The demand for shunt capacitors in the power industry is driven by their ability to improve power factor, voltage stability, and system efficiency. The increasing adoption of renewable energy sources such as solar and wind power, which are intermittent in nature, has further boosted the demand for shunt capacitors to maintain power quality and stability. Some of the key factors driving the demand for shunt capacitors in the market include:

1. Growing Demand for Electricity: The increasing demand for electricity, driven by population growth, urbanization, and industrialization, has resulted in a need for improved power quality and efficiency, which is driving the demand for shunt capacitors.

2. Government Regulations: Governments worldwide are implementing regulations to reduce carbon emissions and improve energy efficiency, which is driving the adoption of shunt capacitors in power systems.

3. Increasing Adoption of Renewable Energy Sources: The increasing adoption of renewable energy sources such as solar and wind power has led to the need for improved power quality and stability, which is driving the demand for shunt capacitors.

4. Aging Power Infrastructure: The aging power infrastructure in many regions of the world is in need of upgrades and modernization, which is driving the adoption of shunt capacitors to improve power quality and efficiency.

5. Industrialization and Urbanization: The rapid industrialization and urbanization in developing regions of the world are driving the demand for electricity, which is leading to increased adoption of shunt capacitors in power systems.

Overall, the demand for shunt capacitors is expected to grow in the coming years, driven by the need for improved power quality and efficiency, government regulations, increasing adoption of renewable energy sources, aging power infrastructure, and industrialization and urbanization.

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Key Players

Larsen Toubro Ltd (India), General Electric Company (U.S.), Schneider Electric (France), Eaton Corporation Plc (Ireland), ABB Ltd. (U.S.), Siemens AG (Germany), Magnewin Energy Private Limited (India), CIRCUTOR, SA (Spain), Aerovox Corp. (U.S.), and Energe Capacitors Pvt Ltd (India) among others are some reputed players in the worldwide market of shunt capacitors, as listed by MRFR.

Segment Study

The segment analysis of shunt capacitor market is done by voltage and end-user.

The voltage based segments of the shunt capacitor market are medium voltage, low voltage, and high voltage. The High Voltage segment can acquire about 63.47% share of the global market. The voltage based segment of the market can churn USD 362.3 Million revenue by the end of the analysis period. These growing awareness about thermal shock performance and excellent reliability of shunt capacitor can impel the expansion of the market across the analysis period. The Medium Voltage segment can rise at 5.79% CAGR in the years to come. The segment is expected to generate USD 135.9 Million by the end of the review period. The surge in Medium Voltage shunt capacitors installation to meet energy requirements of individuals across the globe can promote the rise of the market.

The end user based segments of the shunt capacitor market are Industries, Utilities, and Others. The Utilities segment can rise at 56.30% CAGR through the analysis period. The shunt capacitor market can value USD 321.4 Million across the review period. The increased facilities of Shunt capacitors to prevent damages for critical and expensive equipment can impel the rise of the shunt capacitor through the analysis period. The increased need for electricity and rise in the number of substations can impel the expansion of the shunt capacitors market thorough the review period