It is anticipated the power capacitors market will be worth close to USD 2.3 billion, growing at a CAGR of 2% to 4%. However, the market is expected to generate USD 1.71 billion in sales in 2022.
Power capacitors offer good frequency characteristics and temperature stability because of these multilayer dielectrics. There are additional power capacitors with single-layer dielectrics on the market. A transmission line’s overall power factor can be raised by adding power capacitors, which also have a favorable impact on the power factor of any industry.
In an electric field, power capacitors are employed to conserve electrical energy temporarily. Due to the widespread usage of induction motors by end-user businesses, nearby distribution lines have a poor power factor. This behavior results in significant KVAR loss and energy waste. Therefore, capacitors are linked to line power to increase power factor, which also increases power factor for nearby industries.
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One can attain great power and energy efficiency in electric rail traction with the aid of power capacitors. Power capacitors are employed in a variety of settings, including industrial drives, wind power systems, and the provision of uninterruptible power to lasers used in medical engineering.
Global Power Capacitors Market: Dynamics:
Due to increasing urbanization, the use of electric pumps or induction motors for irrigation and industrial purposes is increasing day by day, which, in turn, is increasing the demand for power capacitors. The governments of many countries have implemented laws and regulations regarding energy conservation, which is increasing the demand for power capacitors in the market.
Thus, these government policies are expected to significantly drive the growth of the power capacitors market over the projected period.
Features of power capacitors such as high reliability, voltage stabilization, and cost-effectiveness are some of the major factors that are expected to propel the growth of the power capacitors market during the forecast period. Efficient operation of power capacitors helps in reducing losses in long-distance high DC voltage transmission and reduction of CO2, contributing towards the growth of the power capacitors market.
Furthermore, power capacitors are easy to integrate into overall systems, which is anticipated to further drive the growth of the power capacitors market over the projected period. Moreover, the increasing demand for power capacitors for usage as voltage and frequency converters and RFI filters is also fueling the growth of the power capacitors market.
Global Power Capacitors Market: Competition Landscape: Key Players:
Some of the key players in the power capacitors market are Schneider Electric, Eaton Corporation Plc, ABB Ltd., Larsen & Toubro Ltd, Aerovox Corp., GE Grid Solutions, Nissin Electric, AB Power System, GE Digital Energy, and Clariant Power System.
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Power Capacitors Market Segmentation:
By Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
By End User:
- Utilities
- Industries
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa
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