May 22, 2024
Power Quality Equipment Market

Power Quality Equipment Market is expected to be Flourished by Surging Investments in Renewable Energy Sources

The global power quality equipment market comprises devices such as surge protectors, uninterruptible power supply (UPS) systems, voltage regulators, process manufacturing controls (PMCs), power quality meters, transformers, and harmonic filters, which are used to provide clean and safe power supply. Power quality equipment are deployed to minimize the effect of voltage fluctuations, harmonic distortions, and power outages caused due to transient voltages. They help monitor, protect and correct any power-related issues and ensure reliable power supply for mission-critical industrial operations and data centers. Surge protectors protect equipment from overvoltage transients by shunting excess surge current to ground before the voltage can reach protected equipment and damage it. UPS backup systems provide temporary backup power during short-term power outages to ensure continuity of operations.

The global Power Quality Equipment Market is estimated to be valued at US$ 36.1 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the growth of power quality equipment market is surging investments in renewable energy sources like solar and wind power. As renewable energy sources are intermittent in nature and inject power fluctuations, precise power quality devices are needed to minimize adverse impacts of voltage harmonics and prevent equipment damage. Power quality equipment help stabilize the power supply from renewable sources and integrate it reliably into main utility grids. Their deployment ensures efficient distribution and usage of cleaner energy produced from renewable sources. Power quality equipment thus play a vital role in enabling large-scale adoption of renewable energy around the world.

Furthermore, strict regulatory standards mandating efficient industrial operations are also fueling the demand for power quality equipment. Regulators worldwide have implemented stringent norms regarding power reliability and continuity. Industries require uninterruptible power supply to comply with process manufacturing control standards. Data centers and healthcare facilities also need high-quality power for sensitive equipment and patient care. Power quality monitoring equipment help comply with regulatory norms and avoid costly non-compliance penalties.

Segment Analysis

The power quality equipment market is dominated by the monitoring and measuring devices segment. This segment accounts for more than 45% of the total market share owing to the increasing need for accurate monitoring of voltage, current, harmonics, power factor and electrical energy usage in various industries. Further, the reliability and performance monitoring segment is expected to grow at the fastest pace during the forecast period due to growing adoption of intelligent monitoring systems that proactively identify power quality issues.

PEST Analysis

Political: Stringent regulations regarding energy conservation and usage of renewable energy sources by regulators across countries is encouraging adoption of power quality equipment.

Economic: Growing industrialization and infrastructure development activities especially in Asia Pacific is promoting investments in efficient power networks which is fueling market growth.

Social: Increasing awareness about energy savings and carbon footprint reduction is positively influencing customers to opt for energy efficient solutions.

Technological: Advancements in technologies such as Internet of Things, cloud computing and artificial intelligence are driving the demand for intelligent power quality devices with remote monitoring capabilities.

Key Takeaways

The Global Power Quality Equipment Market Size is estimated to be valued at US$ 36.1 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.

Regional analysis indicates that the Asia Pacific region dominates the market currently owing to rapid industrialization and infrastructural projects in economies such as China and India.

Key players operating in the power quality equipment market are Scientech Technologies Pvt. Ltd., Tektronix Inc., B&K Precision Corporation, Keysight Technologies Inc., Pico Technology Holdings Ltd., Rohde & Schwarz GmbH & Co. KG, Siglent Technologies Co. Ltd., Teledyne LeCroy Inc., Fluke Corporation, Yokogawa Test & Measurement Corporation, Rigol Technologies Inc., and National Instruments Corporation. Scientech Technologies and Tektronix Inc. together account for over 25% of the total market share currently led by their diversified product portfolio and global presence.

The market is highly fragmented in nature with presence of numerous global and regional vendors. Established players are focusing on new product launches integrated with advanced technologies to gain competitive edge. For instance, Yokogawa recently launched a new power quality recorder with networking capabilities and remote access for enhanced monitoring and analyzation of electrical parameters.

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