The power supply system can only control the quality of the voltage; it has no control over the currents that particular loads might draw. Therefore, the standards in the power quality are related to maintaining the supply voltage within certain limits. In order to regulate, provide, and maintain consistent power quality, power quality equipment is widely used in the residential and commercial sectors. In addition, it is used to maintain a constant voltage supply and minimize the need for various devices in a system. Power quality equipment has several advantages, including preventing early ageing of equipment, improving efficiency, preventing damages, and preventing data loss. In addition, harmonic filters, isolation transformers, power quality meters, and compensators are some of the most often utilized pieces of power quality equipment.
Rise in demand for cleaner and alternative forms of energy due to rapid urbanization and industrialization is expected to drive the growth of the market during the forecast period. In addition, the development and upgradation of existing grid infrastructure across North America, and Asia-Pacific is anticipated to fuel the growth of the market during the analyzed time frame. However, rise in cost of raw materials used in the production of power quality equipment is projected to hamper the growth of the market in the coming years. On the contrary, rise in investment in manufacturing and processing sectors, the rapid growth of the renewable energy sector, and others are anticipated to create opportunity for key players operating in the power quality equipment market globally.
For the purpose of analysis, the global power quality equipment market is segmented into equipment, phase, end user, and region. The study highlights various power quality equipment available in the market such as UPS, harmonic filters, surge protection devices, voltage regulators, and static VAR compensators. On the basis of phase, the report includes revenue generated through three phase and single phase. The key end users of power quality equipment are residential, commercial, and industrial. Moreover, it analyzes the current market trends of power quality equipment across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
Key players operating in the global power quality equipment market are ABB, Ltd., Ametek Inc., Acumentrics, Inc., Eaton Corporation, Emerson Electric Co. General Electric, Honeywell International Inc, Infinite Electronics International, Inc., Legrand, Leviton Manufacturing Co., Inc., MTE Meter Test Equipment AG, Piller Power Systems, Schneider Electric, Smiths Group plc., and Toshiba Corporation.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the power quality equipment market analysis from 2021 to 2031 to identify the prevailing power quality equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the power quality equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global power quality equipment market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By End User
- Residential
- Commercial
- Industrial
By Equipment
- Harmonic Filters
- Surge Protection Devices
- Voltage Regulators
- Static VAR compensators
- Others
- UPS
By Phase
- Single Phase
- Three Phase
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- ABB Ltd
- AMETEK Inc
- EATON CORPORATION PLC
- Emerson Electric Co
- General Electric
- Honeywell International Inc.
- Legrand
- Leviton Manufacturing Co.
- MTE Meter Test Equipment AG
- Piller Power Systems
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Table of Contents
Executive Summary
According to the report, titled, “Power Quality Equipment Market," the power quality equipment market size was valued at $28.5 billion in 2021, and is estimated to reach $49.6 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.Power quality equipment is a device, which is extensively deployed in the residential and commercial sector for regulating, providing, and maintaining uniform power quality. It is further utilized to ensure a steady voltage supply and reduce the utility of multiple devices in a system. Power quality equipment offers various benefits, such as eliminating premature aging of equipment, enhanced efficiency avoiding damages, and avoiding loss of data. In addition to this, some of the most commonly used power quality equipment include harmonic filters, isolation transformers, power quality meters and compensators.
Significant development of end-user such as industrial, commercial, and residential is fueling the growth of the power quality equipment market, owing to a rise in demand for power quality equipment to operate the machineries & equipment in industries, and is thereby expected to drive the growth of the power quality equipment market during the forecast period. In addition, increase in demand for power quality equipment for grid stabilization applications from electric utilities such as power generation plants, transmission, distribution, industries and other utilities in developing economies, is driving the growth of the market, globally. However, availability of alternatives such as solid oxide fuel cells, isolation transformers and high cost associated with power quality equipment are expected to be the key factors hampering the growth of the global power quality equipment market in the upcoming years.
