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Global Capacitor Banks Market Size, Share & Industry Analysis Report By Voltage (Medium [10 kV - 69 kV], High [>69 kV], and Low [<10 kV]), By Application (Power Factor Correction, Harmonic Filter, Voltage Regulation, Renewable Integration, Industrial Appl

Publisher Knowledge Based Value (KBV) Research
Published Aug 19, 2025
Length 485 Pages
SKU # KBV20363906

Description

The Global Capacitor Banks Market size is expected to reach $6.43 billion by 2032, rising at a market growth of 4.5% CAGR during the forecast period.

Key Highlights:
  • The North America market dominated Global Capacitor Banks Market in 2024, accounting for a 33.00% revenue share in 2024.
  • The U.S. market is projected to maintain its leadership in North America, reaching a market size of USD 1.47 billion by 2032.
  • Among the Voltage, the Medium [10 kV - 69 kV] segment dominated the global market, contributing a revenue share of 46.44% in 2024.
  • In terms of Application, Power Factor Correction segment is expected to lead the global market, with a projected highest revenue share by 2032.
The capacitor banks market has transformed from basic shunt units for industrial-power factor correction to modern, digitally integrated systems. Furthermore, capacitor banks are important for advanced electricity grids. The growth of the capacitor banks is growing due to the rising regulatory requirements like the India’s Central Electricity Authority mandates and U.S. FERC Order 827 have fuelled demand for the dynamic reactive compensation, frequently incorporating capacitor banks into STATCOM and SNV configurations. This change facilitate renewable integration, harmonic damping, and voltage regulation. Gradually, innovations and R&D in the capacitor banks has developed tuned-filter designs, remote monitoring, modular enclosures, and self-healing capabilities–maintaining adherence to increasingly rigorous grid codes.

Major market trends are incorporation of the capacitor banks with renewable energy plans, rising digitalization for smart grid compatibility, and modular, personalised solutions for situation with limited spaces or requiring fast deployment. OEMs like Siemens, ABB, Hitachi, Eaton, Toshiba, and Powerside are using high-speed switching, IoT-enabled monitoring, and harmonic filtering to make their products more reliable and lower their operating costs. Common strategies include moving into high-growth areas, adding new products for the industrial and transportation sectors, and forming strategic partnerships with utilities. In the competitive landscape, multinational companies are the leaders. They offer advanced, grid-compliant solutions. Regional companies, on the other hand, focus on cost-effective, customized deployments, especially in Asia-Pacific, where infrastructure is growing quickly.

Market Share Analysis

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.

COVID 19 Impact Analysis

The COVID-19 epidemic hurt the worldwide capacitor banks industry by stopping factories and supply chains from working in important industrial areas, including China, India, and Southeast Asia. Lockdowns and a lack of workers made it harder for utility and industrial companies to get the raw materials they needed and finish projects on time. Utilities put off measures to modernize and electrify the system because they had to spend more money on emergencies. Industrial demand also fell since factories were closed for a long time and people used less energy, which put off expenditures in power factor correction. Travel restrictions and limited site access also made it harder to do engineering, testing, and commissioning work, which slowed down market progress and lowered total demand during the peak of the epidemic. Thus, the COVID-19 pandemic had a negative impact on the market.

Voltage Outlook

Based on Voltage, the market is segmented into Medium [10 kV - 69 kV], High [>69 kV], and Low [<10 kV]. The high [>69 KV] segment attained 36% revenue share in the capacitor banks market in 2024. This is driven by its importance in long-distance power transmission and large-scale grid operations. High voltage capacitor banks are essential for minimizing transmission losses, maintaining voltage levels, and supporting the stability of high-capacity power systems. They are commonly installed in substations and integrated with renewable energy sources, making them vital in the context of modern grid expansion and the shift toward clean energy.

Application Outlook

Based on Application, the market is segmented into Power Factor Correction, Harmonic Filter, Voltage Regulation, Renewable Integration, Industrial Application, Data Centers, and Other Application. The harmonic filter segment garnered 22% revenue share in the capacitor banks market in 2024. Harmonic filters are used to mitigate the effects of harmonic distortion caused by non-linear loads, such as variable frequency drives and electronic devices. Capacitor banks used in harmonic filtering help in maintaining power quality and protecting sensitive equipment from potential damage due to harmonics.

