Robust growth in HVAC systems across the world and increasing awareness among people to save electricity by connecting power factor correction devices to the electrical system lead to substantial increase in demand for power factor correction devices. Also, implementation of energy-efficiency norms and standards for the development of public lighting and power system is also expected to bolster the demand for power factor correction devices over the forecast period.
There are also certain risks associated with the installation of power factor correction devices. When power factor correction devices are connected to the system, they set up a parallel resonance circuit between their capacitors and the system network inductance. Sometimes, the wave components that are close to the parallel resonance are magnified and can cause serious problems such as excessive voltage distortion, insulation breakdown within motors, transformers and conductors and overvoltage tripping of drives . These risks can act as restraints to the power factor correction devices market.
The presence of alternatives such as vacuum contactors can also hinder the growth of power factor correction devices market. Whereas, the growing tendency among people to save electricity by connecting power factor correction devices covers up these restraints to an extent.
Power Factor Correction Devices Market: Regional Outlook
Asia Pacific holds the major share of the global power factor correction devices market, followed by North America and Europe. Asia Pacific accounts for a significant share due to the substantial growth in electricity consuming sectors in this region. Rapid urbanization and industrialization in many major countries in the region such as China and India, is also expected to boost the market growth over the forecast period.
Power Factor Correction Devices Market: Market Participants
Some of the examples of market participants in the global power factor correction devices market, identified across the value chain are
- Siemens AG
- Toshiba Corporation
- Schneider Electric
- Mitsubishi Electric Corporation
- LARSEN & TOUBRO LIMITED
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Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Segmentation of power factor correction devices market can be doneon the basis of end-use as follows;
- Automotive industries
- Consumer electronics
- Medical and healthcare industries
- Mining industries
- Electric Power industry.
Segmentation of power factor correction devices market can be doneon the basis of application as follows;
- Distributed power factor correction device
- Group power factor correction device
- Centralized power factor correction device
- Combined power factor correction device
- Automatic power factor correction device
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