It’s being expected that by 2027, the Power Quality Equipment market cap will hit USD 22.02 billion at a CAGR growth of about 7.26%.
The global power quality equipment market is anticipated to reach a value of USD 59.5 billion by 2028. The rising demand for electronic product safety systems, the increase of renewable energy projects, non-uniform power quality and network stability problems, and standardization of power quality are the key factors driving the power quality equipment industry. The key driving force for the power efficiency equipment industry is rising power usage especially in the power utility sectors in the developing economies.
The growing industrial and manufacturing sector provides a global CAGR of above 6.5% with a huge demand for the power quality equipment in the market over the forecast period. The growth in the market is also governed by the rise in the number of technological advancements for the power quality equipment from the last few years. In addition, the market is expected to be further driven by strict government regulations on reactive power and penalties implied on end-users coupled with energy efficiency policies in different nations around the globe. However, some of the factors that are expected to limit the power quality equipment market during the forecast period are the impact of COVID-19 and the high cost of installation and deployment of power quality equipment.
Power Quality Equipment Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2027||USD 22.02 billion|
|Growth Rate||CAGR of 7.26% during 2021-2027|
|Segment Covered||Phase, End-Users, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Hitachi ABB Power Grids Ltd, Siemens AG, EATON Corporation Plc, Emerson Electric Company, and Schneider Electric SE.|
Key Segments of the Global Power Quality Equipment Market
Equipment Overview, 2018-2028 (USD Billion, Million Units)
- Surge Arresters
- Surge Protection Devices
- Harmonic Filters
- Power Conditioning Units
- Power Distribution Units
- Uninterruptable Power Supply
- Synchronous Condenser
- Voltage Regulator
- Digital Static Transfer Switch
- Static VAR Compensator
- Solid Oxide Fuel Cells
- Isolation Transformers
- Power Quality Meters
Phase Overview, 2018-2028 (USD Billion, Million Units)
- Single Phase
- Three Phase
End User Overview, 2018-2028 (USD Billion, Million Units)
- Industrial & manufacturing
Regional Overview, 2018-2028 (USD Billion, Million Units)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global power quality equipment market.
- Power quality equipment is widely used for various end uses in industrial, manufacturing, commercial, residential, owing to their excellent properties and the market is expected to gain traction over the coming years
- With the growing transportation and utility industry, there is a rise in the demand for power quality equipment which is further expected to have a positive impact on the overall market growth
What does the report include?
- The study on the global power quality equipment market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the power quality equipment industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on equipment and phase. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global power quality equipment market. The report will benefit: Every stakeholder involved in the power quality equipment market.
- Managers within the power quality equipment industry looking to publish recent and forecasted statistics about the global power quality equipment market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global power quality equipment market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The quality of power is typically addressed on the basis of a number of parameters. The power quality measurement for the equipment manages common parameters for efficiency such as flicker, harmonics, current, voltage dips, voltage, transients and power. Such systems are capable of managing numerous disruptions. The main explanation for its use in power output analysis is the fact that devices that can accommodate several measurements of disturbances is that these disturbances appear to become a possible state of fault. It is impossible to determine in advance what kind of disturbances can lead to a possible fault; thus, tools with several capabilities for detecting disturbances are used.
For ease of access and increased precision in measurements, power quality control facilities are integrated in the device itself. Power quality devices primarily aim to reduce the use of multiple devices in a system where a single or a few units can perform the entire measurement work. The scalability of the measuring equipment for power quality increases as the device expands. Thus, several meters can be analyzed simultaneously. Such instruments are able to remotely configure and control meters in classes. They are able to retrieve data automatically from the meters themselves. It is possible to obtain a condensed description of the disruption. For rectification operations, this output may be dispersed across the grid.
Based on the equipment, the market is segmented into surge arresters, harmonic filters, surge protection devices, power conditioning units, uninterruptable power supply, isolation transformers, synchronous condenser, power distribution units, voltage regulator, static VAR compensator, solid oxide fuel cells, digital static transfer switch, and power quality meters. The uninterruptable power supply has the largest share in the market in 2019 and the market is forecasted to grow with the significant rate of above 4% CAGR over the forecast period. The product is widely used because of its primary protection feature for the critical equipment from the voltage interruption.
End User Segment
In terms of the end user segment, the market is segmented into industrial and manufacturing, utilities, transportation, residential, and commercial. In 2019, the commercial segment has the fastest growth in market and is anticipated to rise with a CAGR of above 4% over the forecast period. The use of remote diagnostics, remote data capture and remote maintenance, in the industry is being applied to electrical machinery and vehicles. The need for data centers, servers, and networking networks has been intensified by such measures. The need for safety systems for such vital infrastructure has been rising with the increasing use of electronic infrastructure. This fuels the demand for equipment for power efficiency in the commercial sector.
The North America region has the largest share in market with a CAGR of more than 6.2% in 2019 and is anticipated to continue with the same position during the forecast years 2018-2028. The North America region are seeing a major rise in the use of power quality equipment by countries, such as the U.S., and Mexico and Canada. The need for power quality equipment is fueled by the increasing demand for equipment in end-use industries such as industrial & manufacturing, commercial, and residential. The U.S. is expected to be the region's fastest-growing economy. The large number of investments in urban infrastructures and data centers from the telecom sector has provided a huge demand for the power quality equipment in the country over the coming years.
Asia Pacific region is anticipated to provide a high CAGR of over 7% during the forecast period. To fulfil its rising energy needs in an effective manner, the country is heading towards renewable energy on a wide scale. Some of the future growth markets in the power and utility sectors are China, Singapore and India. Asia-Pacific has also produced the highest possible gains for foreign direct investment, drawing 45% of all capital investment worldwide. Increased investments in population growth, urbanization, and modernization in the infrastructure sector especially in emerging economies like India and China.
The major players of the global power quality equipment market are Siemens AG, ABB, Ltd., Schneider Electric SE, Eaton Corporation, Plc, General electric Company and Emerson Electric Company. Moreover, the market comprises several other prominent players in the power quality equipment market as Smith Group, Toshiba International, Legrand S.A., Leviton Manufacturing and Acumentrics Corporation. The power quality equipment market consists of top, medium level and a number of domestic players in the global market. In addition to this, the well-established players in the industry have made various strategies and research & developments to compete with other players in the regional and global market