Regional Outlook

Region-wise the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The North America segment recorded 33% revenue share in the capacitor banks market in 2024. In North America, the market is growing because of improvements to infrastructure, the use of renewable energy sources, and the modernization of the grid. The U.S. is in the lead because FERC rules require renewable generators to provide reactive power. This has made it easier to use smart capacitor banks that can be controlled remotely and work with STATCOMs and SVCs. Canada and Mexico are using it more and more to make industrial power better and keep distribution voltage steady. The need for tuned-filter and harmonic-compensated capacitor banks is growing in Europe, especially in Germany, the UK, and France. This is because of strict EU grid codes and more use of renewable energy. Modular, small, and IoT-enabled systems are becoming more popular in cities to make the most of limited space and improve real-time grid control.

The Asia-Pacific region is the largest market in the world. This is because of the rapid development of electricity, large-scale renewable energy projects, and government-supported initiatives to expand the grid. China's ultra-high-voltage transmission projects and India's RDSS/IPDS programs are using medium-voltage, modular capacitor banks to improve the efficiency of distribution and keep the voltage stable. Southeast Asian countries are using similar ways to improve their economies and bring electricity to rural areas. Brazil, Argentina, Saudi Arabia, the UAE, South Africa, and Nigeria are all investing in prefabricated and modular capacitor banks to reduce grid losses, make it easier to use renewable energy, and keep transmission corridors stable. OEMs and utilities need to work together to offer full reactive power solutions in these areas.

List of Key Companies Profiled
  • Eaton Corporation plc
  • ABB Ltd.
  • Siemens AG
  • Schneider Electric SE
  • General Electric Company
  • Hitachi Energy Ltd. (Hitachi, Ltd.)
  • Bharat Heavy Electricals Ltd.
  • Mitsubishi Electric Corporation
  • Powerside
  • Larsen & Toubro Limited
Global Capacitor Banks Market Report Segmentation

By Voltage
  • Medium [10 kV - 69 kV]
  • High [>69 kV]
  • Low [<10 kV]
By Application
  • Power Factor Correction
  • Harmonic Filter
  • Voltage Regulation
  • Renewable Integration
  • Industrial Application
  • Data Centers
  • Other Application
By Geography
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

