Wilmington, Delaware , Feb. 19, 2025 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Capacitor Bank Market by Voltage (Less than 1 kV, 1 kV to 10 kV, 10 kV to 69 kV, and More than 69 kV), Type (Internally Fused, Externally Fused, and Fuse Less), Installation (Pole Mounted, Open Air Substation, Metal Enclosed Substation, and Others), Connection Type (Star and Delta), and Application (Power Factor Correction, Harmonic Filter, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the capacitor bank market was valued at $4.3 billion in 2023, and is estimated to reach $6.8 billion by 2033, growing at a CAGR of 4.8% from 2024 to 2033.
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Prime determinants of growth
The global capacitor bank market has experienced growth due to several factors such as integration of capacitor banks with renewable energy systems and advancements in smart grid technology. However, high initial investment and maintenance costs are expected to restrain the growth of the market. Moreover, expansion of power grid infrastructure presents significant growth opportunities for the capacitor bank market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $4.3 million |
| Market Size in 2033 | $6.8 million |
| CAGR | 4.80% |
| No. of Pages in Report | 398 |
| Segments Covered | Voltage, Type, Installation, Connection Type, Application, and Region |
| Drivers | Integration of capacitor bank with renewable energy systems |
| Advancements in smart grid technology | |
| Opportunity | Expansion of power grid infrastructure |
| Restraint | High initial investment and maintenance costs |
The 10 kV to 69 kV segment dominated the market in 2023.
On the basis of voltage, the 10 kV to 69 kV segment was the largest revenue generator in 2023 in the capacitor banks market. Capacitor banks in the 10 kV to 69 kV voltage range are widely used in electrical power systems to improve power factor, voltage stability, and overall efficiency. These capacitor banks help compensate for reactive power in medium-voltage distribution networks, thereby reducing losses and improving voltage regulation. By mitigating voltage drops and fluctuations, they enhance the reliability of power transmission, making them essential components in industrial, commercial, and utility-scale applications.
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The internally fused segment dominated the market in 2023.
On the basis of type, the internally fused segment was the largest revenue generator in 2023. Internally fused capacitor banks are widely used in power systems to improve power factor, reduce line losses, and enhance voltage stability. These capacitor banks consist of individual capacitor units that contain built-in fuses, providing localized protection against faults. One of the primary advantages of internally fused capacitor banks is their ability to provide enhanced safety and reduced maintenance requirements. As the internal fuses operate independently within each unit, they eliminate the need for external protection devices in many cases. This feature simplifies installation and reduces overall system costs. In addition, internally fused capacitors can be used in medium- and high-voltage applications, where they help stabilize grid performance by reducing reactive power losses.
The metal enclosed substation segment dominated the market in 2023.
On the basis of installation, the metal enclosed substation segment was the largest revenue generator in 2023. In metal-enclosed substations, capacitor banks are enclosed within a protective metal housing, ensuring safety, reliability, and reduced exposure to environmental factors. This design minimizes the risk of faults due to external elements such as dust, moisture, and physical damage. Metal-enclosed capacitor banks are particularly advantageous in industrial and commercial applications where space constraints and harsh operating conditions exist. Their compact, modular design allows for easy integration into substations without requiring extensive modifications.
The metal enclosed substation segment dominated the market in 2023.
On the basis of connection type, the star segment was the largest revenue generator in 2023. A capacitor bank in a star connection is commonly used in industrial and commercial electrical systems to improve power factor, reduce reactive power losses, and stabilize voltage levels. In a star-connected capacitor bank, each capacitor is connected between a phase and a neutral point, forming a three-phase system. This configuration is particularly beneficial for medium- and high-voltage applications, where a neutral connection is available and required for system stability. Star-connected capacitor banks are widely used in power distribution networks, industrial plants, and large electrical installations to enhance efficiency and reduce energy costs.
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The others segment dominated the market in 2023.
On the basis of application, the other segment including renewable energy integration, electric railways & transportation, and others was the largest revenue generator in 2023. In wind and solar power plants, fluctuations in power generation due to variable weather conditions can lead to voltage sags and reactive power imbalances. Capacitor banks help mitigate these issues by providing reactive power compensation, enhancing grid stability, and reducing transmission losses. In electric railways and transportation networks, capacitor banks are essential for improving energy efficiency and reducing power losses. Electric trains, metros, and trams rely on traction power systems that generate reactive power, leading to power quality issues such as voltage drops and harmonic distortions. By installing capacitor banks at substations and along railway networks, these systems can compensate for reactive power demand, stabilize voltage levels, and enhance the overall power factor.
Asia-Pacific held the highest market share in 2023.
On the basis of region, Asia-Pacific dominated the capacitor bank market. Countries like China, India, Japan, South Korea, and Australia are leading in capacitor bank adoption, driven by their extensive power grids, manufacturing sectors, and renewable energy integration efforts. These banks help reduce transmission losses and improve the efficiency of electrical networks, making them a crucial component in the region’s power infrastructure. In China and India, where large-scale industrial operations and growing urban power demands strain electrical networks, capacitor banks are essential for maintaining power quality. Utilities deploy them in substations to compensate for reactive power, ensuring voltage stability in extensive transmission and distribution networks.
Players: –
- Circutor
- Toshiba Corporation (Toshiba)
- Vishay Intertechnology Inc.
- Siemens
- Enerlux Power s.r.l.
- Comar Condensatori S.p.A
- Hitachi Ltd. (Hitachi)
- ABB Ltd.
- Eaton
- EPCOS
The report provides a detailed analysis of these key players in the global capacitor bank market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario
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