Emerging Technologies in the Power Quality Equipment Market A Comprehensive Overview

Market Analysis 

The power quality equipment market will touch USD 45.769 billion at a 6.26% CAGR between the forecast period 2023- 2032, states the recent Market Research Future (MRFR) analysis.

Power quality equipment, simply put, is an equipment that is used to regulate power and offer uniform power quality. It ensures a steady voltage supply within the defined range. 

Various factors are propelling the global market for power. According to the current MRFR report, such factors include growing demand for power and power quality meter, rise in the digitalization trend in the telecommunication sector, constant upgradation of aged grid infrastructure, rapid industrialization and urbanization, surge in protection devices and protection systems for electronic devices, network reliability issues and non-uniform power quality, increase in alternative energy programs, power quality standardization, and need for quality equipment. 

On the contrary, lack of awareness, high investment cost to install power quality equipment, and the on-going COVID-19 pandemic are factors that may deter the global power quality equipment market growth over the forecast period. 

Key Players

·         ABB Ltd. (Switzerland)

·         General Electric Company (US)

·         Schneider Electric (France)

·         Siemens AG (Germany)

·         Emerson Electric Company (US)

·         Eaton Corporation Plc (Ireland)

·         Active Power Inc. (US)

·         MTE Corporation (US)

·         Smiths Group plc. (UK)

·         Toshiba Corporation (Japan)

Market Segmentation

The MRFR report highlights an inclusive segmental analysis of the global power quality equipment market based on end user, phase, and equipment. 

By equipment, the global power quality equipment market is segmented into power quality meters, static var compensator, uninterruptable power supply, and others. Of these, the uninterruptable power supply segment will lead the market over the forecast period. The burgeoning need for primary protection of critical equipment from voltage interruption is adding to the growth of the segment. 

By phase, the power quality equipment market is segmented into three-phase and single-phase. Of these, the three-phase segment will dominate the market over the forecast period as it is used in industrial and commercial facilities for accommodating higher loads and delivers power at a constant and steady rate. 

By end user, the global power quality equipment market is segmented into utilities, transportation, residential, commercial, industrial, and manufacturing. Of these, the commercial segment will have a major share in the market over the forecast period.

Regional Analysis 

By region, the power quality equipment market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). Of these, North America will have the lions share in the market over the forecast period. The presence of very old transmission and distribution infrastructure, focus by the government to restructure the infrastructure, investments in data centres, and investments in urban infrastructure for the telecom industry are adding to the global power quality equipment market growth in the region. 

In the APAC region, the global Voltage regulation market is predicted to have healthy growth over the forecast period at a high CAGR. Move towards clean energy on a higher scale to efficiently meet the growing energy needs, increased investments to modernize infrastructure, the urbanizing population in India and China, and booming IT and Telecom and industrial manufacturing sectors are adding to the global power quality equipment market growth in the region. 

In Europe, the power quality equipment market is predicted to have favorable growth over the forecast period, and in South America and the MEA is predicted to have sound growth over the forecast period. 

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