Market Research Future published a research report on “Global Shunt Capacitor Market Information Report- Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
As per a detailed analysis by Market Research Future (MRFR), the global shunt capacitor market is anticipated to touch a valuation of USD 893.8 million, garnering a CAGR of 6.72% during the forecast period (2015-2023). the surging power consumption across the globe is promoting the market growth across the globe. Shunt capacitor can be defined as an electrical equipment which helps to improve the quality of electricity supply and also allows efficient operation of the power systems. They are installed to offer power factor correction or capacitive reactive compensation.
Market Potential and Pitfalls
The global Shunt Capacitor Market has experienced a tectonic surge over the last few years. Its application is increasing at a rapid pace mainly due to its easy and quick installation, low cost, and convenient virtual development. The surging power consumption and growing investment in renewable energy power generation has propelled the growth of the market across the globe. Shunt capacitors are extensively adopted in the commercial and industrial sector as a safety and reliable device due to its properties like improved voltage regulation, improvement of the voltage at the load, postponement of investments in transmission, and reduction of losses. The low manufacturing cost and its compact design makes it permeable for the installation in industrial and utilities sector. Due to increase in population across the globe along with steady industrialization, the demand for uninterrupted electric supply is propelling. With the growing need for reliable electric supply and investment in grid expansion, investment in transmission & distribution network, and safe electrical infrastructure, the shunt capacitor market is likely to flourish across the globe.
On the contrary, high initial investments along with the fluctuation in raw material prices are considered to restrict the shunt capacitor market growth in the coming years.
The prominent players operating in the global shunt capacitor market comprises Schneider Electric (France), ABB Ltd. (U.S.), Siemens AG (Germany), General Electric Company (U.S.), Eaton Corporation Plc (Ireland), Larsen & Toubro Ltd (India), Magnewin Energy Private Limited (India), Aerovox Corp. (U.S.), Energe Capacitors Pvt Ltd (India), CIRCUTOR, SA (Spain), and others.
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Global Shunt Capacitor Market: Segmental Analysis
The global shunt capacitor market has been segmented on the basis of voltage and end-users.
By mode of voltage, the global shunt capacitor market has been segmented into low voltage, medium voltage and high voltage. Among these, the high voltage occupies the largest market share. The segment held a share of 63.47% and estimated a value of USD 362.3 million in 2016. As these capacitors offer excellent thermal shock performance and high reliability, they are extensively used in the global market.
The end-user segment of shunt capacitor market comprises industries, utilities, and others. Among these, the utility segment acquired the largest market share of 56.30% with a value of USD 321.4 million in 2016. The utilities sector extensively use shunt capacitors at utilization and distribution voltages in order to offer reactive power near inductive loads. Shunt capacitors are widely used in this segment to prevent damages to expensive and critical equipment. With the growing electricity access across the globe, the number of substations will increase, thereby triggering the demand for shunt capacitors.
Geographically, the shunt capacitor market has been studied under regions namely, Asia Pacific, Europe, North America, and the Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region held the largest market share of 41.30% in 2016. The regional market valued at USD 235.7 million and is likely to acquire the CAGR of 7.34% in the foreseeable future. There has been a surging demand for energy due to the booming population coupled with the improving lifestyle in this region. China is considered the world’s largest market for power transmission & distribution. As per IEA World Energy Investment Outlook, China is likely to invest USD 83 billion on transmission & distribution network. Such factors are promoting the growth of the regional market.
Europe bags the second position in the global market and touched a valuation of USD 151.0 million in 2016. The surging number of cross-border interconnections is anticipated to propel the growth for transmission and distribution equipment in this region. The region is also likely to develop an interconnected grid which can transfer electricity between nations. Such interconnected systems improve the grid reliability and combining reserves coupled with the reduction in the investments in power-generating capacity. Such factors are highly influencing the growth of the regional market during the assessment period.
The North American region is considered a major market for shunt capacitor and acquired a market share of 19.7% with a value of USD 112.2 million in 2016. The surging demand for replacement of aging infrastructure along with government initiatives to enhance the existing T&D grid propels the growth of the regional market.
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Following are major Table of the Covid 19 Analysis on Shunt Capacitor Market:
- Global Market Overview, Drivers, Restraints and Opportunities, Segmentation overview
- Global Market competition by top Players
- Analysis by Regions
- Consumption by Regions
- Consumption, By Types, Revenue and Market share by Types
- Consumption, By Applications, Market share (%) and Growth Rate by Applications
- Complete profiling and analysis of Players
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Global Market Effect Factors Analysis
- Global Shunt Capacitor Market Forecast
- Global Market Research Findings and Conclusion, Appendix, methodology and data source
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