Market Research Report
Asia Pacific Power Quality Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Equipment (Uninterruptable Power Supply, Harmonic Filters, Static VAR Compensator, Power Quality Meters, and Others); Phase ; End-Users
|Asia Pacific Power Quality Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Equipment (Uninterruptable Power Supply, Harmonic Filters, Static VAR Compensator, Power Quality Meters, and Others); Phase ; End-Users|
Published: August 6, 2021
The Insight Partners
Content info: 129 Pages
Delivery time: 1-2 business days
The power quality equipment market in Asia Pacific is expected to grow from US$ 7,988.6 million in 2021 to US$ 13,422.9 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2021 to 2028.
In the wake of global warming, caused by a 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. 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 market for Asia Pacific power quality equipment market is segmented into equipment, phase, and end user. Based on equipment, the power quality equipment market is segmented into uninterruptable power supply (UPS), static VAR compensator, harmonic filters, power quality meters, and others. In 2021, the others segment is estimated to account for the largest market share in the power quality equipment market. Portable power equipment, power conditioners, surge protective devices, power and energy meters, solid oxide fuel cell, static transfer switch, line voltage regulators, power distribution units, reactors & inductors, and frequency converter are other types of power quality equipment available in the market. Based on the requirement of the application, market players offer this equipment in various features, shape, sizes, efficiency, and accuracy all over the world. Client can also ask for customized power quality equipment.
In APAC, India is the worst-affected country by the COVID-19 outbreak. APAC witnessed a notable decline in numerous economic activities as a result of government-imposed travel bans, strict lockdowns, and business shutdown. Fitness centers, spas, and salons as well as the mining, oil & gas, glass, and cement industries are among the worst-hit segments in this region, which led to reduction in demand for various power quality equipment. Due to less demand, the production of power quality equipment dropped significantly. However, India set up new healthcare facilities and oxygen plants to handle the rising cases of COVID-19, which triggered the demand for power quality equipment such as UPS systems, power quality meters, and static VAR compensators. In terms of the international trade, China, Hong Kong, South Korea, and Japan are among the top Asian exporters, which observed a decline in exports amid the COVID-19 pandemic. Thus, a disrupted supply chain and weak demand resulted in an overall negative impact of the pandemic on the power quality equipment market growth in APAC in 2020.
The overall Asia Pacific 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 overview and forecast for the Asia Pacific Power quality equipment market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert 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 Asia Pacific Power quality equipment market. 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 are among a few players operating in the Asia Pacific Power quality equipment market.