Pune, India., July 28, 2021 (GLOBE NEWSWIRE) -- Power quality equipment Market: Key Insights
According to our new research study on “Power Quality Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Equipment, Phase, and End User” the Power Quality Equipment Market Size is projected to reach US$ 45,531.9 million by 2028 from US$ 27,907.9 million in 2020; it is expected to grow at a CAGR of 6.8% during the forecast period of 2021 to 2028.
Power quality equipment Market: Competitive Landscape and Key Developments
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 the key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global power quality equipment market and its ecosystem.
In June 2021, Schneider Electric launched Galaxy VL, a modular, compact, and scalable three-phase UPS in the 200–500 kW range, featuring redesigned Galaxy lithium-ion battery cabinets to provide more sustainable and high-density energy storage solutions for industrial processes, data centers, and critical infrastructure.
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Power quality equipment involves all types of equipment that help in ensuring stable, steady, and continuous power supply to various applications. Uninterrupted power supply (UPS) systems, power conditioners, reactors, energy meters, inductors, power meters, surge protective devices, harmonic correction units, line voltage regulators, harmonic filters, static VAR compensators, and frequency converters are a few power quality equipment widely used across the globe. The UPS segment held the largest revenue share among all the indicated equipment in 2020. As North American countries are quick adopters of sophisticated technologies, the demand for advanced products, such as power quality equipment, is predicted to rise across all industries. The three phase power supply is more efficient than the single phase power supply, and it held a larger revenue share in 2020. The rapid growth in manufacturing and industrial sectors is increasing the consumption of electricity. Also, the increasing government initiatives to promote manufacturing activities and the rising need for a stable power supply in the healthcare industry are driving the demand for power quality equipment in Asian countries. The growing adoption of renewable energy, along with high energy and cost savings, further adds to the growth of this market.
APAC has enormous growth potential, owing to fast-growing countries such as China, India, and Taiwan and developed nations such as Japan and Australia. The onset of the COVID-19 pandemic in 2020 compelled most of the industries to shut their operations and supply chains, which adversely impacted goods commuting. However, the ease of lockdowns and resumptions of various industries are likely to revive the market gradually in the coming years. The manufacturing and warehouse sector has faced various challenges, owing to the pandemic. The operations were temporarily shut down for a certain period. Post-lockdown, the market started to flourish with the rising demand. Major strategic developments are taking place in the power quality equipment market. However, the imposition of lockdown by respective governments has slowed down the production of power quality equipment.
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In recent years, telecommunication systems have been developing rapidly. In addition to voice communications, telecommunications has seen continuing growth in fast data transmission services. This new form of communication is adding more advanced telecommunication systems such as data centers, servers, and other internet-related infrastructure and equipment to cater to voice and data transmission services together efficiently. However, the newly added telecommunication systems are more vulnerable to power quality problems because the electronics used for data transmission are more susceptible to sags/dips, swells, transients, and harmonics. Further, the occurrence of power fluctuation instances such as voltage sags and swells due to abrupt increases in loads like short circuits and loose connection or faults can create a loss in communication. Such instances cost telecom companies money for every minute, and it can also lead to equipment malfunction and breakdown. Thus, to overcome this power challenge, the telecom industry worldwide is adopting power quality equipment to ensure a steady supply of voltage within a defined range.
Power quality equipment market: Phase Overview
Based on phase, the power quality equipment market is segmented into single phase and three phase. Single phase configuration is used for relatively low load requirement, while three phase is used for higher load requirement. The three phase segment led the power quality equipment market with a higher share. Three phase supply is widely used in commercial buildings, malls, manufacturing plants, and various industrial operations. If a house has four to five air conditioning systems, a big submersible pump, water heaters, and a double door refrigerator, and all of them are running at a time, then a three phase supply is required so that the load on every phase is properly distributed.
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Power quality equipment market: End-Users Size Overview
Based on end user, the power quality equipment market is segmented into industrial and manufacturing, commercial, and others. The industrial and manufacturing segment led the power quality equipment market with the highest share. The commercial sector broadly includes wholesale stores, retail stores, cloud kitchens, restaurants, hospitality, warehouses, malls, theaters, health care centers, educational institutes, professional gyms, spas, various government offices, and institutions such as societies and charitable trusts. For all these, both single phase power supply and three phase power supply are used as per the capacity requirement of the application.
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