485 Pages
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Capacitor Banks Market, by Voltage
1.4.2 Global Capacitor Banks Market, by Application
1.4.3 Global Capacitor Banks Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Market Trends – Capacitor Banks Market
Chapter 5. Sate of Competition – Capacitor Banks Market
Chapter 6. Product Life Cycle (PLC) – Capacitor Banks Market
Chapter 7. Market Consolidation Analysis – Capacitor Banks Market
Chapter 8. Competition Analysis – Global
8.1 Market Share Analysis, 2024
8.2 Porter Five Forces Analysis
Chapter 9. Value Chain Analysis – Capacitor Banks Market
9.1 Product Design & Engineering
9.2 Raw Material Sourcing
9.3 Component Manufacturing
9.4 Assembly and System Integration
9.5 Distribution and Logistics
9.6 Installation and Commissioning
9.7 Customer Training and Education
9.8 Maintenance and Monitoring Services
9.9 After-Sales Support and Spare Parts
Chapter 10. Key Customer Criteria – Capacitor Banks Market
Chapter 11. Global Capacitor Banks Market by Voltage
11.1 Global Medium [10 kV - 69 kV] Market by Region
11.2 Global High [>69 kV] Market by Region
11.3 Global Low [<10 kV] Market by Region
Chapter 12. Global Capacitor Banks Market by Application
12.1 Global Power Factor Correction Market by Region
12.2 Global Harmonic Filter Market by Region
12.3 Global Voltage Regulation Market by Region
12.4 Global Renewable Integration Market by Region
12.5 Global Industrial Application Market by Region
12.6 Global Data Centers Market by Region
12.7 Global Other Application Market by Region
Chapter 13. Global Capacitor Banks Market by Region
13.1 North America Capacitor Banks Market
13.1.1 Key Factors Impacting the Market
13.1.1.1 Market Drivers
13.1.1.2 Market Restraints
13.1.1.3 Market Opportunities
13.1.1.4 Market Challenges
13.1.2 Market Trends – North America Capacitor Banks Market
13.1.3 State of Competition – North America Capacitor Banks Market
13.1.4 North America Capacitor Banks Market by Voltage
13.1.4.1 North America Medium [10 kV - 69 kV] Market by Country
13.1.4.2 North America High [>69 kV] Market by Country
13.1.4.3 North America Low [<10 kV] Market by Country
13.1.5 North America Capacitor Banks Market by Application
13.1.5.1 North America Power Factor Correction Market by Country
13.1.5.2 North America Harmonic Filter Market by Country
13.1.5.3 North America Voltage Regulation Market by Country
13.1.5.4 North America Renewable Integration Market by Country
13.1.5.5 North America Industrial Application Market by Country
13.1.5.6 North America Data Centers Market by Country
13.1.5.7 North America Other Application Market by Country
13.1.6 North America Capacitor Banks Market by Country
13.1.6.1 US Capacitor Banks Market
13.1.6.1.1 US Capacitor Banks Market by Voltage
13.1.6.1.2 US Capacitor Banks Market by Application
13.1.6.2 Canada Capacitor Banks Market
13.1.6.2.1 Canada Capacitor Banks Market by Voltage
13.1.6.2.2 Canada Capacitor Banks Market by Application
13.1.6.3 Mexico Capacitor Banks Market
13.1.6.3.1 Mexico Capacitor Banks Market by Voltage
13.1.6.3.2 Mexico Capacitor Banks Market by Application
13.1.6.4 Rest of North America Capacitor Banks Market
13.1.6.4.1 Rest of North America Capacitor Banks Market by Voltage
13.1.6.4.2 Rest of North America Capacitor Banks Market by Application
13.2 Europe Capacitor Banks Market
13.2.1 Key Factors Impacting the Market
13.2.1.1 Market Drivers
13.2.1.2 Market Restraints
13.2.1.3 Market Opportunities
13.2.1.4 Market Challenges
13.2.2 Market Trends – Europe Capacitor Banks Market
13.2.3 State of Competition – Europe Capacitor Banks Market
13.2.4 Europe Capacitor Banks Market by Voltage
13.2.4.1 Europe Medium [10 kV - 69 kV] Market by Country
13.2.4.2 Europe High [>69 kV] Market by Country
13.2.4.3 Europe Low [<10 kV] Market by Country
13.2.5 Europe Capacitor Banks Market by Application
