ID: MRFR/E&P/2234-HCR | February 2021 | Region: Global | 111 pages
Power quality equipment market size is projected to reach USD 44.37 billion by 2025, with 6.26% CAGR from 2019 to 2025
The major factors driving the growth of the global power quality equipment market include an increase in the demand for power. According to the report published by the National Load Despatch Centre (NLDC), in 2019, hydel power generation rose by 30% to 465 million units a day. Hydel, solar, and wind power generation touched a total of 831 million units, equivalent to 10 GW of power, and registered a near 40% growth. This shows that the demand for power has increased over the years.
Additionally, the global power quality equipment market is projected to grow at a high rate during the forecast period due to the rapid increase in the trends for digitization in the telecommunication industry. According to the World Economic Forum 2017, the Digital Transformation Initiative (DTI) project launched by the World Economic Forum for the telecommunications industry for new opportunities and themes arising from latest developments in the telecommunications industry enabling the fourth industrial revolution. Continuous upgradation of aged grid infrastructure and rapid urbanization and industrialization would create growth opportunities for the global power quality equipment market. This is because industrialization leads to an increase in the demand for power quality equipment in various utilities to ensure regular uninterrupted power supply. However, the high investment cost for installation of power quality equipment, and lack of awareness about the market would hinder the market growth.
On the basis of region, the global power quality equipment market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America is expected to dominate the power quality equipment market during the forecast period. The region has a very old transmission and distribution infrastructure, which creates a need for installing power quality equipment. The government in the region is majorly focusing on restructuring the infrastructure for overcoming the issue of the loss of electricity during transmission and distribution.
The key players operating in the global power quality equipment market are ABB, Ltd. (Switzerland), General Electric Company (US), Schneider Electric (France), Siemens AG (Germany), Emerson Electric Company (US), Eaton Corporation, Plc (Ireland), Active Power, Inc. (US), MTE Corporation (US), Smiths Group plc. (UK), and Toshiba Corporation (Japan).
Key players in the Power Quality Equipment market such as ABB, Ltd., General Electric Company, Schneider Electric, and Siemens AG are actively focusing on new product launch and expansion to supply power quality equipment, globally. Moreover, in 2018, Schneider Electric announced the world’s most advanced, most accurate power quality and energy meter, the PowerLogic ION9000 series. This newest addition to the PowerLogic portfolio of power and energy meters provides the most complete, most innovative power analysis solution for critical power applications.
The global power quality equipment market has been segmented based on equipment, phase, end user, and region.
Based on equipment, the global market has been segmented into uninterruptable power supply, static var compensator, power quality meters, and others. The uninterruptable power supply segment is projected to dominate the market. The growing demand for primary protection of critical equipment from voltage interruption is driving the market for uninterruptable power supply.
Based on phase, the global power quality equipment market has been divided into single-phase and three-phase. The three-phase segment is expected to dominate the market. This is because it is used in commercial and industrial facilities to accommodate higher loads, and it delivers power at a steady & constant rate.
Based on end user, the global market is segmented into industrial & manufacturing, commercial, residential, transportation, and utilities. The commercial segment is expected to grow at the fastest rate during the forecast period. The Industry 4.0 initiative is being applied to vehicles and electrical machinery to facilitate remote diagnostics, remote maintenance, and remote data capture. Such initiatives have increased the need for data centers, servers, and communication systems. With the increasing use of electronic equipment, the demand for protection systems for such critical equipment has been increasing. This is driving the market for power quality equipment in the commercial segment
The global power quality equipment market is expected to grow at ~6.26% CAGR during the forecast period.
Power quality equipment are equipment, which are used for regulating power and providing uniform power quality. It helps to ensure a steady supply of voltage within a defined range. Power quality is addressed, typically based on several parameters. Standard parameters such as flicker, current, harmonics, voltage dips, power, voltage, and transients are handled by power quality measurement equipment. These equipment can handle multiple disturbances. Power quality equipment primarily aims to reduce multiple equipment usage in a system. It also supports databases where collection and analysis of the data can be read and stored with no time lags and also measure and analyze data required for a short (monthly basis) period.
|Market Size||2025: USD 44.37 Billion|
|CAGR||6.26% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Equipment, Phase and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB, Ltd. (Switzerland), General Electric Company (US), Schneider Electric (France), Siemens AG (Germany), Emerson Electric Company (US), Eaton Corporation, Plc (Ireland), Active Power, Inc. (US), MTE Corporation (US), Smiths Group plc. (UK), and Toshiba Corporation (Japan)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market can grow at a decent rate of 6.26% between 2019 and 2025.
The market shows signs of attaining a valuation of USD 44.37 billion by 2025.
The prominent vendors in the global market are Emerson Electric Company (US), Schneider Electric (France), Siemens AG (Germany), Eaton Corporation, Plc (Ireland), MTE Corporation (US), ABB, Ltd. (Switzerland), General Electric Company (US), Smiths Group plc. (UK), Active Power, Inc. (US), Toshiba Corporation (Japan), to mention a few.
Asia Pacific, Europe, the Middle East & Africa, South America and North America, are the regions among which the global market estimated to gain traction in the coming years.
The equipment-wise segments in the market include static var compensator, uninterruptable power supply, power quality meters, and others.