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A15551 | Pages: 298 | Charts: 61 | Tables: 150 |
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.
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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.
[ENDUSERGRAPH]
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.
[EQUIPMENTGRAPH]
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.
[PHASEGRAPH]
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.
[REGIONGRAPH]
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
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 Market Segments
Key Market Players