Capacitor Bank Market Size 2022 Regional Demand and Future Trends Analysis Report To 2026
One of the recent developments in the global capacitor bank market comprises the provision of a loan amounting to 100 million euros to Bangladesh by the French Development Agency (AFD). The loan has been granted for the purpose of strengthening Bangladesh’s role as an active participant in the hunt for and deployment of advanced digital solutions in the energy and power sector of the country.
The financing comes through the AFD’s concessional sovereign loan and will reportedly move towards funding the country’s capacitor bank installation project under DPDC. As per the French embassy, a credit facility agreement from the AFD has been signed between the Secretary, Economic Relations Division, Fatima Yasmin; Benoit Chassatte, AFD’s Country Director for Bangladesh; and the French Ambassador to Bangladesh, Jean-Marin Schuh.
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Similar cross-country agreements coupled with novel product developments by key capacitor bank manufacturers are likely to stimulate capacitor bank industry share through the ensuing years. According to the latest research by Global Market Insights, Inc., the global capacitor bank market size is estimated to exceed USD 4.4 billion by 2026.
This growth is primarily attributed to the surging demand for high voltage capacitor banks across industrial and power substations owing to the escalating electricity requirement and the mitigation of harmonics prominently due to non-linear loads. Major capacitor bank manufacturers comprise Siemens AG, Eaton Corporation, ABB Limited, Schneider Electric, General Electric, and others.
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Few major trends propelling capacitor bank market growth include:
Increasing demand for efficient power factor correction solutions to drive high voltage capacitor bank market expansion
The rising requirement for efficient grid infrastructure across developing economies is expected to stimulate the installation of numerous high voltage capacitor bank designs, in turn impelling industry expansion.
The surging demand for improving power supply across grid networks in addition to the need for an efficient power factor correction solution will further escalate the demand for capacitor banks in substations through the estimated period. High voltage capacitor units are majorly installed across numerous power plants and industrial facilities for the reduction of voltage and current fluctuation from non-linear electrical equipment.
Rising awareness regarding secure power supply to augment Latin America capacitor bank market size
The surging demand for electricity across the commercial and residential sector is likely to stimulate Latin America capacitor bank industry growth through the forthcoming years.
The rapid rate of urbanization coupled with escalating demand for efficient power factor correction solutions is expected to push Latin America capacitor bank market share through 2026. Further, increasing awareness amongst people for the enhancement of grid stability and securing power supply are poised to spur capacitor bank designs demand over the ensuing years.
Ease of installation and enhanced operational efficiency to stimulate pole mounted capacitor bank industry outlook
Multiple advantages such as minimal maintenance, ease of installation, and improved operational efficiency are expected to fuel the demand for pole mounted capacitor banks through 2026. These capacitor types have the capability of providing support for the reduction of system losses, voltage regulations, and minimization of power system penalties.
Pole mounted capacitor banks are usually used on an electric pole and are fitted with the help of a strong frame structure for the purpose of mitigating the risk of damage against extreme climatic conditions.
In a nutshell, multiple features of capacitor banks comprising optimized energy consumption, reduced utility penalties for low power factor, and freeing up capacity overload networks are set to impel capacitor bank industry share, further stimulating revenue growth through the forthcoming years.
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