Low Voltage Capacitor Bank Market
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The global low voltage capacitor bank market size in 2023 was valued at USD 515.5 million and is estimated to grow at a rate of 3.4% by 2032. The capital markets of enterprises together with energy efficient appliances are expected to be positively affected due to the modernization of power networks. For instance, more than 20 % of the total electricity consumed in the US is generated through renewable energy sources.
Low voltage capacitor banks are also integrally incorporated within electric circuits constructed for the purpose of correcting power factor, improving efficiency of the system, and economizing on cost of electricity. By providing local reactive power, these systems reduce transmission losses and assist in relieving the electric service. They may be supplied in various forms; fixed, automatic, and modular types for specific load requirements and operational conditions. In addition, these banks are also able to improve the stability and reliability of electric supply and result in more efficient operation of electrical equipment with fewer disturbances. Furthermore, these devices help to improv e power factor and improve energy efficiency, making them indispensable in contemporary electricity networks.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Low Voltage Capacitor Bank Market size in 2023: | USD 515.5 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 3.4 |
| 2023 Value Projection: | USD 696.5 Million |
| Historical Data for: | 2021 to 2023 |
| No of Pages: | 120 |
| Tables, Charts & Figures: | 50 |
| Segments Covered: | Type, Application & Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The rising population combined with rapid industrialization has significantly increased electricity consumption thereby enhancing business opportunities. The policymakers are expanding connections in areas without electricity access and a growing industrial sector will enhance the expansion of T&D networks shaping the industry landscape. Collaborating with private and public partners, policymakers are focused on strengthening and transforming the energy infrastructure to provide secure and reliable energy resources which will in turn drive product penetration.
The open air substation low voltage capacitor bank industry will reach over USD 500 million by 2032. Wide scale utilization of these units across utility and industrial facilities to improve reduce losses & power quality will positively sway the business growth. Increasing investments toward the development of T&D lines coupled with development of smart energy infrastructure will foster the industry growth. Additionally, the growing demand of open air substations across the renewable sector will augment the business outlook.
The power factor correction low voltage capacitor bank market size will witness growth rate of over 3% by 2032. The implementation of a power factor correction system provides numerous advantages comprising of enhanced system capacity, lower electricity costs, decreased power losses, and improved grid voltage. In addition, these banks enhance the power carrying capacity which stimulates its adoption across the substations.
The Asia Pacific low voltage capacitor bank market is set to exceed USD 350 million by 2032. Rising investments in the development of industrial establishments coupled with growing government focus on electrification programs will positively influence industry potential. Shifts in power consumption patterns across residential buildings and commercial zones along with the increasing integration of clean energy resources will further drive industry growth.
The U.S. capacitor bank market is set to witness a significant growth owing to the increasing demand for replacement and retrofitting of existing supply network. Ongoing technological advancements along with emphasis on minimizing the energy losses in a system will further augment the industry growth. The large scale integration of renewable systems to reduce the dependency on conventional units along with increasing refurbishment activities will escalate the business outlook.
Hitachi Energy is one of the leaders in energy solutions, renowned for its advanced technology and expertise in power systems and automation. The enterprise provides a wide assortment of capacitor banks, which are essential for the enhancement of power quality and efficiency within electrical networks. These banks act as an active management for reactive power and reduce transmission losses as well as stabilize voltages for industrial as well as utility purposes. Their solutions comprise of both fixed and automatic capacitor banks for different kinds of operational requirements and regulations. Striving for reliability and sustainability this company is committed to ensuring that each of its capacitive bank optimally functions to guarantee a smooth operation within contemporary energy systems.
The key industry players include:
The low voltage capacitor bank market research report includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units” & “USD Million” from 2021 to 2032, for the following segments:
Market, By Type
Market, By Application
The above information has been provided for the following regions and country:
Asia Pacific low voltage capacitor bank market is set to exceed USD 350 million by 2032 owing to the rising investments in the development of industrial establishments.
The market size of low voltage capacitor bank was crossed USD 515.5 million in 2023 and is estimated to grow at 3.4% CAGR through 2032, owing to the increasing adoption of energy-efficient equipment.
The open-air substation segment in the low voltage capacitor bank market will reach over USD 500 million by 2032 led by wide scale utilization of these units across utility and industrial facilities to improve reduce losses & power quality.
ABB, Aener Energ