NEWARK, Del, Aug. 20, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI), the global power quality equipment market is forecasted to reach a valuation of USD 41.1 Billion by 2024. With a compound annual growth rate (CAGR) of 6% during the forecast period, the market is expected to expand further, achieving a value of USD 73.7 Billion by 2034. The sector is anticipated to exhibit a year-over-year growth rate of 5.4% CAGR in 2024, reflecting steady demand across various industries.
Major market growth drivers include:
- The demand for power-quality equipment is growing since these devices serve as electrical filters by decreasing or eliminating hazardous harmonics and reshaping the sinewave to ensure the longevity of electrical systems.
- Power quality equipment is designed so that it can be incorporated into power grids to guarantee a constant supply of reliable power.
- Power quality equipment manufacturers provide affordable products that help prevent damages and early equipment aging, loss of production, data, and work, unexpected shutdowns, poor performance, and capacitor bank failures, which, in turn, saves money and energy.
- Power quality equipment can help meet the growing demand for continuous power supply and machines in developing economies around the world. This, in turn, is expected to fuel the market's expansion throughout the forecast period.
- The rise in building and construction activities and the rapid growth of the manufacturing sector are both contributing factors.
Power quality equipment plays a crucial role in maintaining a consistent and stable power supply within electrical grids. By ensuring high power quality, businesses can achieve significant cost savings and reduce energy consumption. This equipment is vital for preventing damage and extending the operational life of devices, thus safeguarding investments and enhancing overall system efficiency.
The power quality equipment industry focuses on designing, manufacturing, and distributing devices that ensure stable and reliable electrical power. These devices, such as surge protectors, voltage regulators, power conditioners, and uninterruptible power supplies (UPS), are essential for mitigating disturbances like voltage sags, spikes, and harmonic distortions that can damage sensitive electronic equipment. The industry serves a wide range of sectors, including industrial, commercial, and residential, where maintaining consistent power quality is crucial for operational efficiency and safety.
Applications of power quality equipment extend across various fields, including manufacturing plants, data centers, healthcare facilities, and telecommunications. In these environments, even minor power disruptions can lead to significant downtime, data loss, or equipment failure, making power quality equipment indispensable. The growing reliance on digital and automated systems, along with the increasing adoption of renewable energy sources, further drives the demand for advanced power quality solutions to ensure the seamless operation of critical infrastructure.
The demand for power quality equipment has surged due to the increasing reliance on sensitive electronic devices and the growth of renewable energy sources. As industries and households become more dependent on stable and clean power, equipment such as uninterruptible power supplies (UPS), power conditioners, and surge protectors are essential for ensuring reliable and efficient operation. Additionally, the rise of compact power equipment rental services provides flexible solutions for temporary power needs. This trend is driven by the need to prevent downtime, protect valuable electronic equipment, and maintain consistent power quality amidst fluctuating grid conditions and the integration of diverse energy sources.
The Increasing Need for Power Quality in the Manufacturing and Industrial Sectors
One of the drivers significantly propelling the global market for power quality equipment toward expansion is the widespread acceptance of power quality equipment in the manufacturing and industrial sectors as a result of the ongoing development of transmission, distribution, and renewable integration. Additionally, the market is growing as a result of the rising need for a reliable power supply and the need for smart grid infrastructure to guarantee power quality.
Along with considerable research and development (R&D) operations, other factors, including the numerous initiatives taken by governments of different nations to enhance the industrial sector and the rise in disposable income in upgrading the current grid systems, are promoting market expansion globally.
Power Grid Integration of Renewable Energy Sources to Act as Lucrative Opportunities for Players
Power quality is a crucial aspect of integrating renewable energy. One of the primary problems with power quality is voltage and frequency fluctuations, which are brought on by the uncontrollable variability of renewable energy sources. Another issue with power quality brought on by the integration of renewable energy is harmonics, which are produced by power electronic equipment utilized for renewable energy generation.
The market for power quality equipment has attractive growth potential as load balancing prevents electrical equipment from tripping. In addition to this, the food and beverage business has also expanded significantly in recent years. Preference for packaged food as well as packaged dairy products has increased as a result of rising health concerns, expanding urbanization, and international government initiatives.
Key Takeaways from Report:
- Global power quality equipment market is set to rise at a CAGR of 6% from 2024 to 2034.
