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Middle East & Africa Capacitor Bank Market Size

Report ID: GMI8792
Published Date: Apr 2024
Report Format: PDF

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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.

Middle East & Africa Capacitor Bank Market

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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.

MEA Capacitor Bank Market Report Attributes
Report Attribute	Details
Base Year:	2023
MEA Capacitor Bank 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:	Growing peak demand for electricity Extensive incorporation of renewable energy resources Concerns regarding grid stability and ensuring a secure power supply
Pitfalls & Challenges:	Slow paced technological evolution

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

Middle East & Africa market for capacitor bank was reached USD 590.7 million in 2023 and is estimated to grow at 3.9% CAGR through 2032, led by the increasing urbanization rate and industrialization, leading to strong demand for electricity.

Middle East & Africa low voltage capacitor bank market size will reach over 125 million by 2032, driven by higher adoption in small and medium industrial and commercial settings to minimize energy wastage and prolong the operational lifespan of electrical equipment.

Saudi Arabia capacitor bank market size is set to exceed USD 30 million by 2032, owing to the extensive investments in renewable power projects, particularly solar power, to diversify their energy mix and reduce dependence on fossil fuels.

Some of the major capacitor bank providers in the Middle East & Africa include ABB, ARTECHE, Bharat Heavy Electricals Limited, CIRCUTOR, Eaton, E-CUBE ENERGY, and General Electric.