The rising power consumption for the power quality equipment is the key driving factor for the market growth
The global power quality equipment market size is projected to reach nearly USD 33.7 billion by 2028. Additionally, the market is forecasted to grow a CAGR of above 6.5% over the forecast period of 2020-2028. The key motivating force for the power efficiency equipment industry is rising power usage. 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.
The report also outlines the various characteristics of the global power quality equipment industry by assessing the market from value chain analysis. Moreover, the power quality equipment market report comprises various qualitative parts of the power quality equipment industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The power quality equipment market has huge competition amongst the already well-known and new market players. Also, the power quality equipment industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Solid oxide fuel cells will constitute the fastest growth in the market over the forecast period. These fuel cells are used to generate electricity, like zirconium oxides, or calcium using a hard-ceramic compound of metal as an electrolyte. The electricity generated will compensate for the decrease in the efficiency of electricity flowing through the electrical network. The electricity generated from these fuel cells can inject power into the electrical circuit. The factor helps to maintain the parameters of power quality when the electrical load in the circuits decreases. The growing digitization of many sectors and service networks has provided a high demand in North America and is projected to lead the overall power efficiency equipment industry. The rising investments in the urban infrastructure and the data center for the telecom sector provides a high demand and sales in the region.
The major players of the global power quality equipment market ABB, Ltd., Schneider Electric SE, Eaton Corporation, Plc, Siemens AG, General electric Company and Emerson Electric Company. Moreover, the market comprises several other prominent players in the power quality equipment market as Toshiba International, Legrand S.A., Smith Group, Leviton Manufacturing and Acumentrics Corporation. The major players in the market comes up with some of the developments to enhance the market growth in the global industry.
Segment Overview of 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 Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America