The global power quality equipment market is expected to reach USD 41.1 billion by 2024. It is expected to grow at a 6% CAGR throughout the assessment period, reaching a value of USD 73.7 billion by 2034. The sector is expected to increase at a rate of 5.4% year on year in 2024.
One of the main factors propelling the growth of the manufacturing sector is an increase in demand for continuous power supply to equipment used in process and manufacturing industries. Because manufacturing time is lost when there is a problem or interruption, there could be significant losses.
The broad acceptance of power quality equipment in the industrial and manufacturing sectors as a result of the continued expansion of transmission, distribution, and renewable integration are important factors driving the global market for power quality equipment toward expansion.
Depending on the type of issue, the rating, and the electromechanical performance characteristics of the industrial equipment, the costs of power quality problems and remedies may vary dramatically. To cut downtime costs, remove inefficiencies, and protect expensive equipment from faults caused by power disruptions, it is crucial to use power-quality equipment.
Poor power quality is projected to have a major negative impact on industrial and manufacturing processes during the forecast period. Different industrial processes need varying degrees of power quality, and each has particular requirements for particular power quality elements. For industrial end users, cost-sensitive components of power quality include equipment failure, equipment downtime, product quality, and clean-up expenses.
Due to load balancing’s ability to stop electrical equipment from tripping, the market for technology that improves power quality has enticing growth potential. In addition, the food and beverage industry has grown considerably in recent years.
Key Takeaway:
- Due to the increasing digitalization of the broadcast communications industry, the United States is anticipated to dominate the global market for power quality equipment.
- One of the main end-users of power quality equipment in Europe is the fast-growing industrial and manufacturing sector, followed by the telecom industry and the commercial sector.
- The industrial and manufacturing segment is predicted to have the largest market size between 2023 and 2033.
- With a CAGR of 4.5% from 2023 to 2033, the telecoms sector is predicted to grow at the highest rate in the global market for power quality equipment.
- From 2023 to 2033, Asia Pacific is expected to invest US$ 9.8 Bn in building smart framework foundations.
- From 2023 to 2033, the market for power quality equipment in China is anticipated to expand at a CAGR of 8.5%.
- From 2023 to 2033, it is predicted that Asia Pacific will invest US$ 10.7 Bn in the construction of smart grid systems.
- In 2021, the three-phase segment held the highest revenue share 74%.
What are the Major Players in the Market for Power Quality Equipment Doing?
The industrial sector including mining, manufacturing, agriculture, and construction, has the highest energy consumption per end-use sector. The requirement for a constant and dependable power supply in various industries, particularly industrial facilities, is expected to expand, which would lead to an increase in the need for power quality equipment.
The food and beverage business has been completely saturated in recent years. Due to the growing urban population, rising health concerns, and general government activities, interest in packaged food varieties and handled dairy products has surged.
Toshiba Corporation, General Electric Company, ABB Ltd., Schneider Electric, Emerson Electric Company, Siemens AG, Eaton Corporation Plc., MTE Corporation, Active Power Inc., Smith’s Group plc. are some of the key players proliferating in the market.
Recent Developments in the Power Quality Equipment Industry:
- In May 2021, ESB awarded Siemens Energy three contracts to provide its Static Compensator technology (SVC Plus) for the management of grid stability at three substations in South-West Ireland.
- In March 2020, the Schaffner company unveiled its Ecosine Max series of passive harmonic filters. These harmonic filters provide compliance with IEEE-519 and other international power quality standards.
- To diversify its line of edge computing and distributed IT products, Eaton acquired Tripp Lite in January 2021. Tripp Lite is a provider of connectivity and power quality solutions.
Key Market Segmentation:
By Type:
- Surge Arrester
- Surge protection devices
- Harmonic filters
- Power conditioning units
- Power distribution units
- Voltage regulators
- Uninterruptable power supplies
- Synchronous condensers
- Digital static transfer switches,
- Static VAR compensators
- Solid oxide fuel cells
- Isolation transformers
- Power quality meters
By Application:
- Industrial & Manufacturing
- Commercial
- Residential
- Transportation
- Utilities
By Phase:
- Single Phase
- Three Phase
By End User:
- Telecommunications
- Automotive & Industrial
- Electrical & Electronics
- Energy & Utilities
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube