The global Power Quality Equipment Market is estimated to be valued at US$ 29.74 Bn in 2022 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power quality equipment refers to a wide range of devices and systems that help in maintaining the quality of electrical power supply. These equipment are used to regulate voltage fluctuations, reduce line losses, prevent power disruptions, and eliminate harmonics and electrical noise. The increasing demand for reliable power supply in various industries, commercial buildings, and residential sectors is driving the growth of the power quality equipment market. These equipment provide protection against power surges, voltage sags, and blackouts, ensuring uninterrupted operations and preventing damage to sensitive electrical equipment. Moreover, the growing need to comply with government regulations and standards pertaining to power quality is further propelling the adoption of power quality equipment.
Market key trends:
One key trend in the power quality equipment market is the increasing integration of advanced analytics and IoT in power quality monitoring systems. With the growing complexity of power systems and the rising need for real-time monitoring and control, the integration of advanced analytics and IoT capabilities in power quality equipment is becoming essential. These technologies enable the collection and analysis of vast amounts of data related to power quality parameters such as voltage, current, frequency, and harmonics. By leveraging these insights, users can identify and rectify power quality issues in a timely manner, leading to improved power reliability and reduced downtime. Moreover, the IoT-enabled power quality monitoring systems allow remote monitoring and diagnostics, reducing the need for manual intervention and improving operational efficiency.
PEST Analysis:
· Political: The political landscape can have a significant impact on the power quality equipment market. Government policies and regulations, such as energy efficiency standards and emissions targets, can drive the demand for power quality solutions. Additionally, political stability and government support for renewable energy sources can encourage the adoption of power quality equipment.
· Economic: The economic factors that affect the power quality equipment market include GDP growth, disposable income, and industrial output. Growing industrialization and urbanization in emerging economies can lead to increased power demand and the need for reliable power quality solutions. Economic growth and rising energy consumption are expected to drive the market in the forecast period.
· Social: Increasing awareness of environmental issues and the need for sustainable energy solutions are significant social factors affecting the power quality equipment market. Consumers are becoming more conscious of energy efficiency and the impact of power quality on the performance of their electronic devices. Changing lifestyles and the increasing use of electronic devices also contribute to the demand for power quality equipment.
· Technological: Advancements in technology play a crucial role in the power quality equipment market. Technological innovations, such as smart grid solutions and digital power quality analyzers, improve the efficiency and effectiveness of power quality equipment. The integration of Internet of Things (IoT) and artificial intelligence (AI) in power quality devices also enhances their functionality and monitoring capabilities.
Key Takeaways:
The Global Power Quality Equipment Market Size is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period (2023-2030). This growth can be attributed to increasing industrialization, urbanization, and energy consumption. The market size for 2022 was estimated at US$ 29.74 billion.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the power quality equipment market. Rapid industrialization, infrastructure development, and urban expansion in countries like China and India contribute to the high demand for power quality solutions in the region.
Key players operating in the power quality equipment market include Hitachi Energy Ltd., Siemens AG, EATON Corporation plc, Emerson Electric Company, Schneider Electric SE, General Electric Company, Toshiba Corporation, Schaffner Holding AG, MTE Corporation, Active Power Inc., and others. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and gain a competitive edge.
