Power Quality Equipment Market Manufacture Size & Future Scope To 2027
The global power quality equipment is growing rapidly. Market growth attributes to the rising demand for power. Besides, the rapid increase in digitization in the telecommunication industry drives the growth of the market. Moreover, the latest developments in the telecommunications industry escalate market growth, enabling the 4.0 industrial revolution.
According to Market Research Future (MRFR), the global power quality equipment market size is forecasted to reach approximately USD 44.37 BN by 2025, growing at 6.26% CAGR during the assessment period (2019 – 2025). The spurting rise in semiconductors and consumer electronics market acts as a key driving force. Rising penetration of automation and increased budgets in utilities substantiate the market demand.
Power quality equipment are designed to reduce multiple equipment usage in a system, supporting databases that can collect and analyze data required for a short period (monthly basis). Moreover, augmenting demand for efficient power management, alongside the proliferation of smart and connected devices, increases the power quality equipment market growth.
Additionally, continuous upgrades of aging grid infrastructure and rapid urbanization & industrialization create growth opportunities. Rapid industrialization leads to increased demand for power quality equipment in various utilities to ensure regular uninterrupted power supply. Advancements in the automation and Internet of Things (IoT) devices foster the growth of the market. Besides, the rising demand for higher energy saving and the low operational cost boost the market growth.
Conversely, high investment costs for the installation of power quality equipment and lack of awareness are the key factors estimated to impede market growth. Also, compliance regulations and standards pose challenges to market growth. Nevertheless, substantial R&D investments and the rising prominence of connectivity solutions would support the market growth throughout the review period.
The report is segmented into four dynamics;
By Equipment: Uninterruptable Power Supply, Static VAR Compensator, Power Quality Meters, and others.
By Phase : Single Phase and Three Phase.
By End User : Industrial & Manufacturing, Commercial, Residential, Transportation, Utilities, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
North America leads the global power quality equipment market share. The region has many old transmission and distribution infrastructures, which creates a need for installing power quality equipment. Besides, the largest market share attributes to technological advancements and increased adoption of automation across end-use industries.
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Moreover, the rising adoption of power quality equipment in utilities creates substantial market demand. Augmented demand and the availability of high quality & advances in testing devices increase the market size. The North American power quality equipment market is poised to retain its dominance throughout the review period.
Europe is another lucrative market for power quality equipment globally. The market is driven by the increasing adoption of automation and smart devices across the industrial sector. Additionally, the proliferation of smart & connected devices and the Internet acts as a key driving force for the growth of regional growth. Furthermore, the spurting growth in consumer electronics, automotive, and telecommunication industries stimulates the market growth in the region.
The power quality equipment market witnesses rapid expansion in the Asia Pacific region. Factors such as the wide adoption of connected devices and the presence of sensor manufacturers substantiate the power quality equipment market size. India, South Korea, China, and Japan are the leading markets in the region. The APAC power quality equipment market is expected to grow at an impressive CAGR during the review period.
Highly competitive, the power quality equipment market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies such as mergers & acquisitions, collaborations, and product/technology development. Substantial investments are transpired to develop products and expand global footprints. Most players adopt organic business strategies, whereas tier I & II companies accentuate the inorganic business strategies to achieve their goals.
Players leading in the 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), Active Power, Inc. (US), Smiths Group plc. (UK), and Toshiba Corporation (Japan), among others.
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