The power quality equipment market is anticipated to reach US$ 69.65 billion by 2033, up from an estimated US$ 38.04 billion in 2023, with sales expected to grow at a 6.25% CAGR throughout the forecast period.
The global power quality equipment market is witnessing substantial growth, largely driven by its increasing adoption across manufacturing and industrial sectors. This trend is fueled by ongoing advancements in transmission, distribution, and renewable integration. Moreover, the market is expanding due to the escalating demand for reliable power supply and the necessity for smart grid infrastructure to ensure consistent power quality.
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Growth Factors
The increasing demand for power-quality equipment stems from its role as electrical filters, effectively reducing or eliminating hazardous harmonics and reshaping sine waves to ensure the prolonged lifespan of electrical systems.
Manufacturers of power quality equipment offer cost-effective solutions aimed at preventing damages, premature equipment aging, production losses, data loss, unexpected shutdowns, poor performance, and capacitor bank failures. These measures ultimately save both money and energy.
Moreover, the integration of power quality equipment into power grids ensures a steady supply of reliable power, meeting the rising demand for continuous power supply and machinery, particularly in developing economies worldwide.
This trend is poised to drive further expansion of the market in the foreseeable future.
Key Players
- Toshiba Corporation
- General Electric Company
- ABB Ltd.
- Schneider Electric
- Emerson Electric Company
- Siemens AG
- Eaton Corporation Plc.
- MTE Corporation
- Active Power Inc.
- Smith’s Group plc.
Recent Developments
In May 2021, Siemens Energy secured three contracts from ESB to deploy its Static Compensator technology (SVC Plus) at three substations in South-West Ireland, enhancing grid stability.
In March 2020, Schaffner launched its Ecosine Max line of passive harmonic filters, designed to ensure compliance with standards such as IEEE-519 and other international power quality regulations.
In January 2021, Eaton acquired Tripp Lite, a leading provider of connectivity and power quality solutions, as part of its strategy to expand its portfolio of edge computing and distributed IT products, and strengthen its single-phase UPS business.
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Market Segmentation
By Type:
- Surge Arrester
- Surge protection devices
- Harmonic filters
- Power conditioning units
- Power distribution units
- Voltage regulators
- Uninterruptable power supplies
- Synchronous condensers
- Digital static transfer switches,
- Static VAR compensators
- Solid oxide fuel cells
- Isolation transformers
- Power quality meters
By Application:
- Industrial & Manufacturing
- Commercial
- Residential
- Transportation
- Utilities
By Phase:
- Single Phase
- Three Phase
By End User:
- Telecommunications
- Automotive & Industrial
- Electrical & Electronics
- Energy & Utilities
- Others
