Power Quality Equipment Market Forecast (2024-2031)
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.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Power Quality Equipment Market: Strategic Insights
Market Size Value in US$ 28,499.6 Million in 2021 Market Size Value by US$ 45,131.9 Million by 2028 Growth rate CAGR of 6.8% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Power Quality Equipment Market: Strategic Insights
| Market Size Value in | US$ 28,499.6 Million in 2021 |
| Market Size Value by | US$ 45,131.9 Million by 2028 |
| Growth rate | CAGR of 6.8% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Equipment ; Phase ; End-Users , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For