Power quality equipment refers to devices that are used to monitor, protect and improve the quality of power. This includes sensors, UPS systems, surge protectors and power distribution units. The power quality equipment market has been gaining traction in recent years due to the growing need for reliable power supply in various industrial sectors such as manufacturing, oil & gas, mining and data centers. Power quality issues lead to equipment damage, downtime and loss of productivity. Hence, industries are increasingly adopting power quality equipment to prevent financial losses caused by disturbances in the power supply.

The global Power Quality Equipment Market is estimated to be valued at US$ 31.33 Billion in 2023 and is expected to exhibit a CAGR Of 10% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights. The market is driven by the rising energy consumption worldwide and increasing number of data centers. With more industries automating their processes, the demand for consistent power supply has increased tremendously.

Market Dynamics

Power Quality Equipment Market is Expected to Grow Significantly Due to Rising Demand for Reliable Power Supply refers to one of the key drivers of market growth – rising demand for reliable power supply from industries. This demand is being fueled by increasing automation across various sectors as well as rapid growth in data centers globally. Industries rely heavily on power-intensive and sensitive equipment that requires consistent power supply to function properly. Even minor fluctuations or disturbances in power quality can disrupt operations and cause monetary losses. Meanwhile, data centers need robust power infrastructure to support their large server parks and storage systems without any downtime. Hence, companies are increasingly investing in power quality equipment like UPS systems, harmonic filters and surge protectors to ensure uninterrupted supply of clean power. This growing adoption is expected to propel the power quality equipment market forward over the coming years. The market is also being driven by the rising energy consumption worldwide due to urbanization, industrialization and economic growth. As power usage increases, so does the need for technologies that can improve efficiency of power distribution and protect equipment from outages and variations in supply.

Segment Analysis

The power quality equipment market is segmented into monitoring and measurement, power quality meters, power protection equipment, and UPS. Of these, the power protection equipment segment dominates the market with a share of around 40% in 2023 owing to rising demand for voltage regulation, smart grid initiatives, and renewable energy integration. The power protection equipment segment is further divided into surge protection devices, surge protection devices (SPD), uninterruptible power systems (UPS), and power conditioning equipment. Surge protection devices hold the leading position in power protection equipment segment and are expected to continue their dominance over the forecast period on account of rising industrialization and urbanization activities.

PEST Analysis

Political: Government initiatives towards smart grid modernization, renewable energy integration, and rural electrification in various countries are expected to drive the power quality equipment market growth. Many governments provide subsidies for installation of power quality equipment.

Economic: Growth of industrial and commercial sectors leading to increased demand for reliable power supply and developments in various end-use verticals such as data centers are fueling market expansion. However, high initial installation cost of equipment may limit market growth to an extent.

Social: Rapid urbanization and rising disposable income are increasing electricity consumption which is augmenting the need for efficient power distribution systems and quality equipment. Furthermore, increasing awareness about energy conservation is positively influencing the market.

Technological: Advancements in power monitoring technologies, manufacturing processes, and integration of IoT with equipment are estimated to present new opportunities. Adoption of smart grid technology requires advanced power quality equipment for efficient power transmission and distribution.

Key Takeaways

The Global Power Quality Equipment Market Demand is expected to witness high growth at a CAGR of around 10% during the forecast period of 2023 to 2030.

Regional analysis:

The Asia Pacific region dominates the global power quality equipment market and is estimated to continue its dominance over the forecast timeframe. Rising industrial activities, growing building & construction industry, and government initiatives to enhance power infrastructure are driving high demand in the Asia Pacific region, especially in China and India.

Key players:

Key players operating in the power quality equipment market are PPG Industries (US), Sherwin-Williams Company (US), Kukdo Chemical Co., Ltd. (South Korea), Nukote Coatings Systems (US), and VIP GmbH (Germany). PPG Industries and Sherwin-Williams are the market leaders owing to their wide product portfolio and global presence.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it