PUBLISHER: The Business Research Company | PRODUCT CODE: 1229167
PUBLISHER: The Business Research Company | PRODUCT CODE: 1229167
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“Power Quality Equipment Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on power quality equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for power quality equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The power quality equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Companies Mentioned: Eaton; ABB; Siemens; Schneider Electric; General Electric
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Major players in the power quality equipment market are: Eaton, ABB, Siemens, Schneider Electric, General Electric, Toshiba, Emerson, Legrand, Leviton Manufacturing, MTE, Honeywell, AMETEK Powervar, Piller Power Systems Acumentrics, and Socomec Group.
The global power quality equipment market grew from $23.35 billion in 2022 to $24.94 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The power quality equipment market is expected to grow to $32.58 billion in 2027 at a CAGR of 6.9%.
The power quality equipment market consists of sales of voltage regulators, isolation transformers, uninterruptible power supply (UPS), backup generators, and surge protection devices. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The power quality equipment are devices used for measuring, analyzing, and improvement of voltage to help maintain a continuous wave and also a smooth periodic function waveform of a rated voltage and frequency. Power quality equipment is a vital device/system used to protect electrical equipment from failing prematurely or malfunctioning.
Asia-Pacific was the largest region in the power quality equipment market in 2022 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the power quality equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of power quality equipment include surge arresters, surge protection devices, harmonic filters, power conditioning units, power distribution units, uninterruptable power supply, synchronous condensers, voltage regulator, digital static transfer switch, static var compensator, solid oxide fuel cells, isolation transformers, power quality meters, and others. The surge arresters refer to a protective device that limits the voltage on equipment by discharging or bypassing surge current. This is used to prevent the flow of current to the ground. They are used in single-phase and three-phase power generation and distribution systems in industries ranging from industrial & manufacturing, commercial, residential, transportation, and utilities.
An increase in the demand for power is significantly driving the growth of the power quality equipment market. Demand for power refers to the maximum amount of electrical power that is being used at a given time. Globally, power demand is increasing due to a sudden surge in various industrial activities and advances in both developing and developed countries. For instance, 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 renewables 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. Thus, due to an increase in demand for power year by year, there will be an increase in demand for power quality equipment.
Technological innovation is a key trend gaining popularity in the power quality equipment market. Major companies operating in the power quality equipment sector are focused on developing new technological solutions such as high-speed transient monitoring to meet the end-customer demands and strengthen their market position. For instance, in November 2020 Schneider Electric releases PowerLogic ION9000T. This ION9000T adds high-speed transient monitoring to the high-performance power quality meter, helping to avoid outages, equipment damage, failures, and interruption of critical operations.
In March 2021, Siemens, a German multinational conglomerate corporation that manufactures power quality equipment among other products acquired C&S Electric, for INR 2,100 million ($274 million). Through this acquisition, C&S electric will become part of and work under Siemens. Furthermore, Siemens plans to adhere to the rising demand for low-voltage power distribution in the country and create an export hub for low-voltage products, distribution products, and protection and measurement. C&S Electric is an India-based manufacturer of power management products that are used for effective power distribution.
The countries covered in the power quality equipment market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The power quality equipment market research report is one of a series of new reports from The Business Research Company that provides power quality equipment market statistics, including power quality equipment industry global market size, regional shares, competitors with a power quality equipment market share, detailed power quality equipment market segments, market trends and opportunities, and any further data you may need to thrive in the power quality equipment industry. This power quality equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.