The power quality equipment market size is projected to reach US$ 55.02 billion by 2031 from US$ 32.51 billion in 2023. The market is expected to register a CAGR of 6.8% during 2023–2031. Technological innovation is likely to remain a key trend in the market.
The global electricity demand is rising due to the rapid growth of the processing and manufacturing industries. The increase in electricity usage is also being driven by the transportation, healthcare, business, and residential industries. The rise in population, higher disposable income, and increasing digitalization in the Asia Pacific are causing consumers to increasingly favor buying and paying online.
Various governments in the area are encouraging the development of their manufacturing sectors. As an example, the Indian government launched the "Make in India" program to promote both national and international companies to establish their manufacturing plants in India and enhance the manufacturing infrastructure in the nation. In the same manner, the Chinese government implemented the "Made in China 2025" plan to enhance the nation's manufacturing industry and position itself as the top market globally. The mentioned trends are causing an increase in the use of power-quality equipment to maintain a stable power supply in industries, ultimately safeguarding hardware from power fluctuation-related damages. Additionally, the increasing demand for power quality equipment market is being strengthened by the continual growth of processing industries driven by the increased need for fast-moving consumer goods.
Telecommunications infrastructure has rapidly evolved in recent years. This modern telecommunication infrastructure includes upgraded systems like data centers, servers, and internet-related infrastructure, along with equipment to efficiently provide voice and data transmission services. Nevertheless, contemporary communication systems face increased susceptibility to power issues due to the electronic components used for data transmission being more prone to sags/dips, swells, transients, and harmonics. A telecommunications device may be disrupted by power fluctuations resulting from sudden increases in loads, such as voltage sags and swells, which are caused by short circuits, loose connections, faults, and the starting of motors. These scenarios result in communication disruptions and financial losses for telecom companies, as well as potential equipment malfunctions and failures. To address this obstacle, telecom companies are implementing power-quality devices to maintain a consistent voltage supply within a specified range.
The successful integration of renewable energy relies significantly on maintaining high power quality. A key challenge in this context is the occurrence of voltage and frequency fluctuations resulting from the unpredictable nature of renewable energy sources. The use of power electronic devices in renewable energy generation also contributes to power quality issues, including the generation of harmonics. As a result, there is an optimistic outlook for the expansion of the power quality equipment market, as it plays a vital role in preventing electrical equipment from malfunctioning due to load imbalances. Moreover, the food and beverage industry has seen substantial growth in recent years. Factors such as increasing health concerns, urbanization, and global governmental initiatives have driven the growing popularity of both packaged food and dairy products.
Key segments that contributed to the derivation of the power quality equipment market analysis are equipment, phase, and end-users.
The geographic scope of the power quality equipment market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
In the Asia-Pacific area, the manufacturing industry is crucial in boosting the economies of many countries, with China being the main contributor to worldwide manufacturing production. Japan, India, South Korea, and Indonesia are also significant contributors to the region. At the same time, Vietnam, Malaysia, and Singapore are projected to increase their market presence in this industry in the coming years. This highlights the variety of manufacturing activities in the Asia-Pacific region, influencing the need for power-quality equipment.
The regional trends and factors influencing the Power Quality Equipment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Power Quality Equipment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 32.51 Billion |
| Market Size by 2031 | US$ 55.02 Billion |
| Global CAGR (2023 - 2031) | 6.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Equipment
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Power Quality Equipment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Power Quality Equipment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The power quality equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the power quality equipment market are listed below:
(Source: Eaton, Press Release, March 2021)
The “Power Quality Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The growing need for reliable power supply in the telecommunications industry and the increase in smart grid infrastructure are driving the market.
Technological innovation is a key trend in the market.
Acumentrics, Emerson Electric Co., AMETEK Inc., Eaton, General Electric Company, Schneider Electric SE, Siemens AG, Toshiba Energy Systems & Solutions Corporation, Hitachi ABB Power Grids Group, and Piller Group GmbH are major players in the market.
The market is expected to reach a value of US$ 55.02 billion by 2031.
The market is anticipated to record a CAGR of 6.8% during 2023–2031.