Power Quality Equipment Market Research, 2031
The global power quality equipment market size was valued at $28.5 billion in 2021, and is projected to reach $49.6 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
Power quality equipment act as electrical filters by removing or reducing the level of harmful harmonics and re-shaping the sinewave for the longevity of operation of electrical systems. Power quality equipment is used in power grids for ensuring continuous flow of stable power. Power quality equipment are cost-effective and help in avoiding damages and premature aging of equipment, loss of production, data, and work, sudden equipment malfunctions, poor performance and unexpected shutdowns, and capacitor bank failures, which, in turn, save money and energy.
Rise in building & construction activities and rapid growth of manufacturing industry in the developing economies across the globe increase the need for continuous power supply and machineries that can be fulfilled with the help of power quality equipment, which in turn is expected to drive the growth of the market during the forecast period.
In addition, the rapid increase in on-grid and off-grid power significantly contributes to the growth of the global power quality equipment market from 2022 to 2031. However, the need for power quality equipment to handle these types of parameters, such as flicker, current, harmonics, voltage, and transients, is anticipated to increase the growth of the power quality equipment market during the analyzed time frame. On the contrary, rise in investment toward the use of electric power consumption in various industrial activities which is a anticipated to create opportunity in the power quality equipment market during the forecast period.
The global power quality equipment market forecast is segmented into equipment, phase, end user, and region. Depending on equipment, the market is categorized into UPS, harmonic filters, surge protection devices, voltage regulators, and static VAR compensators. On the basis of phase type, it is bifurcated into single and three phase. The end users covered in the global power quality equipment market analysis include residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By end user, industrial segment is the fastest growing segment and witnessed the highest CAGR during the forecast period. Owing to expansion of cities has led to increase in demand for power grids, which acts as a key growth factor of the market. Moreover, rapid expansion of heavy industries such as paper mills, sugar mills, chemical plants, and automobile plants augments the need for power quality equipment, as high voltages such as three phase power quality equipment are used in power houses. Thus, all these factors collectively contribute toward the power quality equipment market growth.
By equipment, ups segment is the fastest growing segment in 2021. This is attributed to rise in demand for continuous flow of stable power from electric utilities such as hospitals, small offices, electric point terminals, and telecommunication centers for power backup, commercial load, and industrial load applications is expected to drive the growth of the market during the forecast period.
By phase,three phase segment holds the highest market share in 2021. This is attributed to rapid growth of renewable energy sector across the globe is expected to fuel the market growth. Moreover, rise in concern toward grid reliability, efficiency, and security in electric power utility applications is anticipated to fuel the demand for three phase-based power quality equipment.
By region, asia-pacific is the fastest growing region during the forecast period.Owing to Asia-Pacific is the largest producer of electricity where China is the key player in Asia-Pacific power quality equipment market, owing to rise in demand for electricity and rapid development of manufacturing facilities in the region
Impact of COVID-19 on the global power quality equipment market
The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Owing to the lockdown imposed, globally, decrease has been witnessed in the growth rate of the industries such as construction & building, transportation, oil & gas, and energy sectors. This has further declined the need for electricity, which, in turn, has hampered the growth of the power quality equipment market in the next one and two years. In Europe, economies such as Germany, France, Spain, and Italy are following stringent measures such as attaining social distance and limiting movements to prevent the spread of coronavirus.
Furthermore, halt in construction of new electric grid utility infrastructures, renewable power plants, grid network, and other power plants due to the lack of workers and increase in demand–supply gaps, is projected to hamper the market growth in the pandemic period. Thus, all these factors collectively were expected to result in sluggish growth of the global power quality equipment market in 2020.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the power quality equipment market analysis from 2021 to 2031 to identify the prevailing power quality equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the power quality equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global power quality equipment market trends, key players, market segments, application areas, and market growth strategies.
Power Quality Equipment Market Report Highlights
| Aspects | Details |
 By End User |
|
 By Equipment |
|
 By Phase |
|
 By Region |
|
 Key Market Players | EATON CORPORATION PLC,, General Electric, ABB Ltd, Piller Power Systems, MTE Meter Test Equipment AG, Emerson Electric Co, Legrand, Leviton Manufacturing Co., AMETEK Inc, Honeywell International Inc. |
Analyst Review
According to the insights of CXOs of leading companies, demand for power quality equipment is fueled by increased renovation activities, surge in use of power quality stable equipment in the smart and advanced industries and smart cities, replacement of old units, rapid growth of electricity sector because the constant supply of frequency and voltage, and mainstream adoption of renewable energy-based power quality equipment market.
Increase in demand for reliable and continuous power supply is the key factor driving the growth of the global power quality equipment market during the forecast period. In addition, rise in demand for electricity consumption and the continuous flow of stable power from power grids and industrial applications is anticipated to fuel the growth of the market during the analyzed time frame. However, the efficiency of industrial machinery with power quality equipment and the advantages of stable, steady, and continuous power supply to various applications hamper the growth of the market from 2021 to 2031. On the contrary, the telecommunications industry is witnessing rapid deployment of new and advanced technologies. The need for efficient, high-capacity electricity supply systems to power data centers, servers, and other internet-related infrastructure in the telecommunications industry is boosting the demand for power supply systems as well as network monitoring and control equipment, which are anticipated to provide remunerative opportunities for key players to maintain the pace in the power quality equipment market in the upcoming years.
Renowned global market leaders such as ABB ltd., Eaton Corporation, Emerson Electric Co., General Electric, Honeywell International Inc. are adopting various key growth strategies to strengthen their market position. Furthermore, these companies are focused on agreement and collaboration to cater to the increasing demand for power quality equipment and to maintain the position in the global power quality equipment market.
Among the analyzed regions, Europe is expected to account for the highest revenue in the market throughout the forecast period, followed by North America, Asia-Pacific, and LAMEA.
Rise in building & construction activities and rapid growth of manufacturing industry in the developing economies across the globe increase the need for continuous power supply and machineries that can be fulfilled with the help of power quality equipment, which in turn is expected to drive the growth of the market during the forecast period.
By equipment, the UPS segment held the highest power quality equipment market share of about 37.9% in 2021, and is expected to maintain its dominance during the forecast period.
Increase in demand for power quality equipment for grid stabilization applications from electric utilities such as power generation plants, transmission, distribution, industries and other utilities in developing economies, is driving the growth of the market.
Some of the major players in the power quality equipment market include, ABB, Ltd., Andritz, Eaton Corporation Plc, Fuji Electric, General Electric, Ideal Electric Power Co., Mitsubishi Electric Corporation, Siemens Energy, Voith GmbH & Co. KGaA, and WEG Group. Other players operating in the power quality equipment market are Toshiba Corporation, Brush Group, Sustainable Power Systems, Inc., Power Systems & Controls, Inc., Ansaldo Energia, and Modern Power Systems.
Additional growth strategies, such as expansion of production capacities, acquisition, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the power quality equipment market trends.
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