Shunt capacitors have several uses in the electric power systems. It is a device, which improves the quality of the electrical supply and enables efficient operation of the power system. Shunt capacitors are mainly installed to provide capacitive reactive compensation or power factor correction. It is also called as power factor correction capacitors. Growing investment in renewable energy power generation driving the growth of the market. Major economies around the world are highly focused on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. The tremendous yearly addition (in capacity) of renewable energy requires the strong transmission and distribution network, which ultimately increases the demand of shunt capacitor. However, High initial investment and Fluctuation in raw material prices may hamper the growth of the market.
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Market Research Analysis
Based on voltage, shunt capacitor market has been divided into low voltage, medium voltage and high voltage. High Voltage accounted for the largest market share of 63.47% in 2016, with a market value of USD 362.3 Million. These capacitors offer excellent reliability and thermal shock performance. Medium Voltage was the second-largest market in 2016, valued at USD 135.9 Million in 2016; it is projected to grow at a CAGR of 5.79%. Medium Voltage shunt capacitors are installed in industrial electrical networks, primarily, to meet the compensation requirements of individual MV induction motors and overall power factor correction at the medium voltage bus.
Based on end user, the market has been divided into Utilities, Industries and Others. Utilities accounted for the largest market share of 56.30% in 2016, with a market value of USD 321.4 Million. Utilities use shunt capacitors at distribution and utilization voltages to provide reactive power near the inductive loads that require it. Shunt capacitors are used broadly by utilities to prevent damages to critical and expensive equipment. The increasing electricity access across the world, would result in an increase in the number of substations, which would in turn, raise the demand for shunt capacitors. Industries was the second-largest market in 2016, valued at USD 195.2 Million in 2016; it is projected to grow at a CAGR of 5.74%. Industrial sector relies totally on continuous power supply. Shunt capacitor helps to improve the overall power factor of the system and they form a very important part of energy efficient system.
Scope of the Report
This study provides an overview of the global Shunt capacitor market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Latin America Europe, Asia-Pacific (APAC) and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global shunt capacitor market by its voltage type, end-use and region.
Global Shunt Capacitors Market, By Voltage Type
- High Voltage
- Medium Voltage
- Low Voltage
Global Shunt Capacitors Market, By End-User
Global Shunt Capacitors Market, By Region
- North America
- Rest Of the World (ROW)
The key players of global shunt capacitor market are ABB Ltd. (U.S.), Schneider Electric (France), General Electric Company (U.S.), Siemens AG (Germany), Larsen & Toubro Ltd (India), Eaton Corporation Plc (Ireland), Aerovox Corp. (U.S.), Magnewin Energy Private Limited (India), CIRCUTOR, SA (Spain), Energe Capacitors Pvt Ltd (India) and others.
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