Depending on equipment, the UPS segment garnered the highest power quality equipment market share of about 37.9% in 2021, and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for electricity compensation from electric utilities such as transmission system, power plants, and other industrial applications. In addition, these supplies provide stable and reliable power to critical safety-related loads such as emergency lights and medical equipment, reduce or avoid production losses, minimize or eliminate production damage, avoid product or facility damages, and reduce or avoid electricity-using equipment damages, which are anticipated to fuel the global power quality equipment market growth in the coming years.
On the basis of phase, the three-phase segment acquired the largest share in 2021, in terms of revenue, and is expected to maintain its dominance during the forecast period. This is because it is used in commercial and industrial facilities to accommodate higher loads, and it delivers power at a steady & constant rate.
On the basis of end user, the industrial segment held the largest share in 2021, in terms of revenue, and is expected to maintain its dominance during the forecast period. Moreover, the growth of this segment is driven by a rise in demand for uninterrupted power supply to machines used in manufacturing and process industries, as any interruption or breakdown can result in significant losses, due to loss of production time. Utilities are key consumers of power quality equipment, owing to the fact that sheer size of electrical networks operated by utilities is larger than the industrial and transportation electric infrastructures. This is further anticipated to drive the demand for power quality equipment in upcoming years.
On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2021, and is anticipated to maintain this dominance in the power quality equipment market trend during the forecast period. This is attributed to presence of key players and a huge consumer base in the region. In addition, rapid expansion of the renewable energy sector, rise in investment toward building & construction of modern grid infrastructure, and increase in R&D efforts in the region are further anticipated to fuel the power quality equipment market growth in the upcoming years.
The global power quality equipment market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include ABB, Ltd., Andritz, Eaton Corporation Plc, Fuji Electric, General Electric, Ideal Electric Power Co., Mitsubishi Electric Corporation, Siemens Energy, Voith GmbH & Co. KGaA, and WEG Group.
Other players operating in the power quality equipment market forecast are Toshiba Corporation, Brush Group, Sustainable Power Systems, Inc., Power Systems & Controls, Inc., Ansaldo Energia, and Modern Power Systems.
Impact of COVID-19 outbreak on the market
The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Owing to the lockdown imposed, globally, decrease has been witnessed in the growth rate of the industries such as construction & building, transportation, oil & gas, and energy sectors. This has further declined the need for electricity, which, in turn, has hampered the growth of the power quality equipment market in the next one and two years. In Europe, economies such as Germany, France, Spain, and Italy are following stringent measures such as attaining social distance and limiting movements to prevent the spread of coronavirus.
Furthermore, halt in construction of new electric grid utility infrastructures, renewable power plants, grid network, and other power plants due to the lack of workers and increase in demand-supply gaps, is projected to hamper the market growth in the pandemic period. Thus, all these factors collectively were expected to result in sluggish growth of the global power quality equipment market in 2020.
The outbreak of COVID-19 has negatively impacted various industries and countries across the globe.In the year 2022 globally, increase has been witnessed.in the growth rate of the industries such as construction & building, transportation, oil & gas, and energy sectors. This has further increase the need for electricity, which, in turn, has shown the positive growth of the power quality equipment market in the coming years
Key Findings
By equipment, the UPS segment held the highest power quality equipment market share of about 37.9% in 2021, and is expected to maintain its dominance during the forecast period.By end user, in 2021, the industrial segment accounted for 57.08% market share, and is anticipated to grow at a rate of 6.0% in terms of revenue.
By phase, in 2021, the three-phase power quality equipment segment accounted for 75.39% market share, and is anticipated to grow at a rate of 6.1% in terms of revenue.
By region, in 2021, Asia-Pacific dominated the global power quality equipment market with 43% of the share, in terms of revenue.
Companies Mentioned
- Abb Ltd
- Ametek Inc
- Eaton Corporation plc,
- Emerson Electric Co
- General Electric
- Honeywell International Inc.
- Legrand
- Leviton Manufacturing Co.
- Mte Meter Test Equipment AG
- Piller Power Systems
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 298 |
Published | August 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 28.5 billion |
Forecasted Market Value ( USD | $ 49.6 billion |
Compound Annual Growth Rate | 5.7% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |