The global power quality equipment market reached a value of US$ 15.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2027, exhibiting a CAGR of 7.10% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Power quality equipment is a device, which is extensively deployed in the residential and commercial sector for regulating, providing, and maintaining uniform power quality. It is further utilized to ensure a steady voltage supply and reduce the utility of multiple devices in a system. Power quality equipment offers various benefits, such as eliminating premature aging of equipment, enhanced efficiency avoiding damages, and avoiding loss of data. Besides this, some of the most commonly used power quality equipment include harmonic filters, isolation transformers, power quality meters and compensators.
Power Quality Equipment Market Trends:
- The widespread adoption of power quality equipment in the industrial and manufacturing sectors due to the continued growth of transmission, distribution, and renewable integration is one of the key factors primarily driving the global power quality equipment market toward growth. Furthermore, the increasing demand for uninterrupted power supply, along with the requirement for smart grid infrastructure for ensuring the power quality is positively influencing the market growth. In line with this, the escalating utilization of power quality equipment due to the need for high-capacity electricity systems in power data centers and servers is propelling is acting as another growth-inducing factor. The market is also driven by the growing investments in the manufacturing and industrial sectors for developing new advanced technologies. Other factors, numerous initiatives undertaken by the government of various countries for strengthening the manufacturing sector and the increasing investments in upgrading the existing grid systems, along with extensive research and development (R&D) activities, are stimulating market growth across the globe. The introduction of innovative product variants is also creating a positive outlook for the market further.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global power quality equipment market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on equipment, phase and end user.
Breakup by Equipment:
- Uninterruptable Power Supply (UPS)
- Harmonic Filters
- Static VAR Compensator
- Power Quality Meters
Breakup by Phase:
Breakup by End User:
- Industrial and Manufacturing
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Cordyne Inc., Cyber Power Systems (USA) Inc, Delta Electronics Inc., Eaton Corporation PLC, EMCO Limited, Fluke Corporation (Fortive Corporation), General Electric Company, Hubbell Incorporated, Kyoritsu Electrical Instruments Works Ltd., National Instruments Corporation and Siemens Aktiengesellschaft. Key Questions Answered in This Report:
- How has the global power quality equipment market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global power quality equipment market?
- What are the key regional markets?
- What is the breakup of the market based on the equipment?
- What is the breakup of the market based on the phase?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global power quality equipment market and who are the key players?
- What is the degree of competition in the industry?