Capacitor Bank Market By Voltage (Less than 10 kV, 10 kV-69 kV, More than 69 kV) , By Type (Externally Fused, Internally Fused, Fuseless) By Installation (Pole Mounted, Open Air Substation, Metal Enclosed Substation, Others) By Connection Type (Star Conne

Capacitor Bank Market By Voltage (Less than 10 kV, 10 kV-69 kV, More than 69 kV) , By Type (Externally Fused, Internally Fused, Fuseless) By Installation (Pole Mounted, Open Air Substation, Metal Enclosed Substation, Others) By Connection Type (Star Connection, Delta Connection) By Application (Power Factor Correction, Industrial, Harmonic Filter, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2031

The global capacitor bank market was valued at $4.2 billion in 2023, and is projected to reach $6.0 billion by 2031, growing at a CAGR of 4.6% from 2024 to 2031.

A capacitor bank is an assembly of multiple capacitors connected in series or parallel to store electrical energy and provide a specified capacitance in an electrical circuit. It is the fundamental component of these banks, consists of two conductive plates separated by an insulating material called the dielectric. Industries with heavy electrical equipment, such as manufacturing plants, petrochemical facilities, and steel mills, benefit significantly from capacitor banks.

The growth of the capacitor bank market is driven by enhancement in energy efficiency. Capacitor banks serve as indispensable tools for enhancing energy efficiency and reducing utility costs through power factor correction. Their ability to optimize power factor not only benefits individual businesses but also contributes to a more sustainable and resilient electrical infrastructure. Moreover, increase in demand for power quality improvement drives the growth of capacitor bank market during the forecast period. Power quality is a critical aspect of electrical systems, impacting the efficiency, reliability, and safety of power delivery. By introducing capacitive reactance into the system, capacitor banks effectively counteract the inductive reactance associated with loads, balancing the power factor and reducing reactive power flow.

However, to ensure optimal performance and longevity is expected to restrain the growth of capacitor bank market during the forecast period. On the other hand, technological advancements for product enhancement offer lucrative opportunities for the market to grow. For instance, in June 2022, Siemens introduced a cutting-edge advancement in capacitor banks. The company unveiled a new line of high-voltage capacitor banks designed to operate at higher power ratings while maintaining a compact size and enhanced efficiency. These upgraded capacitor banks offer superior power factor correction, making them ideal for large-scale power distribution systems and demanding industrial applications.

Segmentation Overview

The capacitor bank market is segmented into voltage, type, installation, connection type, application, and region. Depending on voltage, the market is classified into Low [<10 kV], Medium [10 kV - 69 kV], and High [>69 kV]. By type, it is categorized into externally fused, internally fused, and fuse less. According to installation, the market is divided into pole mounted, open air substation, metal enclosed substation, and other. As per connection type, it is classified into star connection and delta connection. Depending on the application, the market is fragmented into power factor correction, industrial, harmonic filter, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

Depending on voltage, the medium [10 kV - 69 kV] is expected to remain the largest segment during the forecast period.

By type, the internally fused segment is anticipated to take lead during the projection period.

As per installation, the pole mounted segment is projected to be the dominant segment during the forecast period.

According to connection type, the delta connection is predicted to be the highest segment during the forecast period.

By application, the power factor correction segment is expected to lead throughout the projection period.

Region wise, Asia-Pacific to maintain its dominance by 2033.

Competitive Analysis

The major players in the global capacitor bank market include Eaton, Comar Condensatori S.p.A, ABB Ltd., Enerlux Power s.r.l., Hitachi Ltd. (Hitachi), Circutor, Siemens, Toshiba Corporation (Toshiba), Vishay Intertechnology Inc., and EPCOS. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to sustain in this competitive environment.

Key Market Segments

By Voltage

Less than 10 kV
10 kV-69 kV
More than 69 kV

By Type

Externally Fused
Internally Fused
Fuseless

By Installation

Pole Mounted
Open Air Substation
Metal Enclosed Substation
Others

By Connection Type

Star Connection
Delta Connection

By Application

Power Factor Correction
Industrial
Harmonic Filter
Others

By Region

North America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Argentina
Rest of LAMEA

Key Market Players

Eaton
Comar Condensatori S.p.A
ABB Ltd.
Enerlux Power s.r.l.
Hitachi Ltd. (Hitachi)
Circutor
Siemens
Toshiba Corporation (Toshiba)
Vishay Intertechnology Inc.
EPCOS