Future Outlook and Growth Prospects for the Shunt Capacitor Market
Market Overview
The Shunt
Capacitor industry is expected to increase from USD 1.36 billion in 2023 to
USD 1.5 billion by 2032, demonstrating a compound annual growth rate (CAGR) of
6.70% during the forecast period (2023 - 2032). The Shunt Capacitor market size
was estimated at USD 1.3 billion in 2022.
A shunt capacitor is an
electrical device that enhances the quality of the electricity supply and
permits the effective operation of the power system. These capacitors are
installed to supply capacitive reactive compensation or power factor
correction. The shunt capacitor is an electrical device applied in the
electrical power system.
Shunt capacitors are used
to provide the correct power factor. This technique is also called power factor
correction capacitors. The Market Size is rising day by day because of
renewable power generation. This is the pushing factor of this market.
The worldwide power
industry is substantially transforming, with boosting demand for reliable and
efficient power supply, implementation of sustainability policies, and
evolution of new technologies fueling the modernization of the grid and power
infrastructure. Further, growth in the demand for modernized and upgraded power
grids is expanding the global shunt capacitor industry growth. In addition to
this, growing concerns about the environment and initiatives by several
governments across the world are anticipated to increase investments in
renewable energy generation during the forecast period.
This surge in the
development of modern power grid infrastructure is projected to raise the
demand for shunt capacitors during the forecast period. Shunt capacitors are
also easy to install and maintain, and they have a longer life than their
counterparts. So, they are a more favored option for stabilizing power systems.
Regional
Analysis
The global Shunt Capacitor
Market is divided into five regions; North America, Asia Pacific, Europe, Latin
America, and the Middle East & Africa.
The growth in the East Asia
region is projected to dominate the market over the forecast period. A rapid
boost in the number of manufacturing and industrial units has augmented demand
for shunt capacitors.
The North American shunt
capacitor market is projected to hold the largest market share by the end of
2030, due to rapid urbanization, and augmentation in industrial and
manufacturing units backed by increased railways, metros, high-speed trains, IT
hubs, and commercial centers in developing nations.
The espousal of shunt
capacitors in the MEA region is estimated to grow rapidly during the forecast
period.
The culturing number of
cross-border interconnections will push the growth of the transmission and
distribution (T&D) equipment market in Europe. Europe is developing an
interconnected grid that can transfer electricity between nations in the region
such as the UK, Germany, Poland, France, and Sweden.
Market
Segmentation
The global Shunt Capacitor
Market is segmented into the following types;
By Voltage Type
- Low voltage
- Medium voltage
- High voltage
By Application
- Utility
- Industries
- Others
By System
- Floor-mounted
- Pole-mounted
- Wall-mounted
- Others
Key Players
The global Power factor correction Market prominent key players are ABB Ltd.
(U.S.), General Electric Company (U.S.), Schneider Electric (France), Siemens
AG (Germany), Eaton Corporation Plc (Ireland), Larsen & Toubro Ltd.
(India), Aerovox Corp. (U.S.), Magnewin Energy Private Limited (India), SA
(Spain), CIRCUTOR, Energy Capacitors Pvt. Ltd. (India) and others.
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