The capacitor bank market size is expected to rise at a remarkable rate in the forecast period accountable to the surging investments in the modification of electrical infrastructure all around the world. The market is studied in details in a report by Fortune Business Insights titled, “Capacitor Bank Market Size, Share & Industry Analysis, By Type (Automatic Capacitor Bank, Solid-state Contactor Capacitor Bank, Shunt Capacitor Bank, Others), By System (Floor-mounted, Pole-mounted, Wall-mount, Others), By Applications (Electrical Networks, Industrial, Power Plant, Commercial, Others) and Regional Forecast, 2019-2026.”
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Highlights of the Report
- The report presents the market in a 360-degree overview format covering important aspects such as detailed segmentation and sub-segmentation, and names of competitive players.
- It covers facts and figures of the market with insights into the growth trajectory such as drivers, restraints, opportunities, challenges, and other capacitor bank market trends prevalent in the present day.
- The competitive landscape of the market is discussed in the report, along with major strategies such as mergers and acquisitions, investments in R & D, and company collaborations.
Increasing Demand for Electricity to Propel Market
The fact that electricity is a vital part of human civilization is a major factor for capacitor bank market growth. The influence of technology on humans is further increasing the demand for electricity on a worldwide basis. With the surge in the world population, along with the demand for electricity, there is a rise in per capita electricity consumption. This is further expected to boost the market in the forthcoming years.
On the other side, the lack of awareness about capacitor banks may cause hindrance to the capacitor bank market share. The main work of a capacitor bank is to limit the power factor from falling and causing carbon dioxide emissions, further hampering the environment and risking human lives. But most of the under-developed nations and small scale industries do not use them. This may hamper the overall capacitor bank market revenue in the future.
Construction of Electrical Infrastructure in Underdeveloped Regions to Help Asia Pacific Market Dominate
Fortune Business Insights foresees the market in Asia Pacific will dominate the market on account of the rise in the number of industrial and manufacturing units in developing nations. The rise in the building of metros, railways, IT hubs, bullet trains, commercial centers, malls, and others further propels the market growth in the region. Additionally, the rise in government initiatives to extend electricity to rural areas will help to increase the high tension transmission power lines over long distances. Rapid urbanization is expected to accelerate the demand for circuit panels, which will further increase the capacitor banks market revenue in the forecast period.
Company Collaborations to Set New Benchmarks for Market Competitors
Market vendors are focusing on expanding their business across all nations. Underdeveloped and rural areas are anticipated to provide lucrative growth opportunities in the near future. Besides this, players are adopting strategies such as company collaborations, mergers and acquisitions, and others to make their mark in the competition.
Key Industry Developments
Some of the key industry developments in the capacitor banks market include:
November 2018 – An integration telecommunication, electrification, and automation order was given to ABB by the China Petroleum Engineering and Construction Corporation (CPECC). This order, worth USD70 million, was made for upgrading the Bab Onshore Field located in Abu Dhabi, including a fully integrated ABB ECT or electrical control and telecommunication system with 45 capacitor and power bank skids, along with localized and centralized automation systems.
May 2019 – In collaboration with a leading manufacturing company of capacitor banks, Southern States worked with the utility for creating a two trailer mobile solution. This included arrestors, a 30 MVAR 115 kV capacitor bank, current limiting reactors, high voltage breaker with protecting relays, a battery charger, a motor-operated disconnect switch, and batteries. This utility will be put to use for providing emergency VAR assistance in case of unplanned equipment outrage and supporting the transmission capital projects of the utility.
Some of the significant players operating in the global market are listed below:
- Gentec
- Schneider Electric and Hengyi Electrical Co., Ltd.
- Arteche Grop
- ABB
- Circuitor
- CG power systems
- Alpes technologies
- Zez Silko
- Anener Energia
- Enerlux
- GE
- Vishay
- Comar Condensatori
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