13.2.5.1 Europe Power Factor Correction Market by Country
13.2.5.2 Europe Harmonic Filter Market by Country
13.2.5.3 Europe Voltage Regulation Market by Country
13.2.5.4 Europe Renewable Integration Market by Country
13.2.5.5 Europe Industrial Application Market by Country
13.2.5.6 Europe Data Centers Market by Country
13.2.5.7 Europe Other Application Market by Country
13.2.6 Europe Capacitor Banks Market by Country
13.2.6.1 Germany Capacitor Banks Market
13.2.6.1.1 Germany Capacitor Banks Market by Voltage
13.2.6.1.2 Germany Capacitor Banks Market by Application
13.2.6.2 UK Capacitor Banks Market
13.2.6.2.1 UK Capacitor Banks Market by Voltage
13.2.6.2.2 UK Capacitor Banks Market by Application
13.2.6.3 France Capacitor Banks Market
13.2.6.3.1 France Capacitor Banks Market by Voltage
13.2.6.3.2 France Capacitor Banks Market by Application
13.2.6.4 Russia Capacitor Banks Market
13.2.6.4.1 Russia Capacitor Banks Market by Voltage
13.2.6.4.2 Russia Capacitor Banks Market by Application
13.2.6.5 Spain Capacitor Banks Market
13.2.6.5.1 Spain Capacitor Banks Market by Voltage
13.2.6.5.2 Spain Capacitor Banks Market by Application
13.2.6.6 Italy Capacitor Banks Market
13.2.6.6.1 Italy Capacitor Banks Market by Voltage
13.2.6.6.2 Italy Capacitor Banks Market by Application
13.2.6.7 Rest of Europe Capacitor Banks Market
13.2.6.7.1 Rest of Europe Capacitor Banks Market by Voltage
13.2.6.7.2 Rest of Europe Capacitor Banks Market by Application
13.3 Asia Pacific Capacitor Banks Market
13.3.1 Key Factors Impacting the Market
13.3.1.1 Market Drivers
13.3.1.2 Market Restraints
13.3.1.3 Market Opportunities
13.3.1.4 Market Challenges
13.3.2 Market Trends – Asia Pacific Capacitor Banks Market
13.3.3 State of Competition – Asia Pacific Capacitor Banks Market
13.3.4 Asia Pacific Capacitor Banks Market by Voltage
13.3.4.1 Asia Pacific Medium [10 kV - 69 kV] Market by Country
13.3.4.2 Asia Pacific High [>69 kV] Market by Country
13.3.4.3 Asia Pacific Low [<10 kV] Market by Country
13.3.5 Asia Pacific Capacitor Banks Market by Application
13.3.5.1 Asia Pacific Power Factor Correction Market by Country
13.3.5.2 Asia Pacific Harmonic Filter Market by Country
13.3.5.3 Asia Pacific Voltage Regulation Market by Country
13.3.5.4 Asia Pacific Renewable Integration Market by Country
13.3.5.5 Asia Pacific Industrial Application Market by Country
13.3.5.6 Asia Pacific Data Centers Market by Country
13.3.5.7 Asia Pacific Other Application Market by Country
13.3.6 Asia Pacific Capacitor Banks Market by Country
13.3.6.1 China Capacitor Banks Market
13.3.6.1.1 China Capacitor Banks Market by Voltage
13.3.6.1.2 China Capacitor Banks Market by Application
13.3.6.2 Japan Capacitor Banks Market
13.3.6.2.1 Japan Capacitor Banks Market by Voltage
13.3.6.2.2 Japan Capacitor Banks Market by Application
13.3.6.3 India Capacitor Banks Market
13.3.6.3.1 India Capacitor Banks Market by Voltage
13.3.6.3.2 India Capacitor Banks Market by Application
13.3.6.4 South Korea Capacitor Banks Market
13.3.6.4.1 South Korea Capacitor Banks Market by Voltage
13.3.6.4.2 South Korea Capacitor Banks Market by Application
13.3.6.5 Singapore Capacitor Banks Market
13.3.6.5.1 Singapore Capacitor Banks Market by Voltage
13.3.6.5.2 Singapore Capacitor Banks Market by Application
13.3.6.6 Malaysia Capacitor Banks Market
13.3.6.6.1 Malaysia Capacitor Banks Market by Voltage
13.3.6.6.2 Malaysia Capacitor Banks Market by Application
13.3.6.7 Rest of Asia Pacific Capacitor Banks Market
13.3.6.7.1 Rest of Asia Pacific Capacitor Banks Market by Voltage
13.3.6.7.2 Rest of Asia Pacific Capacitor Banks Market by Application
13.4 LAMEA Capacitor Banks Market
13.4.1 Key Factors Impacting the Market
13.4.1.1 Market Drivers
13.4.1.2 Market Restraints
13.4.1.3 Market Opportunities
13.4.1.4 Market Challenges
13.4.2 Market Trends – LAMEA Capacitor Banks Market
13.4.3 State of Competition – LAMEA Capacitor Banks Market
