Capacitor Bank: Introduction
- Capacitor bank is a group of capacitors of the same rating that are connected in parallel or series with each other to store electrical energy. Capacitor bank is used to correct phase shift or power-factor lag in alternating-current (AC) power supplies. Furthermore, it is used to redirect high-frequency noise to ground before it can propagate throughout the system, especially to the load
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Key Drivers and Restraints of Capacitor Bank Market
- Rise in electricity consumption, primarily in developing nations such as China and India, due to rapid urbanization & industrialization, along with accelerating investments in the refurbishment & replacement of existing electrical infrastructure are expected to drive the global capacitor bank market. For instance, electricity consumption in Asia has increased from 8,866 TWh in 2015 to 10,716 TWh in 2019. A capacitor bank optimizes the power transmission capability and increases control of the power flow.
- Increase in demand for efficient power transmission systems to ensure reliable power distribution is expected to propel the global capacitor bank market during the forecast period, as capacitor banks offer voltage stability, limit charges for excessive reactive power consumption, and enhances power quality. Furthermore, rise in concern to minimize power system losses along with hefty investments by regulatory authorities for the expansion of grid networks is projected to stimulate the global capacitor bank market between 2019 and 2030.
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COVID-19 Impact Analysis
Central governments have enforced a nationwide lockdown as part of measures to limit the spread of COVID-19. During the lockdown, several restrictions have been placed on movement of individuals, and economic activities have come to a halt, barring the activities related to essential goods and services. This has reduced the demand for electricity, which in turn is expected to hamper the demand for capacitor banks for storing electricity.
Industrial Segment Expected to Hold Prominent Share of Global Market
- The global capacitor bank market can be segmented based on application, rating, type, and region
- Based on application, the global capacitor bank market can be segregated into commercial, industrial, and others. The industrial segment held major share in the capacitor bank market in 2019. Increase in demand for uninterrupted and reliable power supply systems to store electrical energy in the industrial sector is anticipated to propel the industrial application segment in the capacitor bank market during the forecast period.
- Based on rating, the global capacitor bank market can be segregated into 50KVAR-150KVAR, 150KVAR-300KVAR, and 300KVAR-400KVAR.
Asia Pacific Expected to Constitute Major Share of Global Capacitor Bank Market
- In terms of region, the global capacitor bank market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- Europe is projected to dominate the capacitor bank market during the forecast period. This can be ascribed to the increase in investment in modernization of aging electrical grid infrastructure to carry out efficient operations and to improve the quality of power supply across transmission and distribution networks. Furthermore, rising integration of renewable energy sources to power networks is also a prime factor anticipated to propel the capacitor bank market in Europe during the forecast period
- The capacitor bank market in Asia Pacific is expected to expand at a significant pace during the forecast period due to increase in demand for power from residential, commercial, and industrial embodiments. Strong economic growth, increase in investment in the industrial sector, and rise in living standards are some of the major factors propelling the demand for electricity across the region, majorly in developing economies.
- North America is also projected to hold vital share of the global capacitor bank market during the forecast period due to ongoing investment in development of High Voltage Direct Current (HVDC) networks to meet the continuously surging electricity demand across the region
- The capacitor bank market in Latin America and Middle East & Africa is anticipated to expand during the forecast period due to technological innovations in design of electrical energy storage facilities.
Key Players Operating in Global Market
Leading companies operating in the global capacitor bank market include:
- Schneider Electric,
- Powercap capacitors
- Alstom SA
- Epcos AG
Global Capacitor Bank Market: Research Scope
Global Capacitor Bank Market, by Application
Global Capacitor Bank Market, by Voltage Rating
Global Capacitor Bank Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.