Power Quality Equipment Market Scenario
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Power Quality Equipment refers to devices and systems that are used to ensure a stable and consistent supply of power to various end-use applications. Power quality issues can arise due to voltage fluctuations, electrical noise, harmonics, and other factors, leading to equipment failure, production downtime, and even safety hazards.
The demand for power quality equipment is increasing across various end-use industries such as healthcare, manufacturing, data centers, and telecommunications, which require high-quality power to maintain their operations.
It is estimated that by the year 2025 the Power Quality Equipment Market would reach USD 44.37 billion, growing at a CAGR of 6.26% over the forecast period of 2022 to 2030.
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Segmental Assessment
The global market for power-quality equipment was segmented based on product , process, end-user, and region.
The global market was segmented on the basis of equipment into uninterruptable power supply, static var compensator, power quality meters and others. Projected to dominate the market is the uninterruptible power supply segment. The the need for primary security of critical equipment from tension disruption is driving the market for continuous power supply.
The global market for power quality equipment was divided into single-phase and three-phase equipment, based on phase. The market is expected to dominate the segment in three phases. This is because it is used to accommodate higher loads in commercial and industrial facilities, and delivers power at a steady constant rate.
The global market, based on end-users, is segmented into industrial manufacturing, commercial , residential, transport, and utilities. In the forecast period the commercial segment is expected to rise at the fastest pace. The initiative Industry 4.0 applies to vehicles and electrical machinery to facilitate remote diagnosis, remote maintenance and remote data capture. Such initiatives have made data centers, servers and communication systems more necessary. With the growing use of electronic equipment there has been an rising demand for safety systems for these essential equipment. This drives the market for quality power equipment in the commercial segment.
Regional Overview
The global demand for power quality equipment was segmented by area into Asia-Pacific, North America, Europe , the Middle East Africa , and South America.
Over the forecast period North America is expected to dominate the market for power quality equipment. The Region has a very old infrastructure for transmission and distribution, which creates a need for installing power quality equipment. The region 's government focuses mainly on upgrading the system to address the power loss problem during transmission and distribution.
During the forecast era, Asia Pacific is projected to account for large share of the demand for power quality equipment. The global market for power quality equipment is driven by increased requirements for electronic device protection systems, uniform power quality and continuous supply, and global quality standardization in power quality measurements.
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Key Players
The key players operating in the global power quality equipment market are General Electric Company (US), ABB, Ltd. (Switzerland), Schneider Electric (France), Emerson Electric Company (US), Siemens AG (Germany), Eaton Corporation, Plc (Ireland), MTE Corporation (US), Smiths Group plc. (UK), Active Power, Inc. (US), and Toshiba Corporation (Japan).
