July 19, 2024

The Increasing Adoption Of Renewable Energy Is Anticipated To Open Up The New Avenue For Power Quality Equipment Market

The Power Quality Equipment Market is estimated to be valued at Us$31.33 Bn in 2023 and is expected to exhibit a CAGR Of 6.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Power quality equipment includes various components and devices that are used to reduce or eliminate the problems caused by voltage fluctuations in power lines, unstable voltage and current flows, harmonics and other anomalies. Some of the key power quality equipment includes UPS systems, surge protectors, filters, surge arresters, isolation transformers, power conditioners, voltage regulators and frequency converters. They are widely used across industrial, commercial and residential sectors to safeguard sensitive equipment and loads from fluctuations.

Market Dynamics:

The power quality equipment market is primarily driven by the rising adoption of renewable energy resources across the world. Intermittent power generation from solar and wind plants cause disturbances on the transmission grid, thus raising the demand for power quality equipment. Moreover, growing investments toward expansion of transmission and distribution networks along with the increasing focus toward upgrading aging power infrastructure is also facilitating the market growth. However, high installation and maintenance costs associated with power quality equipment may hamper the market growth over the forecast period.

Segment Analysis

The power quality equipment market can be segmented into monitoring and recording device, power conditioner, voltage regulator, surge protector, and uninterruptible power supply. Among these, the uninterruptible power supply segment dominated the market in 2022 and is expected to maintain its dominance during the forecast period. An uninterruptible power supply continuously supplies electricity to connected equipment by switching to a backup electric source such as a battery when the main power source fails. They are widely adopted to ensure uninterrupted power supply to critical industrial equipment and servers.

PEST Analysis

Political: Deployment of power quality equipment conforms to various government regulations and standards regarding electric supply quality and reliability. The governments across regions are also supporting rural electrification programs through subsidies that boost demand.

Economic: Growth of the global economy and industrialization are driving demand for reliable power infrastructure to support increasing electricity consumption. Also, data center expansion and server virtualization trends influence demand positively.

Social: Increasing awareness about energy efficiency and conservation is prompting industrial and commercial users to invest in power quality solutions. Mega-trends like smart grids and smart cities also create social acceptance for using these products.

Technological: Advancements in digital technologies like IoT, AI, and remote monitoring enable development of intelligent power quality equipment with advanced management and self-diagnosis capabilities. Also, energy storage technologies are improving the backup power specifications.

Key Takeaways

The Global Power Quality Equipment Market Demand is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing investments in infrastructure development and industrialization across developing regions. The Asia Pacific region dominated the market in 2022 with over 35% share, led by China, India, and other Southeast Asian economies. India is projected to be the fastest growing country due to rapid development of manufacturing sector and Make-in-India initiative of the government.

Regional analysis

The Asia Pacific region dominated the global power quality equipment market in 2022 with over 35% share. China accounted for the largest share led by vast manufacturing industry and growing construction sector. India is projected to showcase highest growth during the forecast period due to rapid development of industrial infrastructure and government push through initiatives like Make-in-India.

Key players

Key players operating in the power quality equipment market include Hitachi Energy Ltd., Siemens AG, EATON Corporation plc, Emerson Electric Company, Schneider Electric SE, General Electric Company, Toshiba Corporation, Schaffner Holding AG, MTE Corporation, Active Power Inc. and Others. The major players are focusing on new product development and expansion in fast growing regional markets like Asia Pacific and Middle East & Africa.

*Note:

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