Capacitor Banks Market Synopsis:
A capacitor bank is a
combination of similar capacitors used to store energy. The latest study has
been published by Market Research Future (MRFR), which unfolds that the global
capacitor banks market is expected to register a steady CAGR over the
evaluation period. Capacitor banks are used for rectifying power lag or phase
shift; thus, increasing power consumption levels are anticipated to drive the
expansion of the capacitor banks market over the next couple of years.
Increasing demand for power
owing to rapid urbanization and industrialization is also projected to catapult
capacitor banks market on upward trajectory. Technological innovations are
expected to facilitate the market to gain further prominence in the years to
come. Increasing investments in energy & power sector by the governments
are poised to unleash developmental opportunities for key players. However,
high initial investment is anticipated to check the growth rate of the
capacitor banks market in the foreseeable future.
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Market Segmentation:
The segmental analysis of the
capacitor banks market, in this MRFR study, is done based on technology and
end-user. On the basis of technology, the market has been bifurcated into
Voltage Source Converter (VSC) and Line Commutated Converter (LCC).
On the basis of end-user, the
global capacitor banks market has been segmented into commercial, residential,
and industrial.
Regional Analysis:
The geographical evaluation
of the global capacitor banks
market covers four major regional segments - North America,
Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Asia Pacific is
anticipated to dictate the growth of the global market over the next couple of
years. Increasing population and rising standards of living have led to an
increasing need for energy. In addition, rapid urban migration and
industrialization are also likely to fuel demand for energy in the years to
come. These factors are expected to work in favor of the growth pattern of the
capacitor banks market in the region. The governments are investing in energy
generation and distribution, which is projected to boost the revenue growth of
the regional market over the next few years. China holds the forefront position
in the regional segment owing to its massive investments in the power and
energy sector. India, on the other hand, is also projected to contribute
substantially to the development of the regional capacitor banks market across
the forecast period.
Europe is an important growth
pocket of the global capacitor banks market. An increasing number of
cross-border interconnections is anticipated to drive the growth of the
regional market over the next few years.
Competitive Dashboard:
BB Ltd. (Switzerland), Alstom
SA (France), Siemens Energy (Germany), Epcos AG (Germany), Toshiba (Japan) are
few of the prominent players operating in the global capacitor banks market and
assessed in the share analysis included in the report. The market is assessed
to remain competitive in the years to come owing to the presence of both
well-established as well as small players. Participants in the capacitor banks
market are projected to emphasize on product quality and pricing policies for
gaining an edge over its competitors.
Investments are expected to
increase in research & development and product innovation, which is
anticipated to intensify competition in the capacitor banks market over the
next couple of years. The robust competition and strong growth potential of the
market are prognosticated to attract new entrants in the forthcoming years. The
standard growth strategies expected to be leveraged by key players for
strengthening footholds in the market are mergers & acquisitions, product
development, agreements, technological innovations, collaborations, etc.
Latest Industry Developments:
In June 2019, First Light
Fusion (FLF), a U.K. based company, has initiated working on its plan of
achieving controlled nuclear fusion by 2024. The experiment requires the power
of six capacitor banks arranged radially around a central vacuum chamber.
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