Overall sales of power capacitors are expected to reach nearly US$ 2.3 billion by 2032, growing at a CAGR of 2% — 4% during the forecast period. Power capacitors are electronic devices that are used to improve the power factor of electrical distribution systems. These power capacitors consist of two conducting plates separated by dielectric and insulating material.
Due to these multilayer dielectrics, power capacitors provide excellent frequency characteristics and temperature stability. Power capacitors with single-layer dielectrics are also available in the market. By connecting power capacitors to a transmission line, one can improve the overall power factor, which further positively affects the power factor of any industry.
Power capacitors are used to conserve electrical energy, temporarily, in an electric field. Most end-user industries use induction motors, which results in a low power factor in neighbouring distribution lines. This phenomenon causes the wastage of energy and big KVAR loss. Thus, to improve the power factor of a line power, capacitors are connected that improve the power factor of the neighbouring industry also.
With the help of power capacitors, one can achieve high power and energy efficiency in electric rail traction. As per their wide range, power capacitors are used for different applications such as wind power systems, industrial drives, and also for supplying uninterruptable power to lasers for 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 of power capacitors for usage as voltage and frequency convertors and RFI filters is also fueling the growth of the power capacitors market.
Global Power Capacitors Market: Segmentation :
The global power capacitors market can be segmented on the basis of voltage, end user, and region. Power capacitors market by voltage: Low Voltage Power Capacitors, Medium Voltage Power Capacitors, High Voltage Power Capacitors; Power capacitors market by end user : Utilities, Industries, Others.
Global Power Capacitors Market: Competition Landscape : Key Vendors :
Some of the key vendors 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.
Key Segments Profiled in the Power Capacitors Market
Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
End User:
- Utilities
- Industries
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa
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