Yes, they exist. Capacitors are often used to change a low power factor (such as 0.5) to a higher power factor near unity (1). In some instances, this will lower fees and costs to utilities. In homes, this is not really necessary as most devices used in homes are near unity power factor, or tend to be minor/sporadic loads (such as a washing machine).
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Most of the time poor power factor is due to inductive loads. Capacitors have an opposing effect to these inductive loads, decreasing the reactive power drawn from the power system. This decrease in reactive power results in a better power factor.
I'm not sure I've ever seen an induction motor used to correct power factor; it is usually the induction motors that are causing the poor power factor. "Power factor correction" is usually accomplished by adding capacitors to the system to counteract the inductance of large motors.
power factor correction, and sometimes it is necessary to place capacitors in series with a line to counteract the natural inductance of the line - this allows more power to be transferred through that line.
Capacitor banks are used to control the power factor in a power system. By connecting suitable capacitors the power factor can be controlled / maintained at a desired level. The requirement of a capacitor changes as the load changes dynamically. The same amount of capacitors can not maintain the desired power factor all the time. To be able to connect only the required number of capacitors, multiple (bank of capacitors) capacitors are included in a system. An automatic controller senses the actual power factor and connects and disconnects the capacitors from the bank as required
in case of inductor or capacitor power factor is always zero.as power factor is cosine of phase angle between voltage and current. in case of inductor and capacitor phase angle between voltage and current is 90 so it become zero so if given power factor is zero then it can be inductor or capacitor.
Power factor capacitors can be installed on a three phase motor between the motor contactor and the overload heater block.