open air substation, metal enclosed substation). Regional analysis includes North America, Europe, Asia Pacific, South America, Middle East, and Africa. Key players are focused on product development and strategic partnerships to enhance market competitiveness.



Read more at GlobeNewswire: Global Capacitor Bank Market Size To Worth USD 5.1 Billion