Global Power Capacitors Market: Introduction
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 of the end-user industries use induction motors, and this 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.
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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
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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.
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Global Power Capacitors Market: Regional Outlook
Geographically, the power capacitors market can be segmented into North America, Western Europe, Latin America, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East and Africa (MEA), and Japan.
Asia Pacific is expected to be an emerging market, owing to increasing demand from emerging economies such as India and China. Increasing urbanization in these countries is providing growth opportunities for the power capacitors market. Asia Pacific is anticipated to be the large and fast growing power capacitors market, owing to the plans of national governments in different countries in this region to expand their electric distribution networks. Emerging regions such as Latin America and the Middle East and Africa are offering ample growth opportunities, owing to the increasing electricity demand in these regions. Moreover, the up-gradation of electric networks in the U.S. and Europe is also expected to lead to the higher demand for power capacitors in these regions.