Global Power Quality Equipment Market Size was valued at USD 26.5 Billion in 2022. The power quality equipment market industry is projected to grow from USD 28.15 Billion in 2023 to USD 45.769 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.26% during the forecast period (2023 - 2032). Major market drivers anticipated to fuel the market's expansion during the forecast period include the increase in building and construction activities and the swift expansion of the manufacturing sector in developing economies around the world. Power quality equipment can be used to meet these needs.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market CAGRÂ for power quality equipment is expanding rapidly due to rising energy demand. The largest quantity of electrical power being used at any particular time is called electricity demand. Power demand is rising globally as a result of a rapid uptick in different industrial activities and advancements in both developing and developed nations. For instance, the IEA report from July 2021 indicates a 5% increase in electricity demand, which is 1% more than in the previous year, 2020. Additionally, over the following two years, energy production from renewable sources, such as wind, hydropower, and solar PV, is expected to expand worldwide, by 8% in 2021 and more than 6% in 2022. As a result, there will be a growth in the need for power quality equipment as the demand for electricity rises year after year.
The residential, transportation, and commercial sectors are the top electricity consumers, followed by industrial processing and manufacturing. Power consumption has been continually increasing, which is what is essentially driving the market for power quality equipment. Critical market growth drivers include expanding the processing industry globally and its steady growth. The main motivation for power quality monitoring is the operations' economy, especially when major process loads are adversely affected. Examples of these implications on the equipment and process activities include improper operation, damage, disruption of the process, and other irregularities. These interruptions are costly since a profit-based enterprise must be quickly stopped and restarted in order to continue production. Poor power quality can have a significant detrimental influence on industrial operations and production. Industrial operations require various levels of power quality, each with unique needs for certain aspects of power quality. For industrial end users, the cost-critical aspects of power quality include equipment failure, equipment downtime, product quality, and clean-up costs.
Technological innovation is a major trend gaining popularity in the market for power quality equipment. Major players in the power quality equipment industry are concentrating on creating cutting-edge technological innovations like high-speed transient monitoring to satisfy end-user expectations and improve their market share. For instance, Schneider Electric will release PowerLogic 10N90007 in November 2020. In order to prevent outages, equipment damage, failures, and the disruption of crucial activities, the ION9000T adds high-speed transient monitoring to the high-performance power quality equipment. Thus, driving the power quality equipment market revenue.
The global power quality equipment market segmentation, based on end-user includes Industrial & Manufacturing, Commercial, Residential, Transportation and Utilities. The industrial & manufacturing segment dominated the market. Power grids provide most of the electricity utilized in industrial and manufacturing operations. However, many manufacturing and industrial machinery components are prone to power quality problems such as interruption, imbalance, distortion, voltage volatility, and voltage flicker. To avoid such power quality problems, the commercial and industrial sector uses a variety of devices, including noise filters, static distribution compensators, filters, constant voltage transformers, and filters. This market segment's growth is driven by the rising demand for a consistent power supply to machinery utilised in manufacturing and process industries.
The global power quality equipment market segmentation, based on phase, includes Single Phase and Three Phase. The three phase category generated the most income. Three-phase power quality equipment is needed in the utilities, industrial, and transportation sectors due to the widespread use of three-phase by customers around the world. It is powered by power grids, data centers, ships, aircraft, and other electronic equipment requiring more than 1,000 watts of power. It is the most efficient way of transmitting power over great distances, allowing large industrial equipment to run more efficiently.
