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Middle East & Africa Capacitor Bank Market Size
Middle East & Africa Capacitor Bank Market was valued at USD 590.7 million in 2023 and is estimated to grow at a CAGR of over 3.9% from 2024 to 2032. Increasing urbanization rate and industrialization, leading to an increasing demand for electricity will fuel the product penetration.
A capacitor bank comprises a set of capacitors interconnected within an electrical system. These capacitors, linked in parallel, are engineered to store and discharge electrical energy as required. The main function of it is to enhance the power factor of the electrical system. It serves to mitigate the impact of inductive loads, like motors and transformers, which often result in a lagging power factor.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 590.7 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 3.9% |
| 2032 Value Projection: | USD 831.1 Million |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 460 |
| Segments covered: | Voltage, Type, Application & Country |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Middle East & Africa Capacitor Bank Market Trends
The governments in numerous economies are prioritizing the modernization of power network infrastructure and encouraging the adoption of energy-efficient equipment, which in turn will foster the product demand. The utility companies are actively pursuing the development and improvement of new transmission and distribution infrastructures to efficiently meet the increasing demand for electricity, accelerating the industry potential.
Middle East & Africa Capacitor Bank Market Analysis
The low voltage capacitor bank market will reach over 125 million by 2032. These banks are typically employed in small and medium industrial and commercial settings to minimize energy wastage and prolong the operational lifespan of electrical equipment. Wide scale utilization of these units to mitigate voltage fluctuations and ensure stable power supply at electric vehicle charging stations will augment the business landscape.
The open air substation capacitor bank market will witness a growth of over 3.5% through 2032. The adoption of smart grid technologies has been increasing, enabling utilities to monitor and control grid assets more effectively, which in turn will augment the industry landscape. Surging frequency and severity of extreme weather events along with growing emphasis on enhancing the resilience of power grids will escalate the business outlook.
The Saudi Arabia capacitor bank market is set to exceed USD 30 million by 2032. Extensive investments in renewable power projects, particularly solar power, to diversify their energy mix and reduce dependence on fossil fuels will energize the industry dynamics. These banks play a crucial role in integrating energy into the grid by stabilizing voltage and improving grid reliability. Ongoing expansion of medium and small scale industries coupled with paradigm shift toward modernization of the electrical grid will favor the business scenario.
Middle East & Africa Capacitor Bank Market Share
Larsen & Toubro is one of the major multinational companies with a significant presence in various sectors including engineering, construction, manufacturing, and technology. While L&T is involved in a wide range of industries, including power generation, transmission, and distribution, its involvement in capacitor banks contributes to its offerings in the electrical and automation sector.
Middle East & Africa Capacitor Bank Market Companies
Major companies operating in the Middle East & Africa capacitor bank industry are:
- ABB
- ARTECHE
- Bharat Heavy Electricals Limited
- CIRCUTOR
- COSPOWER ENGINEERING PVT. LTD.
- Eaton
- E-CUBE ENERGY
- General Electric
- Hitachi Energy Ltd.
- Larsen & Toubro Limited
- LIFASA
- RTR Energía S.L.
- SAMA AL EMIRATE
- Samwha Capacitors Co. Ltd.
- Schneider Electric
- SHARDA Electronics & Co.
- Siemens India
- Vishay Intertechnology, Inc.
Middle East & Africa Capacitor Bank Industry News
- In December 2022, ABB inaugurated a cutting-edge robotics factory featuring full automation and adaptability. With a hefty investment of USD 150 million, the 67,000-square-meter facility integrates ABB's digital and automation solutions for producing advanced products, bolstering its position as a frontrunner. This mega factory is poised to support sustainable growth for ABB's clientele, mitigate labor challenges, and foster the creation of high-quality employment opportunities amidst the evolving landscape of automation.
- In November 2022, Vishay Intertechnology has unveiled a fresh line of screw-terminal aluminum electrolytic capacitors, enabling designers to enhance energy storage within a reduced footprint. These capacitors come in 11 case sizes, spanning dimensions from 35 mm by 60 mm to 90 mm by 220 mm. These units are encased in cylindrical aluminum and are insulated with a blue sleeve. These electrolytic capacitors offer high CV combinations ranging from 56,000 µF at 200 V to over 15,000 µF at 450 V.
This Middle East & Africa capacitor bank market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2019 to 2032, for the following segments:
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Market, By Voltage
- Low [<10 kV]
- Medium [10 kV – 69 kV]
- High [>69 kV]
Market, By Type
- Open Air Substation
- Metal Enclosed Substation
- Pole Mounted
- Others
Market, By Application
- Power Factor Correction
- Harmonic Filter
- Voltage Regulation
- Renewable Integration
- Industrial Application
- Data Centers
- Others
The above information has been provided for the following countries:
- Saudi Arabia
- UAE
- Qatar
- Oman
- South Africa
Frequently Asked Questions (FAQ) :