Global Shunt Capacitor Market: Introduction
- A shunt capacitor is used in a power system across the supply and load line to provide leading load
- It helps release the power system capacity; reduce; the line and transformer loss; improves voltage profile; and supports reactive power and savings
- The global shunt capacitor market is anticipated to expand at a rapid pace during the forecast period, owing to increased demand for shunt capacitors for use in applications such as smart grids, transmission and distribution utilities, transport and infrastructure, renewable energy, power generation, and industrial
Key Drivers of Global Shunt Capacitor Market
- Exponentially growing urbanization and rising population have increased the demand for power generation, telecommunications, infrastructure and mass transportation. This, in turn, is anticipated to augment the demand for power transmission and distribution infrastructure in the near future.
- Growth of the residential & commercial construction sector and rise in investments for the development of railways and other transportation infrastructure are expected to drive the global shunt capacitor market during the forecast period
- Companies operating in the global shunt capacitor market are investing to expand their product portfolios as well as distribution networks. They have adopted strategies such as mergers and acquisitions, development of new products, joint ventures, and expansions to meet the increasing demand for shunt capacitors in different regions.
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Middle East & Africa to Offer Attractive Opportunities to Shunt Capacitor Market
- The shunt capacitor market in Middle East & Africa is estimated to expand at the most rapid pace during the forecast period. This can be attributed to increasing investments in the development of new infrastructure in the region.
- The Middle East & Africa region consists of countries with consumers having high purchasing power such as Qatar, the UAE, and Saudi Arabia. Rapid expansion of cities and infrastructure development in these countries are expected to positively impact the shunt capacitor market in Middle East & Africa during the forecast period.
Investments in Modernized Power Grid Infrastructure to Drive Global Market
- The global power industry is significantly transforming, with increasing demand for reliable and efficient power supply, implementation of sustainability policies, and emergence of new technologies fueling the modernization of grid and power infrastructure
- Furthermore, rise in the demand for modernized and upgraded power grids is boosting the global shunt capacitor market
- In addition to this, increasing concerns about environment and initiatives by various governments across the world are expected to increase investments in the renewable energy generation during the forecast period
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Asia Pacific to Hold a Major Share of Global Shunt Capacitor Market
- Asia Pacific is a leading consumer of shunt capacitors, followed by North America and Europe. China, India, and Japan are key markets in the region. In terms of demand, these countries account for a major share of the market for shunt capacitors in the region.
- Increase in the demand for shunt capacitors in Asia Pacific can be attributed to continued urbanization and development of infrastructure in the region
- In Asia Pacific, preference for sustainable and renewable energy is increasing. This, in turn, is expected to boost the market in the region during the forecast period.