Figure 1: Global Power Quality Equipment Market, by Phase, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The global power quality equipment market segmentation, based on equipment, includes Uninterruptible Power Supply, Static VAR Compensator, Power Quality Meters and Others. The uninterruptible power supply category generated the most income. A UPS power quality device provides a critical system load with reliable, continuous power. The device protects against any potential incoming distribution system power quality issues, such as interruptions, harmonics, voltage sags, swells, and noise that could impede the operation of sensitive electronic components and other electrical equipment.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American power quality equipment market area will dominate this market because the broadcast communications industry is becoming increasingly digital. Additionally, a rise in natural consciousness is projected to fuel industry expansion. The district's constantly growing modern and collecting areas, communications industry, and commercial region are major end-clients of power quality items.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Global Power Quality Equipment Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe power quality equipment market accounts for the second-largest market share. One of Europe's main end-users of power quality equipment is the fast growing industrial and manufacturing sector, followed by the telecom and commercial sectors. Favorable government laws and increased investment in the area's power industry will likely boost demand for power quality equipment in Germany over the forecasted timeframe. Additionally, due to urbanization and population growth in the area, energy consumption has been rising rapidly in recent years. This is expected to result in a significant rise in the need for power quality equipment in Europe. Further, the German power quality equipment market held the largest market share, and the UK power quality equipment market was the fastest growing market in the European region
The Asia-Pacific Power quality equipment Market is expected to grow at the fastest CAGR from 2023 to 2032. Some of the major end-users of power quality equipment in the region's developing industrial and manufacturing, communications, and commercial sectors. The Asia-Pacific area's manufacturing industry, with China producing most of the world's manufactured goods, is the primary driver of economic growth in this region. Moreover, China’s power quality equipment market held the largest market share, and the Indian power quality equipment market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the power quality analyzer market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, power quality equipment industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global power quality equipment industry to benefit clients and increase the market sector. In recent years, the power quality equipment industry has offered some of the most significant advantages to market. Major players in the power quality equipment market attempting to increase market demand by investing in research and development operations include 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).
The company Schneider Electric SE (Schneider Electric), originally known as Schneider Electric SA, is a leader in developing automation and energy management systems. Some of its key offerings are automation and control products, low voltage systems and products, solar and energy storage, medium voltage distribution and grid automation, critical power, cooling, and racks. The business also provides cloud, consulting, training, field, automation, sustainability and energy services.
Technology company Smiths Group Plc (Smiths Group) offers a variety of products. It provides vital solutions for the energy and process sectors, medical equipment and supplies, tools for detecting and identifying security threats and illegal activity, high-speed networking solutions, and parts to heat and transfer fluids and gases. Customers can also make use of the company's post-sale services. Customers of Smiths Group include several governmental organizations, hospitals, contractors, petrochemical firms, service providers, equipment manufacturers, household appliance producers, and the US construction industry.
May 2022: To ensure grid stability at three substations in South-West Ireland, ESB awarded Siemens Energy three contracts to provide its Static Compensator technology (SVC Plus).
March 2022: The Schaffner group introduced passive harmonic filters in the Ecosine Max series. The IEEE-519 and other international power quality standards are complied with by these harmonic filters.
June 2021: Eaton successfully acquired 50% of the Chinese Busway business of Jiangsu YiNeng Electric. With the help of this deal, Eaton will be able to diversify its power distribution offerings in the APAC market.
May 2021: The SmartPDU power distribution system was introduced by Acumentrics. It provides an unprecedented level of comfort, flexibility, secure control, and system data, ensuring the best possible performance of onboard electronic equipment while making possible adjustments and upgrades.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 26.5Â Billion |
| Market Size 2023 | USD 28.15 Billion |
| Market Size 2032 | USD 45.769 Billion |
| Compound Annual Growth Rate (CAGR) | 6.26% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | End-User, Phase, Equipment, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 | Continuous up gradation of aged grid infrastructure Rapid urbanization and industrialization |
| Key Market Dynamics | Increase in the demand for power Rapid increase in the trends for digitization in the telecommunication industry |
Power Quality Equipment Market Highlights:
Frequently Asked Questions (FAQ) :
The global power quality equipment market size was valued at USD 26.5 Billion in 2022.
The global market is projected to grow at a CAGR of 6.26% during the forecast period, 2023-2032.
North America had the largest share in the global market.
The key players in the 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).
The three phase category dominated the market in 2022.
The uninterruptible power supply category had the largest share in the global market.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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