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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.
How big is the Middle East & Africa capacitor bank market?
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.
Why is the use for low voltage capacitor banks rising in MEA?
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.
Why is the demand for capacitor banks expanding in Saudi Arabia?
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.
Who are the leading MEA capacitor bank market players?
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.