Capacitor Bank Market to Reach $6.0 Billion, Globally, by 2031 at 4.3% CAGR: Allied Market Research
PORTLAND, Ore., Jan. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Capacitor Bank Market by Voltage (Low [69Kv]), Type (Externally Fused, Internally Fused, And Fuseless), Installation (Pole Mounted, Open Air Substation, Metal Enclosed Substation, and Other), Connection Type (Star Connection and Delta Connection), Application (Power Factor Correction, Industrial, Harmonic Filter, And Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global capacitor bank industry generated $3.9 billion in 2021, and is estimated to reach $6.0 billion by 2031, witnessing a CAGR of 4.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
- Surge in demand for capacitor banks, for power factor correction, from the industrial sector drives the growth of the global capacitor bank market.
- Surge in demand for capacitor banks, for power factor correction, from the industrial sector drives the growth of the global capacitor bank market.
- By type, the internally fused segment held the major share in 2021, garnering around half of the global capacitor bank market revenue.
- By connection type, the delta segment accounted for nearly two-thirds of the global capacitor bank market share in 2021, and is expected to rule the roost by 2031.