Preference for energy efficient systems and reduction in electricity bills is expected to drive the demand for India low voltage capacitor market for the forecast period.
According to TechSci Research report, “India Low Voltage Capacitor Market By Type (Ceramic Capacitor, Aluminium Capacitor, Plastic Film Capacitor, Tantalum Capacitor) By Voltage Capacity (Upto 200V, 200-500V, More than 500V) By Application (Consumer Electronics, Automotive, Home Appliances, Computer & Peripheral, Industrial Power Factor Correction) By Company, By Region, Forecast & Opportunities, FY2027”, India low voltage capacitor market is expected to witness steady growth for the next five years. Capacitors are defined as electronic components that are capable of storing electric charge in form of electrostatic field. Low voltage capacitors are made up of aluminum foil or metal and consists of a dielectric material which is usually made up of ceramic, plastic film, glass, paper, air, mica and are used for improving the quality of power and correcting the power factor. The function of low voltage capacitor to improve the power factor thereby reducing the overall power consumption cost.
Rising economy is catering the growth of prominent industries in the region thereby accelerating the low voltage capacitors market growth. Increase in concerns regarding global warming coupled with the efficient method for power generation is considered a major driver for the growth of the low voltage capacitor market. Increase in use of electric pumps in irrigation and industrial is attributing to high market demand. Maximum demand charges, energy charges, power factor penalty, charge with respect to apparent energy is expected to boost the market growth. Rise in government focus to focus on the growth of the infrastructure and power sector is expected to create lucrative opportunities for the low voltage capacitor market growth. Increasing focus on reactive power solutions with strict regulations for harmonics due to the reforms made by leading authorities of region is expected to bolster the growth of the market. Key players are increasingly focusing on delivering cost-effective and reliable energy solutions and introduction of strict regulations and norms by government to maintain the quality of the product is a considered a major driver. Rising awareness among consumers about the advantages of improved power quality is paving the way for the market growth. Low voltage capacitors aids in reducing the load of equipment and increase the service life of power equipment. It also reduces the line loss between power supply and power generation end.
Due to the ongoing pandemic COVID-19, lockdown was imposed all over the region. Manufacturing units were shut down and government implemented strict precautionary measures and guidelines to fight the novel coronavirus. Low voltage capacitors market was adversely affected during this period. However, after the lifting of lockdown measures India low voltage capacitor market is expected to pick up the pace eventually.
However, may hamper market growth for the forecast period.
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India low voltage capacitor market is segmented into type, voltage capacity, application, regional distribution, and company. Based on application, market is further divided into consumer electronics, automotive, home appliances, computer & peripheral and industrial power factor correction. Consumer electronics segment is expected to dominate the low voltage capacitor market in the forecast period. Increasing rise in urban population and growing expenditure capacity with preference for quality living standards of consumers is driving the consumer electronics market in the region.
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AB Power System Solution, Sharda Electronics & Co., ABB Power Products and Systems India Ltd., Arteche Smartgrid India, Powercap Capacitors Private Limited, Universal Cables Ltd., Energe Capacitors Private Limited, GE T&D India Limited, Eaton Corp. are the leading players operating in India low voltage capacitor market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several low voltage capacitor manufacturers are coming up with their technologically advanced offerings.
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“Government initiatives to develop the power generation sector in the region and launch of several upcoming energy projects by leading authorities is expected to influence the low voltage capacitor market. Rural electrification on a large scale coupled with increased focus on energy efficiency is driving the high market demand of low voltage capacitors. Renewable energy systems, automotive applications along with the need to reduce transmission and distribution losses is anticipated to propel the low voltage capacitors market growth until FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Low Voltage Capacitor Market By Type (Ceramic Capacitor, Aluminium Capacitor, Plastic Film Capacitor, Tantalum Capacitor) By Voltage Capacity (Upto 200V, 200-500V, More than 500V) By Application (Consumer Electronics, Automotive, Home Appliances, Computer & Peripheral, Industrial Power Factor Correction) By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India low voltage capacitor market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India low voltage capacitor market.
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