Power Quality Equipment Market Is Estimated To Witness High Growth Owing To Increasing Demand for Reliable Power Supply
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| Power Quality Equipment Market |
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.
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