Shunt Capacitor Market Leading Countries, Companies, Drivers, Significant Growth, Analysis by Manufacturers, Challenges and Forecast 2023
Based on voltage, shunt capacitor market has been divided into low voltage, medium voltage and high voltage. High Voltage accounted for the largest market share of 63.47% in 2016, with a market value of USD 362.3 Million. These capacitors offer excellent reliability and thermal shock performance. Medium Voltage was the second-largest market in 2016, valued at USD 135.9 Million in 2016; it is projected to grow at a CAGR of 5.79%. Medium Voltage shunt capacitors are installed in industrial electrical networks, primarily, to meet the compensation requirements of individual MV induction motors and overall power factor correction at the medium voltage bus.
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Based on end user, the market has been divided into Utilities, Industries and Others. Utilities accounted for the largest market share of 56.30% in 2016, with a market value of USD 321.4 Million. Utilities use shunt capacitors at distribution and utilization voltages to provide reactive power near the inductive loads that require it. Shunt capacitors are used broadly by utilities to prevent damages to critical and expensive equipment. The increasing electricity access across the world, would result in an increase in the number of substations, which would in turn, raise the demand for shunt capacitors. Industries was the second-largest market in 2016, valued at USD 195.2 Million in 2016; it is projected to grow at a CAGR of 5.74%. Industrial sector relies totally on continuous power supply. Shunt capacitor helps to improve the overall power factor of the system and they form a very important part of energy efficient system.
On the basis of region, Asia-Pacific region accounted for the largest market share of 41.30% in 2016, with a market value of USD 235.7 Million and is projected to grow at the highest CAGR of 7.34% during the forecast period. There is an increasing demand for energy because of the growing population and improvement in the lifestyle in the region. China is the world’s largest market for the power transmission & distribution. According to IEA World Energy Investment Outlook, China is investing around USD 83 billion on their transmission & distribution network.
Europe was the second-largest market in 2016, valued at USD 151.0 Million. The increasing number of cross-border interconnections will drive the growth for the transmission and distribution (T&D) equipment market in Europe. Europe is developing an interconnected grid that can transfer electricity between countries in the region such as between the UK, Germany, Poland, France, and Sweden. The benefits of such interconnected systems include the improvement of grid reliability and combining reserves and reduction in the investments in power-generating capacity.
North America is another major market for shunt capacitor. It accounted for the market share of 19.7% in 2016, with a market value of USD 112.2 million. Increasing demand for replacement of aging infrastructure and targeted government initiatives and stimulus to improve the existing T&D grid drives the growth of the market. In rest of the world, Middle East & Africa accounted for the largest market share of 54.60% in 2016, with a market value of USD 39.3 Million and is projected to grow at the highest CAGR of 5.84% during the forecast period.
Hence, global shunt capacitor market is expected to reach a market size of USD 893.8 million by the end of the forecast period at CAGR of 6.72%.
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The Key Players of global shunt capacitor market are ABB Ltd. (U.S.), Schneider Electric (France), General Electric Company (U.S.), Siemens AG (Germany), Larsen & Toubro Ltd (India), Eaton Corporation Plc (Ireland), Aerovox Corp. (U.S.), Magnewin Energy Private Limited (India), CIRCUTOR, SA (Spain), Energe Capacitors Pvt Ltd (India) and others.
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