Portland, OR, Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global power quality equipment market was estimated at $28.5 billion in 2021 and is expected to hit $49.6 billion by 2031, registering a CAGR of 5.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $28.5 Billion |
| Market Size in 203 | $49.6 Billion |
| CAGR | 5.8% |
| No. of Pages in Report | 298 |
| Segments Covered | End-user, Equipment, Phase, and Region |
| Drivers | Rise in building & construction activities in emerging countries |
| Rapid growth of the manufacturing industry in the developing economies | |
| Opportunities | Increase in investment toward the use of electric power consumption in various industrial activities |
| Restraints | The negative impact of the Covid-19 outbreak |
Covid-19 scenario-
- Disruptions in the industries such as energy, transportation, oil & gas, transportation led to declined demand for electricity, thus impacting the power quality equipment market negatively, especially during the initial period of the pandemic.
- Moreover, halted construction of new electric grid utility infrastructures, renewable power plants, grid network, and other power plants due to lack of skilled workers and increase in demand–supply gaps hampered the market growth even more.
- However, the market has already started recovering at a quick pace.
The global power quality equipment market is analyzed across end-user, equipment, phase, and region. The report takes in an exhaustive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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Based on end-user, the industrial segment contributed to nearly three-fifths of the global power quality equipment market in 2021, and is expected to dominate by 2031. The same segment would also showcase the fastest CAGR of 6.0% throughout the forecast period. The other segments covered through the report include residential and commercial.
Based on equipment, the UPS segment held nearly two-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also manifest the fastest CAGR of 6.2% throughout the forecast period. The other segments assessed through the report include harmonic filters, surge protection devices, voltage regulators, and static VAR compensators.
Based on phase, the three-phase segment held around three-fourths of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also cite the fastest CAGR of 6.1% throughout the forecast period. The single phase segment is also covered through the report.
Based on region, the market across Asia-Pacific generated more than two-fifths of the global market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The same region would also manifest the fastest CAGR of 6.3% during the forecast period. The other regions studied in the report include North America, LAMEA, and Europe.
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The key market players analyzed in the global power quality equipment market report include Eaton Corporation PLC., Emerson Electric Co, General Electric, Honeywell International Inc., Ametek Inc, Legrand, Leviton Manufacturing Co., Piller Power Systems, MTE Meter Test Equipment AG, and ABB Ltd.
The report provides a detailed analysis of these key players of the global power quality equipment market. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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