Press release
Shunt Capacitor Market 2018 by Global Leaders: ABB Ltd., Schneider Electric, General Electric Company, Siemens AG, Eaton Corporation Plc, Aerovox Corp., CIRCUTOR, SA
Shunt Capacitor Market
Growing electricity demand coupled with growing concern for safe transmission & distribution of electricity and the increasing grid infrastructure, will boost the global shunt capacitor market size over the forecast timeline. Shunt capacitors are utilized as a source of reactive power by connecting them in line-to-neutral phase. They help in reduction of impedance in transmission & distribution system. They are widely known for their function of power factor correction in the power system.
Shunt capacitors are widely accepted across the world in the industrial & commercial sectors as a reliable & safety device, owing to properties such as, improvement of the voltage at the load, better voltage regulation, reduction of losses and reduction or postponement of investments in transmission. Also, compact design and low manufacturing cost allow their installation in various utilities and industrial sector. The constant need for electricity and the worldwide growth in grid infrastructure, will aid the growth of global shunt capacitor market over the forecast period.
Shunt Capacitor Market is expected to grow with the CAGR of approximately 7% from 2017 to 2023.
Key Players
• General Electric (U.S.),
• Siemens AG (Germany),
• ABB Group (Switzerland),
• CIRCUTOR, SA (Spain),
• Magnewin Energy Pvt. Ltd (India),
• Schneider Electric SE (France),
• Mitsubishi Electric Corporation (Japan),
• L&T Electrical & Automation (India),
• Energe Capacitors Pvt. Ltd. (India)
• Eaton Corporation Plc (Ireland).
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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.
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Market Research Analysis
The utilities segment holds the largest share of shunt capacitor market currently and is expected to continue in the forecast period. Utilities use shunt capacitors at distribution and utilization voltages to provide reactive power near the inductive loads that require it. Substations are the crucial elements of any grid system, and require high-level protection to safeguard the stability of the entire system. 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.
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