IMARC Group, a leading market research company, has recently releases report titled “Power Quality Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global power quality equipment market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Power Quality Equipment Market?
The global power quality equipment market size reached US$ 16.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
What is Power Quality Equipment?
Power quality equipment refers to a device that is widely deployed in the residential and commercial sectors for regulating, providing, and maintaining uniform energy quality. It includes harmonic filters, isolation transformers, power quality meters, and compensators. This quality equipment is further used to ensure a steady voltage supply and reduce the utility of numerous instruments in a system. In addition, it offers several benefits, including eliminating premature aging of tools, enhanced efficiency avoiding damages, and evading loss of data.
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What are the growth prospects and trends in the power quality equipment industry?
The escalating demand for this device in the industrial and manufacturing sectors, on account of the widespread adoption of renewable energy and power transmission, is among the key factors driving the power quality equipment market. Moreover, the elevating requirement for uninterrupted energy supply and the rising need for smart grid infrastructure to ensure power quality are also stimulating the market growth.
Besides this, the increasing usage of this device, owing to the escalating demand for high-capacity electricity systems in power data centers and servers, is acting as another significant growth-inducing factor. Furthermore, the growing investments in the industrial sector for developing new advanced technologies are further propelling the global market. Apart from this, the launch of various initiatives undertaken by the government bodies of numerous countries for strengthening the manufacturing sector and upgrading the existing grid systems is positively influencing the market growth.
Additionally, extensive research and development (RD) activities and the introduction of several innovative product variants are anticipated to fuel the power quality equipment market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Equipment:
- Uninterruptable Power Supply (UPS)
- Harmonic Filters
- Static VAR Compensator
- Power Quality Meters
Breakup by Phase:
- Single Phase
- Three Phase
Breakup by End User:
- Industrial and Manufacturing
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
ABB Ltd., Cordyne Inc., Cyber Power Systems (USA) Inc, Delta Electronics Inc., Eaton Corporation PLC, EMCO Limited, Fluke Corporation (Fortive Corporation), General Electric Company, Hubbell Incorporated, Kyoritsu Electrical Instruments Works Ltd., National Instruments Corporation and Siemens Aktiengesellschaft.
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