Power Quality Equipment Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The Power Quality Equipment Market is expected to grow at a CAGR of more than 6% from 2019 to 2032, with a current market size of $29.91 billion and is projected to reach $45 billion by 2032. This growth trajectory will be at a CAGR of 5.46% from 2019 to 2032. The growing demand for reliable and efficient power supply systems due to the expansion of the industrial sector and the growing use of renewable energy sources is driving the growth of this market. The need for high-tech power quality solutions is also increasing, with industries seeking to optimize the operation of their equipment and minimize downtime. The integration of smart grids and the proliferation of IoT devices are also driving the growth of the market. These innovations have made it possible to monitor and manage power quality in real time, thereby reducing energy losses and increasing the reliability of power systems. Several key players, such as Siemens AG, Schneider Electric, and Eaton Corporation, are investing in R&D to launch new products and solutions. Strategic initiatives, such as collaborations and alliances, are also shaping the competitive landscape, enabling the market to remain dynamic and responsive to changing customer needs.

Regional Market Size

Regional Deep Dive

Power quality devices are experiencing strong growth across various regions. The growth is being driven by the rising demand for reliable power supplies and the integration of alternative energy sources. In North America, stringent regulations and the focus on energy efficiency are pushing the use of power quality solutions. Europe is seeing a high level of investment in smart grids, while Asia-Pacific is experiencing strong growth as a result of urbanization and industrialization. The Middle East and Africa are focused on building up their infrastructure, while Latin America is investing in power quality to support economic growth. Each region faces its own set of challenges and opportunities, which affect the market dynamics.

Europe

• The European Union's Green Deal is pushing for a transition to cleaner energy, leading to increased investments in power quality solutions that support renewable energy sources.
• Companies like Siemens and ABB are developing advanced power quality monitoring systems that comply with new EU regulations on energy efficiency and emissions reduction.

Asia Pacific

• Rapid industrialization in countries like China and India is driving the demand for power quality equipment, with significant investments in manufacturing and infrastructure.
• Government initiatives, such as India's National Smart Grid Mission, are promoting the adoption of smart grid technologies, which include advanced power quality management systems.

Latin America

• Brazil's National Electric Energy Agency (ANEEL) has introduced regulations to improve power quality standards, which is driving the market for power quality equipment.
• Local companies are increasingly partnering with international firms to enhance their technological capabilities in power quality solutions, responding to the growing demand for reliable electricity.

North America

• The U.S. Department of Energy has introduced initiatives aimed at improving grid resilience, which is driving demand for power quality equipment, particularly in renewable energy integration.
• Key players like Schneider Electric and Eaton are investing in innovative technologies such as energy storage systems and power conditioning equipment to enhance power quality in industrial applications.

Middle East And Africa

• The UAE's Vision 2021 aims to enhance the country's energy efficiency, leading to increased demand for power quality solutions in both commercial and residential sectors.
• Companies like Schneider Electric are collaborating with local governments to implement smart grid projects that improve power quality and reliability in the region.

Did You Know?

“Approximately 80% of electrical disturbances are caused by issues within the facility rather than from the utility supply, highlighting the critical need for effective power quality equipment.” — IEEE Power Quality Working Group

Segmental Market Size

The market for power quality equipment plays a vital role in ensuring the reliability and efficiency of electrical systems, and it is currently experiencing a steady growth. In particular, the increasing use of sensitive equipment in various industries, which requires a high-quality power supply, as well as the tightening of regulatory policies aimed at reducing energy losses and improving grid stability, have bolstered demand. Furthermore, the expansion of the use of renewable energy is posing new challenges to power quality, which will also drive the market. The deployment of power quality equipment is currently in its mature phase, and the leaders in this field, such as Schneider Electric and Eaton, are implementing advanced solutions across the globe, particularly in North America and Europe. The main application areas are data centres, manufacturing facilities and renewable energy sites, where the need for UPS systems and power conditioning is critical. As a result, the market is expected to grow at a CAGR of 4.6% from 2018 to 2023. Moreover, the growing trend towards energy efficiency and the increasing emphasis on the environment by governments will boost the market. Moreover, the IoT and advanced power analytics are shaping the market’s evolution, enabling it to improve efficiency and reliability.

Future Outlook

The market for power quality equipment will grow at a strong compound annual growth rate of 5.46% from 2024 to 2032. The high growth rate is due to the increasing demand for reliable electricity in various industrial, commercial, and residential applications. As the world’s energy consumption increases, the need for advanced power quality solutions to counteract voltage dips, harmonics, and transients will increase. In the coming years, the penetration of power quality equipment in key markets will increase to about 30%, mainly due to the increasing focus on energy efficiency and the integration of new energy sources into the grid. The development of smart grids and the Internet of Things will also play a key role in shaping the future of the power quality equipment market. These technological advances will enable real-time monitoring and management of power quality, which will help companies optimize their energy use and reduce operating costs. Government initiatives to promote energy efficiency and sustainable development will also support the market’s growth. Moreover, the growing use of electric vehicles and the expansion of data centers will lead to an increased demand for power quality solutions. This will ensure that the market remains dynamic and can respond to the changing needs of the energy industry.