Power Quality Equipment Global Market Report 2024

Power quality equipment comprises devices designed for measuring, analyzing, and enhancing voltage to ensure the maintenance of a continuous and smooth periodic function waveform at a rated voltage and frequency. This equipment is essential for safeguarding electrical systems, preventing premature failure or malfunction of connected devices.

The primary types of power quality equipment encompass surge arresters, surge protection devices, harmonic filters, power conditioning units, power distribution units, uninterruptible power supply (UPS), synchronous condensers, voltage regulators, digital static transfer switches, static var compensators, solid oxide fuel cells, isolation transformers, power quality meters, and other related devices. Surge arresters act as protective devices, limiting voltage on equipment by discharging or bypassing surge current, thereby preventing the flow of current to the ground. They find application in single-phase and three-phase power generation and distribution systems across various industries, including industrial and manufacturing, commercial, residential, transportation, and utilities.

The power quality equipment market research report is one of a series of new reports that provides power quality equipment market statistics, including power quality equipment industry global market size, regional shares, competitors with a power quality equipment market share, detailed power quality equipment market segments, market trends and opportunities and any further data you may need to thrive in the power quality equipment industry. This power quality equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The power quality equipment market size has grown strongly in recent years. It will grow from $25.11 billion in 2023 to $26.66 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historical period can be attributed to factors such as the expansion of industrial and manufacturing sectors, the growth in the use of sensitive electronic equipment, the increased demand for stable and clean power supply, the rise in grid disturbances and voltage fluctuations, and the establishment of regulatory standards emphasizing power quality.

The power quality equipment market size is expected to see strong growth in the next few years. It will grow to $33.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to various factors, including the development of customized power quality solutions tailored for specific industries, the integration of IoT (Internet of Things) and real-time monitoring in power quality management, the emphasis on sustainable and eco-friendly power quality equipment, the expansion of renewable energy integration, and the increased use of power quality equipment in electric vehicle charging infrastructure. Major trends expected in the forecast period encompass the implementation of power quality analytics and predictive maintenance practices, a focus on regulatory compliance to enhance safety in power quality equipment, the adoption of smart and adaptive power quality solutions, the integration of energy storage for grid stabilization, and collaborative efforts between power quality and cybersecurity to ensure robust system integrity.

The substantial increase in government investments in grid modernization projects is a key driver of the power quality equipment market. Grid modernization involves upgrading the electrical grid to enhance safety, productivity, and adaptability to new technologies, diverse electricity generation and distribution methods, and the integration of renewable energy sources. Governments worldwide are investing significantly in these projects to improve energy infrastructure, ensure a more stable power supply, and address power quality issues. This surge in demand for power quality equipment, including voltage regulators, surge protectors, and uninterruptible power supplies, is essential for reducing downtime and enhancing overall grid efficiency. As an example, the Grid Deployment Office in the United States announced a $10.5 billion investment in the Grid Resilience and Innovation Partnerships (GRIP) Program, part of the Bipartisan Infrastructure Law, to enhance grid flexibility and resilience against extreme weather and climate change. Therefore, increasing government investments in grid modernization projects are expected to drive the demand for power quality equipment.

The significant rise in power demand is a major factor fueling the growth of the power quality equipment market. Power demand, representing the maximum electrical power used at a given time, is increasing globally due to heightened industrial activities and advancements in both developed and developing countries. Reports from the International Energy Agency (IEA) indicate a 5% increase in electricity demand in 2021 compared to 2020, with renewable energy sources like hydropower, wind, and solar PV expected to grow by 8% in 2021 and over 6% in 2022. This escalating demand for power necessitates an increased requirement for power quality equipment to ensure a stable and reliable power supply.

In the power quality equipment sector, major companies are strategically collaborating to meet customer demands and strengthen their market positions. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits. For instance, Deere & Company (John Deere) announced a strategic collaboration with EGO and Chervon to offer a comprehensive range of EGO's battery-powered lawn care products through John Deere dealers. This collaboration aims to combine John Deere's market presence with EGO's innovative and environmentally friendly solutions, providing customers with EGO-branded battery products through John Deere dealers.

Technological innovation is a prominent trend in the power quality equipment market, with companies focusing on developing advanced solutions to meet customer demands. For example, Fluke Corporation launched the 1770 series power quality data logger/troubleshooter, the first device built on Fluke's upcoming platform for power quality analyzers. This device offers significant improvements in operability and form factor, featuring plug-and-play functionality with automated connection verification and autocorrection for flawless setup.

In March 2021, Siemens acquired C&S Electric for INR 2,100 million ($274 million). This acquisition makes C&S Electric part of Siemens, aligning with Siemens' plans to address the rising demand for low-voltage power distribution and create an export hub for low-voltage products, distribution products, and protection and measurement. C&S Electric, based in India, specializes in manufacturing power management products used for effective power distribution.

Major companies operating in the power quality equipment market include Eaton Corporation PLC, ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Toshiba Corporation, Emerson Electric Co., Legrand SA, Honeywell International Inc., AMETEK Inc., Piller Group GmbH, Acumentrics Corporation, Leviton Manufacturing Co. Inc., MTE Corporation, Socomec India Private Limited, Infinite Electronics Inc., Hitachi ABB Power Grids Ltd., Active Power Inc., Smiths Group PLC, Powervar Inc., S&C Electric Company, Delta Electronics Inc., Mitsubishi Electric Corporation, Rockwell Automation Inc., Fuji Electric Co. Ltd., SolaHD, Eaton Corporation, Phoenix Contact GmbH & Co. KG, Panduit Corporation, Littelfuse Inc.

Asia-Pacific was the largest region in the power quality equipment market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the power quality equipment market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the power quality equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The power quality equipment market consists of sales of voltage regulators, isolation transformers, uninterruptible power supply (UPS), backup generators and surge protection devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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