Market Research Report
Power Quality Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Equipment (Uninterruptable Power Supply, Harmonic Filters, Static VAR Compensator, Power Quality Meters, Others); Phase ; End-Users
|Power Quality Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Equipment (Uninterruptable Power Supply, Harmonic Filters, Static VAR Compensator, Power Quality Meters, Others); Phase ; End-Users|
Published: July 22, 2021
The Insight Partners
Content info: 165 Pages
Delivery time: 1-2 business days
The power quality equipment market is projected to reach US$ 45,131.9 million by 2028 from US$ 28,499.6 million in 2021; it is estimated to grow at a CAGR of 6.8% during 2021-2028.
In the wake of global warming, due to surge in carbon pollution due to burning of fossil fuels, coal, and natural gas, the demand for renewable energy sources is increasing gradually. The growing focus on renewable energy projects is anticipated to boost the demand for power quality equipment to measure the quality of the power generated in distribution substations. The growing preference for renewable energy over the conventional energy sources can be attributed to factors such as zero or low carbon emissions, reduced air and water pollution levels, and economical electricity production. Moreover, many governments across the world are providing financial incentives for adopting renewable energy projects. For instance, the US government is providing Renewable Electricity Production Tax Credit (PTC), Investment Tax Credit (ITC), the Residential Energy Credit for those investing in renewable energy, as well as using it in the residential sector. Also, the US Department of Energy (DOE) and the US Department of the Interior offer a loan program and provide financial subsidies for the installation equipment running on renewable energy. Thus, the flourishing renewable energy infrastructure is boosting the adoption of power quality equipment at distribution substations, subsequently creating growth opportunities for the growth of the power quality equipment market players.
The power quality equipment market is segmented on the bases of equipment, phase, end user, and geography. Based on equipment, the market is segmented into uninterruptable power supply (UPS), harmonic filters, static VAR compensators, power quality meters, and others. The uninterruptable power supply (UPS) segment accounted for the largest share of the market in 2020. Based on phase, the power quality equipment market is segmented into single phase and three phase. In 2020, the three phase segment accounted for a substantial market share. Based on end user, the power quality equipment market is segmented into industrial and manufacturing, commercial, and others. The industrial and manufacturing segment held the largest share of the market in 2020. Based on geography, the power quality equipment market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.
North American countries experienced considerable economic loss during the first two quarters of 2020 owing to the high count of COVID-19 cases, particularly in the US. Various restrictions imposed by governments resulted in decrease in the production performance of manufacturing, construction, metal & mining, and commercial industries, which was a main cause of the economic slowdown. Power quality equipment help in supplying uninterrupted power for various applications; however, the demand for UPS decreased significantly with the drop in the number of visitors to hotels and malls. Furthermore, as educational institutes were closed, the requirement of power quality meters in laboratories decreased considerably. However, as companies began switching to work-from-home, the demand for UPS systems-specially designed and manufactured for residential purpose-raised significantly. The power quality equipment market is expected to experience steady growth in North America after the economies return to normalcy in the coming years.
The overall power quality equipment market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the power quality equipment market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America. Primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the power quality equipment market.
A few of the major players operating in the global power quality equipment market are Acumentrics, Emerson Electric Co., AMETEK Inc., Eaton, General Electric Company, Schneider Electric SE, Siemens AG, Toshiba Energy Systems & Solutions Corporation, Hitachi ABB Power Grids Group, and Piller Group GmbH.
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