According to Market Research Future (MRFR), the global shunt capacitor market is poised to value USD 893.8 MN by 2023, registering a 6.72 percent CAGR during the assessment period (2017–2023)
FREMONT, CA: The global market for shunt capacitors is gaining traction. Shunt capacitors are used by utilities to deliver reactive power near inductive loads that require an even voltage distribution. Shunt capacitors are also widely employed by utilities to protect essential and expensive electrical equipment from harm. Shunt capacitors are also used in high-powered lasers, electric instruments, and electric cars, so the market is growing.
Furthermore, increased investments in green-energy generation and fuel-cell electric vehicles worldwide would boost the market growth. According to Market Research Future (MRFR), the global shunt capacitor market is expected to reach USD 893.8 million by 2023, growing at a 6.72 percent compound annual growth rate (CAGR) over the assessment period (2017–2023). The increasing use of shunt capacitors in portable electric medical devices is a significant driver of market expansion. Besides, the widespread adoption of these capacitors in various industries, including energy, consumer electronics, industrial, and automotive, serves as a significant tailwind for the market's expansion. The market is further bolstered by the growing requirement for energy conservation and the demand for high-performance capacitors. Increased demand for more excellent capabilities and widespread application of capacitors in numerous industries have a beneficial impact on market growth.
The global shunt capacitor market is dominated by the Asia Pacific region. The highest market share is due to rising energy demand, a growing population, and improved demographic habits. Additionally, the existence of numerous capacitor producers, as well as the growing consumer electronics and automotive industries, support the regional market size. Due to a high number of electronic device manufacturing companies in these nations, China, Japan, and India are primarily driving the regional market growth. China is the world's largest market for power transmission and distribution networks, with annual investments totaling billions of dollars. The APAC shunt capacitor market is expected to maintain its dominance, growing at a 7.34 percent compound annual growth rate (CAGR) over the forecast period.