- Low voltage
- Medium voltage
- High Voltage
Shunt Capacitor Market size was valued at USD 1,372.9 million in 2022, growing at a 3.5% CAGR from 2023 to 2029. Shunt capacitors are an integral part of a power system because it helps in power factor correction. The fact that this apparatus can be deployed anywhere in a circuit or a power network makes it the ideal option for this work. Shunt capacitors are also relatively cheaper than series capacitors and easy to install. The demand for electricity is increased due to the influence of technology on human life. Countries have increased electricity production in the last decade. Based on the system the shunt capacitor is segmented into floor-mounted, pole-mounted, and wall-mounted, maximum control on electricity pole-mounted capacitor is mostly to be seen, and capacity might be saving electricity for serving the line and controls high voltage. The per capita consumption of electricity increasing, and all electrical networks line require safe and reliable energy, use of a capacitor enhances the production of shunt capacity which drives the market. An increase in nuclear energy consumption provides a better opportunity for the manufacturer. Most of the government regulations to their electrical board companies are controlling energy consumption in the world. China is by far the largest electricity-generating country in the world, with over 8.5 petawatt-hours generated in 2021. It was followed by the United States, with an electricity production of some 4.4 petawatt-hours that year. Geographically, Asia pacific held the major market share in 2022 and is expected to dominate the Shunt Capacitor market in the forecasted years.
Shunt Capacitor Market Key Developments:
In June 2021, Diesel & motor engineering Plc and Siemens India secured Ceylon electricity board contract for variable shunt reactors.
Fastest Growing Market
The increasing per capita consumption of electricity across the world is the major driver in the Shunt Capacitor market during the forecast period. Growth in the construction of buildings, apartments, railway, and metro increased the demand for electricity which is expected to drive the global market for shunt capacitors. With increased demand, all electrical network requires the use of a shunt capacitor for the effective, reliable, and safe operation of electricity. Hence, this will drive global market growth at a significant rate.
The shunt capacitor market was valued at usd 1,372.9 million in 2022, growing at an 3.5% cagr from 2023 to 2029.
The leading players in the Shunt Capacitor market are General Electrical Company, ABB Ltd., Siemens AG, Larsen & Toubro Ltd., Eaton Corporation, Magnewin Energy Pvt. Ltd., Globe capacitors, Motif electrics Ltd., TDK Electronics AG, and Others
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation, and Seven years forecast is presented from 2023 – 2029.