- India's power quality equipment market is set to rise at a CAGR of 5.6% between 2024 and 2034.
- North America currently holds a share of 18.5% in the global power quality equipment industry.
- China is likely to hold a market share of 53.4% in East Asia for power quality equipment industry.
- In terms of end-use, the automotive and industrial segment is set to lead with a value share of 31.1% in 2034.
- Capacitor banks are projected to lead in terms of equipment type with a CAGR of 4.5% between 2024 and 2034.
“The surge in renewable energy integration, data center growth, and infrastructure investment is boosting demand for power quality equipment. Government support for green projects and smart grid advancements are creating new opportunities, while the upgrade of aging infrastructure in developed countries further drives this need.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Regional Analysis of the Power Quality Equipment Market
United States Dominates the Global Power Quality Equipment Industry
The United States is likely to dominate the global market for power quality equipment due to the growing digitalization of the broadcast communications sector. Additionally, the market expansion is anticipated to be fueled by increased natural consciousness. Large end-clients of power quality products are the district's rapidly expanding modern and collecting regions, telecom sector, and business region. With a CAGR of 5.3% during 2024 and 2034, the media correspondences segment is anticipated to be the primary end client area in the United States' power quality equipment industry during the forecast period.
Why Germany Leads the Europe Power Quality Equipment Industry?
Europe's rapidly expanding industrial and manufacturing industry, telecom sector, and commercial sector are among the major end-users of power quality equipment. During the projected timeframe, favorable overnment regulations and rising investment in the region's power industry are anticipated to increase the demand for power quality equipment in Germany. Additionally, the region's electricity consumption has been rising sharply in recent years due to urbanization and population growth, which is also anticipated to lead to a major increase in the demand for power quality equipment in Europe.
Significant Trends Hovering the Japan Power Quality Equipment Industry
The manufacturing industry is one of the main drivers of economic growth in Japan accounting for most of the world's manufacturing production. From 2023 to 2033, the market for power quality equipment in Japan is anticipated to expand at a CAGR of 5.5%. The biggest contributors from Japan are anticipated to witness an increase in their share throughout the projection period.
Competition Outlook:
To tackle power quality issues, manufacturers are developing multi-functional power quality and energy storage solutions to improve electricity quality and transmission. Increasing energy consumption in developed nations is creating opportunities for local manufacturers, while supportive regulations and rising investments in the power sector are driving innovation.
View the Full Report to Reveal Critical Data and Strategic Insights! https://www.futuremarketinsights.com/reports/power-quality-equipment-market
Key Players Operating in the Industry:
- ABB Ltd
- Schneider Electric
- Mitsubishi Electric Corporation
- Emerson Electric Co.
- Toshiba Corporation
- General Electric
- Siemens Energy AG
- Honeywell International Inc.
- Hitachi Energy Ltd
- Eaton Corporation PLC
- Nidec Industrial Solutions
- AMETEK Inc.
- Hubbell Incorporated
- Rockwell Automation
- Delta Electronics, Inc.
- Cordyne, Inc.
- Fuji Electric
- Unipower AB
- Bloom Energy
Power Quality Equipment Market Segmentation Analysis:
By Equipment Type:
- Dynamic Voltage Restorers (DVR)
- Capacitor Banks
- Inductive Reactors
- Surge Protection Devices
- Harmonic Filters
- Power Conditioning Units
- Power Distribution Units
- Voltage Regulators
- Digital Static Transfer Switches
- Static VAR Compensators
- Solid Oxide Fuel Cells
- Isolation Transformers
- Power Quality Meters
By Phase:
- Single phase
- Three phase
By Application:
- Residential
- Commercial
- Industrial and manufacturing
- Transportation and utilities
By End-use:
- Telecommunications
- Automotive and industrial
- Electrical and electronics
- Energy and utilities
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East and Africa
- Oceania
Browse Old Promotion of Power Quality Equipment Market Report from Different Publications:
Power Quality Equipment Market is expected to hit a revenue of USD 38.04 Bn in 2023 and is estimated to cross a worth USD 69.65 Bn by 2033 at a CAGR of 6.25% | Data analysis by FMI
Power Quality Equipment Market Is Expected To See a growth of 6.25% CAGR during Forecast 2023 to 2033
About the Industrial Automation Domain at Future Market Insights:
The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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