13.4.4 LAMEA Capacitor Banks Market by Voltage
13.4.4.1 LAMEA Medium [10 kV - 69 kV] Market by Country
13.4.4.2 LAMEA High [>69 kV] Market by Country
13.4.4.3 LAMEA Low [<10 kV] Market by Country
13.4.5 LAMEA Capacitor Banks Market by Application
13.4.5.1 LAMEA Power Factor Correction Market by Country
13.4.5.2 LAMEA Harmonic Filter Market by Country
13.4.5.3 LAMEA Voltage Regulation Market by Country
13.4.5.4 LAMEA Renewable Integration Market by Country
13.4.5.5 LAMEA Industrial Application Market by Country
13.4.5.6 LAMEA Data Centers Market by Country
13.4.5.7 LAMEA Other Application Market by Country
13.4.6 LAMEA Capacitor Banks Market by Country
13.4.6.1 Brazil Capacitor Banks Market
13.4.6.1.1 Brazil Capacitor Banks Market by Voltage
13.4.6.1.2 Brazil Capacitor Banks Market by Application
13.4.6.2 Argentina Capacitor Banks Market
13.4.6.2.1 Argentina Capacitor Banks Market by Voltage
13.4.6.2.2 Argentina Capacitor Banks Market by Application
13.4.6.3 UAE Capacitor Banks Market
13.4.6.3.1 UAE Capacitor Banks Market by Voltage
13.4.6.3.2 UAE Capacitor Banks Market by Application
13.4.6.4 Saudi Arabia Capacitor Banks Market
13.4.6.4.1 Saudi Arabia Capacitor Banks Market by Voltage
13.4.6.4.2 Saudi Arabia Capacitor Banks Market by Application
13.4.6.5 South Africa Capacitor Banks Market
13.4.6.5.1 South Africa Capacitor Banks Market by Voltage
13.4.6.5.2 South Africa Capacitor Banks Market by Application
13.4.6.6 Nigeria Capacitor Banks Market
13.4.6.6.1 Nigeria Capacitor Banks Market by Voltage
13.4.6.6.2 Nigeria Capacitor Banks Market by Application
13.4.6.7 Rest of LAMEA Capacitor Banks Market
13.4.6.7.1 Rest of LAMEA Capacitor Banks Market by Voltage
13.4.6.7.2 Rest of LAMEA Capacitor Banks Market by Application
Chapter 14. Company Profiles
14.1 Eaton Corporation PLC
14.1.1 Company Overview
14.1.2 Financial Analysis
14.1.3 Segmental and Regional Analysis
14.1.4 Research & Development Expense
14.1.5 SWOT Analysis
14.2 ABB Ltd.
14.2.1 Company Overview
14.2.2 Financial Analysis
14.2.3 Segmental and Regional Analysis
14.2.4 Research & Development Expenses
14.2.5 SWOT Analysis
14.3 Siemens AG
14.3.1 Company Overview
14.3.2 Financial Analysis
14.3.3 Segmental and Regional Analysis
14.3.4 Research & Development Expense
14.3.5 SWOT Analysis
14.4 Schneider Electric SE
14.4.1 Company Overview
14.4.2 Financial Analysis
14.4.3 Segmental and Regional Analysis
14.4.4 Research & Development Expense
14.4.5 Recent strategies and developments:
14.4.5.1 Geographical Expansions:
14.4.6 SWOT Analysis
14.5 General Electric Company
14.5.1 Company Overview
14.5.2 Financial Analysis
14.5.3 Segmental and Regional Analysis
14.5.4 Research & Development Expense
14.5.5 SWOT Analysis
14.6 Hitachi Energy Ltd. (Hitachi Ltd.)
14.6.1 Company Overview
14.6.2 Financial Analysis
14.6.3 Segmental and Regional Analysis
14.6.4 Research & Development Expenses
14.6.5 Recent strategies and developments:
14.6.5.1 Product Launches and Product Expansions:
14.7 Bharat Heavy Electricals Ltd.
14.7.1 Company Overview
14.7.2 Financial Analysis
14.7.3 Segmental and Regional Analysis
14.7.4 Research & Development Expenses
14.7.5 Recent strategies and developments:
14.7.5.1 Partnerships, Collaborations, and Agreements:
14.7.6 SWOT Analysis
14.8 Mitsubishi Electric Corporation
14.8.1 Company Overview
14.8.2 Financial Analysis
14.8.3 Segmental and Regional Analysis
14.8.4 Research & Development Expense
14.8.5 SWOT Analysis
14.9 Powerside
14.9.1 Company Overview
14.9.2 Recent strategies and developments:
14.9.2.1 Acquisition and Mergers:
14.9.3 SWOT Analysis
14.10. Larsen & Toubro Limited
14.10.1 Company Overview
14.10.2 Financial Analysis
14.10.3 Segmental and Regional Analysis
14.10.4 Research & Development Expenses
14.10.5 SWOT Analysis
Chapter 15. Winning Imperatives of Capacitor Banks Market

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