Power Factor Correction Market to Surpass USD 3.38 Billion by 2032, Growing at 5.3% CAGR | PMR

New York, USA, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Market Overview:

The global power factor correction market size was USD 2.12 billion in 2023, estimated at USD 2.23 billion in 2024, and is expected to reach around USD 3.38 billion by 2032, expanding at a CAGR of 5.3% from 2024 to 2032.

What is Power Factor Correction?

Power factor correction indicates to methodologies utilized in power systems to enhance the power factor. It is normally utilized in computer power supplies to enhance PF. PF decides power intake efficacy with elevated PF estimates advocating more practical usage. PFC has a positioning of methodologies to escalate the power factor coefficient for electric circuits. This subsequently optimizes the usage of energy and decreases loss. Accepting PFC and its function is the most crucial issue in undertaking the electrical framework's seamless functioning and longevity.

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Key Takeaways from the Report

• The market is expected to exhibit a CAGR of 5.3%.
• The market for power factor correction is expanding due to its decreasing energy losses and diminishing expenses.
• The power factor correction market analysis is primarily based on reactive power, type, sales channel, application, and region.
• Based on reactive power, the 0–200 KVAR segment dominated the market.
• North America dominated the market with the largest share and is anticipated to continue its dominance during the forecast period.

Power Factor Correction Market Dynamics:

Growth Drivers:

• Growing Funding in Clean Energy Projects: The power factor correction market size is expanding due to the growing funding in clean energy undertakings encouraging progressive technologies that improve energy efficacy and grid steadiness. As the holistic propulsion for renewable energy acquires impetus, combining these energy sources into prevailing electrical grids frequently generates variation in power standards and steadiness involving productive power handling solutions such as PFC technologies.
• Reduction in Carbon Footprint: The growing emphasis on decreasing carbon footprint is notably impacting business functions, rendering power factor correction solutions important for obtaining sustainability objectives. By applying PFC systems, industrial potential can notably lessen energy intake, thus decreasing the carbon footprint and reinforcing a more dependable electrical grid. These solutions assist firms encountering administrative conformity and sustainability focus while decreasing dependence on fossil fuels, agreeing to global enterprises such as the Paris Agreement.

Trends and Opportunities:

• Growing Energy Consumption: The demand for the market is increasing worldwide due to growing energy intake pushed by speedy industrialization and urbanization. As the constraint on the power grid escalates, PFC becomes important for industries seeking maximum energy usage, lessened power costs, and decreased electricity expenses, suggesting that power factor correction market demand is expanding.
• Technological Progressions: Ongoing progressions in PFC technologies push notable enhancements in energy efficacy and system dependability, covering several sectors. Contemporary PFC solutions have developed beyond conventional capacitor banks to involve progressive power electronics such as active and passive filters, which forcibly regulate the power factor in real-time.

Competitive Analysis:

The aggressive topography of the market is portrayed by a varied assortment of global and regional contenders to seize market share through invention, strategic alliances, and geographic augmentation. Additionally, prominent players in the industry support their sizeable R&D potential and wide dispensation network to provide a broad gamut of progressive power factor correction commodities.

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Major Players Operating in Power Factor Correction Market are:

• ABB Ltd.
• Schneider Electric SE
• Eaton Corporation
• Siemens AG
• General Electric Company
• Emerson Electric Co.
• Delta Electronics, Inc.
• Rockwell Automation, Inc.
• Crompton Greaves Limited

Regional Insights

• North America: North America holds the largest market share due to elements such as a robust industrial base, notable funding in the framework, and escalating emphasis on energy efficacy capabilities. Industries in the region, such as manufacturing, oil and gas, and mining, are liable to stringent regulatory caliber, which needs productive factor correction solutions.
• Asia Pacific: Speedy industrialization and urbanization in nations such as China and India and several Southeast Asian countries are expected to drive the Asia Pacific power factor correction market with the highest CAGR during the forecast period.

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Power Factor Correction Market Segmentation:

By Reactive Power Outlook:

• 0–200 KAVR
• 200–500 KAVR
• 500–1500 KAVR
• Above 1500 KAVR

By Type Outlook:

• Automatic
• Fixed

By Sales Channel Outlook:

• Distributors
• OEM Direct

By Application Outlook:

• Industrial
  • Mining
  • Oil & Gas
  • Metals & Minerals
  • Automotive
  • Other Manufacturing Plants
• Renewables
  • Solar
  • Wind
  • BESS
  • Others
• Commercial
• Datacenters
• EV Charging

By Regional Outlook:

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

Browse PMR's Power Factor Correction Market Report Coverage from Different Publications:

The power factor correction market size is expected to reach USD 3.38 billion by 2032, exhibiting a CAGR of 5.3% during 2024–2032.

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