North America Capacitor Banks Market Size, Share & Industry Analysis Report By Voltage, By Application, By Country and Growth Forecast, 2025 - 2032

The North America Capacitor Banks Market is expected to witness market growth of 3.9% CAGR during the forecast period (2025-2032).

The US market dominated the North America Capacitor Banks Market by country in 2024, and is expected to continue to be a dominant market till 2032; thereby, achieving a market value of $1.47 billion by 2032. The Canada market is experiencing a CAGR of 6.4% during 2025-2032. Additionally, the Mexico market is expected to exhibit a CAGR of 5% during 2025-2032. The US and Canada led the North America Capacitor Banks Market by Country with a market share of 76.1% and 10.2% in 2024.



Capacitor banks in North America have gone from simple, stationary devices that were manually turned on and off to more complex, automated assets that are essential to current grid management. The DOE Smart Grid Investment Grant (SGIG) experiments demonstrated that using automated capacitor banks with voltage regulators together may improve feeder voltage stability, reduce losses by approximately 4%, and delay expensive infrastructure upgrades. Utilities like Southern Company and Duke Energy have leveraged these improvements. OEMs like Schneider Electric have created smart capacitor bank solutions with built-in Modbus communication, real-time monitoring, harmonic mitigation, and modular, certified hardware designs that are easy to integrate into Volt/VAR control and Conservation Voltage Reduction (CVR) strategies.

The Power Logic PFC series from Schneider Electric is a good example of how the market is moving toward capacitor banks that are suitable for IoT and automation. These banks offer better operational visibility, remote control, and proactive fault detection. Flexible deployment in industrial and utility environments is possible since the designs are compliant with UL/CSA requirements, employ detuned reactors for harmonic filtering, and can be scaled up or down. This combination of digital intelligence, modular hardware, and compatibility with utility smart grid programs meets the rising need for dynamic, coordinated reactive power management. As utilities use more automated Volt/VAR control and data-driven energy management, Schneider's integrated strategy makes it a market leader that can handle both old and new problems with distribution systems.

Voltage Outlook

Based on Voltage, the market is segmented into Medium [10 kV - 69 kV], High [>69 kV], and Low [< 10 kV]. With a compound annual growth rate (CAGR) of 4.4% over the projection period, the Medium [10 kV - 69 kV] Market, dominate the Mexico Capacitor Banks Market by Voltage in 2024 and would be a prominent market until 2032. From 2025 to 2032 The Low [< 10 kV] market is expected to witness a CAGR of 5.9% during 2025-2032.

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 Power Factor Correction market segment dominated the US Capacitor Banks Market by Application is expected to grow at a CAGR of 2.3 % during the forecast period thereby continuing its dominance until 2032. Also, The Industrial Application market is anticipated to grow as a CAGR of 4.5 % during the forecast period during 2025-2032.

Country Outlook

The United States dominates the North American capacitor banks market, driven by its extensive electrical infrastructure, aging grid systems, and stringent energy efficiency regulations. Government initiatives like the DOE’s Grid Modernization Initiative and FERC policies promote the deployment of capacitor banks to enhance voltage regulation and reduce transmission losses amid growing renewable energy integration. Utilities such as Duke Energy and Southern Company are investing in advanced, smart capacitor banks featuring real-time switching and IoT-based monitoring, supporting digital substations and improved power quality. Industrial sectors and data centers further contribute to demand, while leading players like ABB, Eaton, and GE Vernova offer innovative, modular solutions tailored for modern grid challenges.

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

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 Country

• US
• Canada
• Mexico
• Rest of North America