According to the research report titled ‘Capacitor Bank Market Size By Voltage, By Type, By Application Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report, global capacitor bank market is anticipated to record substantial growth during 2020-2026.
 

Industry experts claim that technological advancements, increasing investments towards infrastructural development, and escalating demand for smart grid networks are augmenting the growth of the global capacitor bank market size.
 

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For the record, capacitor banks are a grouping of several capacitors having similar ratings. They are connected in series or parallel, depending on the required rating, and are used for conditioning the flow of energy as well as storing electrical energy. Beneficial attributes such as easy installation and high affordability as compared to other solutions are positively swaying the global capacitor bank market dynamics.
 

Based on type, global capacitor bank industry is bifurcated into metal enclosed substation, open air substation, pole mounted, and others. The other segment is further classified into specialty application banks and mobile capacitor banks.
 

With regards to application scope, the market is divided into power factor conversion, harmonic filter, voltage regulation, renewable integration, industrial application, data centers, and others. Among these, the harmonic filter segment is expected to grow significantly through 2026, owing to its advantageous factors such as enhanced voltage stability, reduction of network losses, and higher power factor.
 

From a regional point of view, Europe capacitor bank market is predicted to attain considerable expansion during the analysis timeframe. Technological advancements coupled with surging demand for capacitor banks as well as smart grid networks are propelling the growth of the regional market.
 

On the other hand, Middle East & Africa is estimated to emerge as a major revenue generator for the overall market through 2026, on account of escalating power demand, rapid modernization of grid networks, and rising investments towards infrastructural development of new grid networks.
 

Leading organizations that outline the global capacitor bank industry trends are Hitachi ABB Power Grids, Bharat Heavy Electricals Limited (BHEL), Larsen & Toubro Limited, ZEZ SILKO s.r.o., Enerlux Srl, Aener Energia, Powerside, Alpes Technologies SASU, CIRCUTOR, SA, Arteche Group, American Superconductor Corporation (AMSC), Schneider Electric, Eaton Corporation plc, General Electric Company, Siemens AG, and ABB Group.