Power Quality Equipment Market Forecasts to 2028 - Global Analysis By Type, Phase, Application, End User and By Geography

According to Stratistics MRC, the Global Power Quality Equipment Market is accounted for $30.72 billion in 2022 and is expected to reach $48.21 billion by 2028 growing at a CAGR of 7.8% during the forecast period. Power quality equipment acts as an electrical filter, removing or reducing the amount of dangerous harmonics and bending the sinewave to protect the longevity of electrical systems. Power quality equipment is used in power networks to assure a consistent supply of reliable electricity. Power quality equipment is inexpensive and helps to avoid equipment damage and premature ageing, loss of production, data, and work, sudden equipment faults, poor performance and unexpected shutdowns, and capacitor bank failures, all of which save money and energy.

According to the IEA report in July 2021, there was a 5% rise in electricity demand which is 1% more than the year 2020. Also, energy generations with renewable like hydropower, wind, and solar PV is on track to grow strongly around the world over the next two years - by 8% in 2021 and by more than 6% in 2022.

Market Dynamics:

Driver:

Maximizing cost and energy savings

Power quality equipment is used in power networks to ensure a continuous supply of reliable power. Grid power flow should be within the voltage and frequency restrictions indicated. It must have a clean sinusoidal waveform. High power quality saves money and energy. Power quality equipment aids in the prevention of equipment damage and premature ageing, loss of production, data, and work, sudden equipment faults, poor performance, and unexpected shutdowns, and capacitor bank failures, all of which save money and energy.

Restraint:

High cost of high-end power quality equipment

Power quality equipment aids in the tracking of harmonics in power, assuring frequency stability, minimising voltage changes, and so on. They assist utilities in avoiding operational downtime and maintaining a high level of electricity quality. The cost of power quality equipment is considerable because it has several functions. High-end power quality equipment includes capabilities such as disturbance detection and location, harmonic distortion analysis, high-speed transient detection, automated alarm setup, and flicker detection and location, as well as antialiasing. As a result, this technology is costly and requires extensive installation. The high cost of high-end equipment is projected to limit the growth of the overall power quality equipment market.

Opportunity:

Benefit of cost and energy savings to fuel power quality equipment

Voltage optimizers can minimise electricity consumption costs by adjusting voltage supply and enhance power quality by lowering transient voltages and harmonics. Similarly, harmonic filters can improve equipment performance while also lowering energy costs by reducing unnecessary harmonics generated by nonlinear loads in electrical systems. Yet, the capacity of power equipment to permit significant cost and energy savings is projected to drive the expansion of the power quality equipment market in the future years.

Threat:

Increasing use of nonlinear equipment across the world

Nonlinear loads in sinusoidal AC circuits have nonsinusoidal current waveforms because they have no current conduction over the whole cycle of the applied voltage. Nonlinear loads cause a variety of problems, including overheating in distribution transformers and other distribution equipment, voltage waveform distortion, higher-than-rated currents in circuits, and heating in netural conductors. They also change the phase relationship between the supply voltage and current and produce distortion to the sinusoidal wave pattern of the supply. Nonlinear loads not only significantly impair power quality but are also extremely vulnerable to weak power distribution networks.

Covid-19 Impact

The COVID-19 pandemic has had a severe influence on many businesses and governments around the world. Because to the imposed lockdown, worldwide growth rates in areas like as construction and building, transportation, oil and gas, and energy have slowed. This has further reduced the demand for electricity, which has restricted the growth of the power quality equipment market during the next one to two years. To avoid the spread of corona virus, European economies such as Germany, France, Spain, and Italy are implementing tough measures such as establishing social distance and restricting migration.

The three phase segment is expected to be the largest during the forecast period

The three phase segment is estimated to have a lucrative growth, due to the increasing rise of the renewable energy industry around the world, which is projected to propel market growth. Furthermore, an increase in concern about grid reliability, efficiency, and security in electric power utility applications is likely to drive demand for three phase-based power quality equipment. Switchboards, inverters, transformer rectifiers, surge suppressors, harmonic filters, and other components may be included. The majority of this equipment will be single or triple poles, depending on whether it is primarily intended for use in residential or industrial settings.

The industrial & manufacturing segment is expected to have the highest CAGR during the forecast period

The industrial & manufacturing segment is anticipated to witness the fastest CAGR growth during the forecast period, owing to expansion of cities has led to increase in demand for power grids, which acts as a key growth factor of the market. Furthermore, the increasing expansion of heavy industries such as paper mills, sugar mills, chemical plants, and automobile plants increases the demand for power quality equipment, as high voltages such as three phase power quality equipment are utilised in power houses. As a result, all of these factors collectively contribute to the growth of the power quality equipment market.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period Because China is the region's largest producer of energy, it is a prominent player in the Asia-Pacific power quality equipment market, owing to rising electricity demand and rapid development of manufacturing facilities. Favourable government policies and increased investment in the region's power industry are likely to enhance the demand for power quality equipment throughout the forecast period.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, Because of the increased penetration of smart metres, which is likely to continue due to the rising demand for efficient electrical infrastructure across the utility business. Also, increased natural awareness is expected to drive market growth. The district's rapidly increasing present and collecting regions, telecom industry, and business region are major end-users of power quality products.

Key Players in the market

Some of the key players profiled in the Power Quality Equipment Market include ABB Ltd., Active Power Inc., Emerson Electric Company, Eaton Corporation Plc., General Electric Company, Toshiba Corporation, Schneider Electric, MTE Corporation, Smith's Group plc., Hitachi ABB Power Grids Ltd., Siemens AG, Piller Power Systems, Leviton Manufacturing Co., Honeywell International Inc., General Electric and AMETEK Inc.

Key Developments:

In February 2021, ABB signed a contract with the Egyptian Electricity Transmission Company which is a state-owned enterprise. The main objective of this contract was to enhance the power quality and also to expand the transmission capacity in the strategic Owainat development area situated in south-western Egypt.

In January 2021, Eaton a company in the power quality equipment market acquired Tripp Lite, which is a supplier of power quality products and connectivity solutions to boost the breadth of its edge computing and distributed IT product portfolio and also to expand its single-phase UPS business. Similarly, in March 2021, Siemens acquired a 99.2% stake in C &S Electric India. It was done primarily to meet the rising demand for the low voltage power distribution across the country.

Types Covered:

• Solid oxide fuel cells
• Surge protection devices
• Uninterruptable power supplies
• Static VAR compensators
• Power conditioning units
• Surge Arrester
• Voltage regulators
• Harmonic filters
• Digital static transfer switches
• Power distribution units
• Power quality meters
• Synchronous condensers
• Isolation transformers

Phases Covered:

• Single Phase
• Three Phase

Applications Covered:

• Commercial
• Industrial & Manufacturing
• Utilities
• Residential
• Transportation

End Users Covered:

• Automotive & Industrial
• Electrical & Electronics
• Energy & Utilities
• Telecommunications
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances