The Power Quality Equipment Market is estimated to be valued at US$ 29.74 billion in 2022 and is expected to exhibit a CAGR of 6.5% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The Power Quality Equipment Market refers to devices and systems that ensure the reliability and efficiency of power supply to various industries. These equipment play a crucial role in maintaining the quality of power, reducing downtime, and protecting electrical appliances from voltage fluctuations, surges, and other power disturbances. With the increasing focus on efficient power consumption and the growing demand for reliable power supply, the demand for power quality equipment is expected to witness significant growth in the coming years.
The Power Quality Equipment Market is driven by several factors. Firstly, the rising demand for uninterrupted power supply in industries such as manufacturing, healthcare, IT, and telecommunications is boosting the adoption of power quality equipment. Secondly, the increasing investments in smart grids and renewable energy sources are further fuelling the market growth. These power quality equipment are essential for maintaining power reliability and stability in such grids. Moreover, the stringent regulations and standards for power quality imposed by regulatory authorities are also propelling the market growth. Overall, the Power Quality Equipment Market is expected to experience steady growth in the forecast period, driven by the continuous need for reliable power supply and increasing investments in the power sector.
Market Key Trends:
The key trend in the power quality equipment market is the increasing demand for renewable energy sources. With the growing focus on sustainability and reducing carbon emissions, there is a shift towards renewable energy generation such as solar and wind power. However, these sources of energy can be intermittent and often lead to power fluctuations and disturbances, which can impact the performance of electrical equipment and systems. This has resulted in an increased need for power quality equipment to ensure a stable and reliable power supply. Power quality equipment such as voltage regulators, power conditioners, and surge protectors help in reducing voltage fluctuations, harmonic distortion, and other power quality issues. Therefore, the rising adoption of renewable energy sources is driving the demand for power quality equipment.
- Strength: The power quality equipment market benefits from the increasing demand for reliable and high-quality power supply. These equipment help in minimizing power disruptions and improving the overall performance of electrical systems.
- Weakness: One of the weaknesses in the power quality equipment market is the high cost associated with the installation and maintenance of these equipment. This can be a limiting factor, particularly for small and medium-sized businesses that may have budget constraints.
- Opportunity: The growing industrialization and urbanization in developing economies present a significant opportunity for the power quality equipment market. As more industries and infrastructure projects are established, the demand for reliable power supply and power quality equipment will increase.
- Threats: The increasing adoption of battery storage systems and microgrids poses a potential threat to the power quality equipment market. These alternative solutions can help address power quality issues without the need for additional equipment, potentially reducing the demand for power quality equipment.
The Global Power Quality Equipment Market Size is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period of 2023-2030. This growth can be attributed to the increasing demand for renewable energy sources. Regional analysis indicates that Asia Pacific is the fastest-growing and dominating region in the power quality equipment market due to rapid industrialization and urbanization in countries like China and India.
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. These key players contribute to the market growth through innovation, product development, and strategic partnerships.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it