Power Quality Equipment Market to Garner US$ 45,131.9 Million, Globally, by 2028 at 6.8% CAGR: The Insight Partners

December 06 18:34 2021
Power Quality Equipment Market to Garner US$ 45,131.9 Million, Globally, by 2028 at 6.8% CAGR: The Insight Partners
The Insight Partners
Growing Adoption of Renewable Energy Sources to Provide Growth Opportunities to Power Quality Equipment Market during 2021–2028

The Power Quality Equipment Market is projected to reach US$ 45,531.9 million by 2028 from US$ 28,499.6 million in 2021; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028. In the wake of global warming, due to surge in carbon pollution due to burning of fossil fuels, coal, and natural gas, the demand for renewable energy sources is increasing gradually. The growing focus on renewable energy projects is anticipated to boost the demand for power quality equipment to measure the quality of the power generated in distribution substations. The growing preference for renewable energy over the conventional energy sources can be attributed to factors such as zero or low carbon emissions, reduced air and water pollution levels, and economical electricity production. 

Strategic Insights        

Report Coverage

Details

Market Size Value in

 US$ 28,499.6 Million in 2021

Market Size Value by

 US$ 45,131.9 Million by 2028

Growth rate

 CAGR of 6.8% from 2021-2028

Forecast Period

 2021-2028

Base Year

 2021

No. of Pages

 165

No. Tables

 88

No. of Charts & Figures

 82

Historical data available

 Yes

Segments covered

 Equipment; Phase; End-Users, and Geography

Regional scope

 North America; Europe; Asia Pacific; Latin America; MEA

Country scope

 US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South  Korea, Saudi Arabia, Brazil, Argentina

Report coverage

 Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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The electricity consumption worldwide is increasing with the rapid growth of the manufacturing and processing sectors. The transportation, healthcare, commercial, and residential sectors are other prime contributors to the rise in electricity consumption. In Asia Pacific, elevating population, growing disposable income, and increasing digitalization are driving consumers preference toward online purchases and payments. In addition, several governments in region are promoting the growth of respective manufacturing industries. For instance, the Government of India started the ”Make in India” initiative to encourage international and domestic companies to set-up their manufacturing facilities in India as well as to build the best in class manufacturing infrastructure in the country.

Similarly, Chinese government introduced the “Made in China 2025” program to strengthen the country’s manufacturing sector as well as to become the most attractive market in the world. The aforementioned trends are leading to surge in the adoption of related power quality equipment to ensure regulated power supply in industries, thus protecting hardware from damages caused by power fluctuations. Also, continuously growing processing industries due to the rise in demand for fast moving consumer goods are further bolstering the demand for power quality equipment market

Impact of COVID-19 Pandemic on Power Quality Equipment Market

The COVID-19 outbreak has continued its adverse effects in several countries in 2021 as well. Business shutdowns or limited business operations, and lockdowns and travel limitations have hampered the production and supply chain of power quality equipment, leading to decline in the adoption of these equipment, including uninterrupted power supply (UPS) systems, static VAR compensators, harmonic filters, power quality meters, power conditioners, and power quality analyzers. However, owing to the resumption of trading activities from the last quarter of 2020, the market players are expecting steady growth in the demand in the coming quarters. Manufacturing, commercial, metals, cement, power generation, education, entertainment, electronics, energy, aviation, and transportation are among the key industries affected by the pandemic.

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Increasing Demand for Stable Power Supply in Telecommunications Sector Fuels Growth of Power Quality Equipment Market

Telecommunications infrastructure has developed rapidly in the recent years. This new form of telecommunication infrastructure is adding more advanced telecommunication systems such as data centers, servers, and internet-related infrastructure as well as equipment to efficiently cater to voice and data transmission services. However, the modern telecommunication systems are more vulnerable to issues with power as the electronic components used for data transmission are more susceptible to sags/dips, swells, transients, and harmonics.

A telecom equipment can trip on the occurrence of power fluctuations caused by abrupt increase in loads (voltage sags and swells) due to short circuits, loose connections or faults, and motors starting. Such instances lead to loss in communications and incur high cost for telecom companies, they can also lead to equipment malfunction and breakdown. Thus, to overcome this challenge, telecom companies are adopting power quality equipment to ensure a steady supply of voltage within a defined range.

Power Quality Equipment Market: Competitive Landscape and Key Developments

Acumentrics, Emerson Electric Co., AMETEK Inc., Eaton, General Electric Company, Schneider Electric SE, Siemens AG, Toshiba Energy Systems & Solutions Corporation, Hitachi ABB Power Grids Group, and Piller Group GmbH are among the key players in the global Power Quality Equipment market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In June 2021, Eaton completed the acquisition of 50% stakes in Jiangsu YiNeng Electric’s Busway business in China. This agreement would help Eaton in expanding its power distribution portfolio in the APAC market.

In May 2021, Acumentrics introduced SmartPDU, a new power distribution system that offers an unprecedented combination of convenience, flexibility, secure control, and system data, which ensures the optimal operation of shipboard electronic systems, along enabling them to accommodate changes and upgrades.

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