Power Quality Equipment Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

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.

Power Quality Equipment Market Analysis

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.

Power Quality Equipment Market Overview

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.

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Power Quality Equipment Market: Strategic Insights

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Power Quality Equipment Market Drivers and Opportunities

Growing Need for Reliable Power Supply in The Telecommunications Industry to Drive Growth of the Market

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.

Incorporation of Renewable Energy Resources into The Power Grid

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.

Power Quality Equipment Market Report Segmentation Analysis

Key segments that contributed to the derivation of the power quality equipment market analysis are equipment, phase, and end-users.

• Based on equipment, the market is segmented into uninterruptable power supply (UPS), harmonic filters, static VAR compensators, power quality meters, and others. The uninterruptable power supply (UPS) segment held a significant market share in 2023.
• In terms of phase, the market is bifurcated into a single phase and a three phase. The single-phase segment held a substantial share of the market in 2023.
• Based on end-users, the market is segmented into industrial and manufacturing, commercial, and others. The industrial and manufacturing segment held a significant market share in 2023.

Power Quality Equipment Market Share Analysis by Geography

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.

Power Quality Equipment Market Regional Insights

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.

Power Quality Equipment Market Report Scope

Power Quality Equipment Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Acumentrics
2. Emerson Electric Co.
3. AMETEK Inc.
4. Eaton
5. General Electric Company
6. Schneider Electric SE

Disclaimer: The companies listed above are not ranked in any particular order.

Power Quality Equipment Market News and Recent Developments

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:

• Power management company Eaton (NYSE: ETN) today announced it has completed the acquisition of Tripp Lite. Headquartered in Chicago, Illinois, Tripp Lite is a leading supplier of power quality products and connectivity solutions, including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets in the Americas.

(Source: Eaton, Press Release, March 2021)

Power Quality Equipment Market Report Coverage and Deliverables

The “Power Quality Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Power quality equipment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Power quality equipment market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Power quality equipment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the power quality equipment market
• Detailed company profiles