The power quality equipment market is projected to reach a valuation of USD 41.1 billion in 2024 and USD 73.7 billion by 2034, with anticipated sales growth at a CAGR of 6% during the forecast period.
A significant factor driving the growth of the manufacturing sector is the increasing demand for a continuous power supply for equipment used in process and manufacturing industries. Interruptions or faults in power supply can lead to substantial losses due to downtime in manufacturing operations.
The widespread adoption of power quality equipment in industrial and manufacturing sectors, fueled by ongoing expansions in transmission, distribution, and renewable energy integration, is propelling the global market forward.
The costs associated with power quality issues and their remedies can vary significantly based on the type of problem, equipment rating, and electromechanical performance characteristics. Using power quality equipment is essential to minimize downtime costs, eliminate inefficiencies, and protect valuable equipment from damage caused by power disruptions.
Poor power quality is expected to adversely affect industrial and manufacturing processes throughout the forecast period. Different industrial processes have unique power quality requirements, making it crucial for end users to address cost-sensitive components, such as equipment failure, downtime, product quality, and cleanup costs.
Additionally, technologies that enhance power quality have promising growth potential due to their role in load balancing, which helps prevent electrical equipment from tripping. The food and beverage industry, in particular, has seen significant growth in recent years, further contributing to the demand for power quality solutions.
Key Takeaway
- Due to the increasing digitalization of the broadcast communications industry, the United States is anticipated to dominate the global market for power quality equipment.
- One of the main end-users of power quality equipment in Europe is the fast-growing industrial and manufacturing sector, followed by the telecom industry and the commercial sector.
- The industrial and manufacturing segment is predicted to have the largest market size between 2023 and 2033.
- With a CAGR of 4.5% from 2023 to 2033, the telecoms sector is predicted to grow at the highest rate in the global market for power quality equipment.
- From 2023 to 2033, Asia Pacific is expected to invest US$ 9.8 Bn in building smart framework foundations.
- From 2023 to 2033, the market for power quality equipment in China is anticipated to expand at a CAGR of 8.5%.
- From 2023 to 2033, it is predicted that Asia Pacific will invest US$ 10.7 Bn in the construction of smart grid systems.
- In 2021, the three-phase segment held the highest revenue share 74%.
Competition Outlook:
- To tackle power quality issues, manufacturers are developing multi-functional power quality and energy storage solutions to improve electricity quality and transmission. Increasing energy consumption in developed nations is creating opportunities for local manufacturers, while supportive regulations and rising investments in the power sector are driving innovation.
Key Players Operating in the Industry:
- ABB Ltd
- Schneider Electric
- Mitsubishi Electric Corporation
- Emerson Electric Co.
- Toshiba Corporation
- General Electric
- Siemens Energy AG
- Honeywell International Inc.
- Hitachi Energy Ltd
- Eaton Corporation PLC
- Nidec Industrial Solutions
- AMETEK Inc.
- Hubbell Incorporated
- Rockwell Automation
- Delta Electronics, Inc.
- Cordyne, Inc.
- Fuji Electric
- Unipower AB
- Bloom Energy
Power Quality Equipment Market Segmentation Analysis:
By Equipment Type:
- Dynamic Voltage Restorers (DVR)
- Capacitor Banks
- Inductive Reactors
- Surge Protection Devices
- Harmonic Filters
- Power Conditioning Units
- Power Distribution Units
- Voltage Regulators
- Digital Static Transfer Switches
- Static VAR Compensators
- Solid Oxide Fuel Cells
- Isolation Transformers
- Power Quality Meters
By Phase:
- Single phase
- Three phase
By Application:
- Residential
- Commercial
- Industrial and manufacturing
- Transportation and utilities
By End-use:
- Telecommunications
- Automotive and industrial
- Electrical and electronics
- Energy and utilities
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East and Africa
- Oceania
Report Preview: https://www.futuremarketinsights.com/reports/power-quality-equipment-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
