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Shunt Capacitor Market Segmented By Low, Medium, High Voltage in Power Generation, Renewable Energy, Transport & Infrastructure, Transmission and Distribution Utilities, Industrial
Global sales of shunt capacitor is expected to grow at a CAGR of around 8% during the forecast period 2021-2031. A shunt capacitor is an electrical device that improves the quality of electricity supply and permits efficient operation of the power system.
These capacitors are primarily installed to provide capacitive reactive compensation or power factor correction. The application of the shunt capacitor is increasing continuously, mainly due to its low cost, easy and quick installation and convenient virtual deployment, anywhere in the power network.
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Growth of the residential & commercial construction sector and rise in investments for the development of railways and other transportation infrastructure are expected to drive the global demand for shunt capacitor during the forecast period.
Exponentially growing urbanization and rising population have increased the demand for power generation, telecommunications, infrastructure and mass transportation. This, in turn, is anticipated to augment the demand for power transmission and distribution infrastructure in the near future.
The major growth driver for the global shunt capacitor market is the rising demand for electricity, as the per capita consumption of electricity is gaining pace. Moreover, all electrical network require the use of a shunt capacitor for efficient, reliable, and safe operation. The increasing industrial activities around the globe and manufacturing units are estimated to boost the market growth over the forecast period.
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Get a Customized VersionThe global power industry is significantly transforming, with increasing demand for reliable and efficient power supply, implementation of sustainability policies, and emergence of new technologies fueling the modernization of grid and power infrastructure. Furthermore, rise in the demand for modernized and upgraded power grids is boosting the global shunt capacitor industry growth.
In addition to this, increasing concerns about environment and initiatives by various governments across the world are expected to increase investments in the renewable energy generation during the forecast period.
This spike in the development of modern power grid infrastructure is estimated to raise the demand for shunt capacitors during the forecast period All in all, shunt capacitors are also easy to install and maintain, and they have a longer life span than their counterparts. Therefore, they are a more preferred option when it comes to stabilizing power systems.
The growth in East Asia region is estimated to dominate the market over the forecast period. Rapid increase in the number of manufacturing and industrial units has boosted demand for shunt capacitor.
An increase in long-distance high voltage transmission power cables and rural electrification initiatives and have positively impacted the demand for shunt capacitors. In addition, the rise in metros, railways, commercial centers, IT hubs, and high speed trains, require the shunt capacitor for efficient, reliable, and stable electricity supply.
Furthermore, rapid urbanization has increased the number of sub-stations, which is likely to augment the market growth in the coming years. The rise in the number of transmission lines and power generation plants is also projected to further drive the market growth.
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The adoption of shunt capacitor in MEA region is estimated to expand at the most rapid pace during the forecast period. This can be attributed to increasing investments in the development of new infrastructure in the region.
High voltage lines are used to supply power to oil and gas platforms. Also various countries in this region are gradually phasing out conventional power generation sources and are building renewable power plants to fulfill the demand for electricity.
The region consists of countries with consumers having high purchasing power such as the UAE, Saudi Arabia, and Qatar. Rapid expansion of cities and infrastructure development in these countries are expected to positively impact the demand for shunt capacitor in MEA during the forecast period.
Some of the leading providers of shunt capacitor include
By Voltage
By End Use Industry
By Region
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
