Power Factor Correction Devices Market Assessment and Key Insights Analyzed Till 2027

Power factor correction devices are also known as power saver devices. It is connected to the mains of the electrical system for improving the power factor measurement taken using an electricity meter. Power factor correction devices measure how efficiently power is consumed. However, the utility bill based on real power is not affected by power factor correction devices, but it is useful for industrial users where the power charges are based on PFC rather than real power.

Future Market Insights (FMI)’s upcoming research study on the global Power Factor Correction Devices market lays bare undercurrents and opportunities for key market stakeholders.

The report provides in-depth insights on the Power Factor Correction Devices market through a detailed analysis of key growth drivers, restraints, trends, challenges, and revenue growth based on historical data. Valuable information and forecast statistics covered in the Power Factor Correction Devices market report will help to exist and potential new market players to craft long-term strategies as well as maintain business continuity during a crisis.

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COVID-19 Impact Analysis

As with many industries, the recent outbreak of the COVID-19 has adversely affected the industrial automation & equipment industry. The Power Factor Correction Devices market is no exception. Following government’s measures, particularly social distancing norms and shelter-in-place orders, companies active in the Power Factor Correction Devices market have put their production on a halt. Additionally, movement restrictions have created a logistical nightmare for market players, while the lack of ‘essential’ status caused a decline in sales.

The FMI’s report covers an exclusive chapter on the initial COVID-19 impact on the Power Factor Correction Devices market. This allows both incumbent companies and new entrants to understand the market scenario during a crisis and helps them make sound decisions to gain a distinct competitive edge.

Power Factor Correction Devices Market: Market Dynamics

Robust growth in HVAC systems across the world and increasing awareness among people to save electricity by connecting power factor correction devices to the electrical system lead to a substantial increase in demand for power factor correction devices. Also, the implementation of energy-efficiency norms and standards for the development of public lighting and power system is expected to bolster the demand for power factor correction devices over the forecast period.

There are also certain risks associated with the installation of power factor correction devices. When power factor correction devices are connected to the system, they set up a parallel resonance circuit between their capacitors and the system network inductance. Sometimes, the wave components that are close to the parallel resonance are magnified and can cause serious problems such as excessive voltage distortion, insulation breakdown within motors, transformers, and conductors, and overvoltage tripping of drives. These risks can act as restraints to the power factor correction devices market. The presence of alternatives such as vacuum contactors can also hinder the growth of the power factor correction devices market. Whereas, the growing tendency among people to save electricity by connecting power factor correction devices covers up these restraints to an extent.

Power Factor Correction Devices Market: Regional Outlook

The Asia Pacific holds the major share of the global power factor correction devices market, followed by North America and Europe. The Asia Pacific accounts for a significant share due to the substantial growth in electricity-consuming sectors in this region. Rapid urbanization and industrialization in many major countries in the region such as China and India are also expected to boost the market growth over the forecast period.

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Power Factor Correction Devices Market: Segmentation

To analyze the Power Factor Correction Devices market effectively and efficiently, the information has been segregated into key segments and sub-segments.

Segmentation of power factor correction devices market can be done on the basis of end-use as follows;

Automotive industries Consumer electronics Medical and healthcare industries Mining industries Electric Power industry.

Segmentation of power factor correction devices market can be done on the basis of application as follows;

Distributed power factor correction device Group power factor correction device Centralized power factor correction device Combined power factor correction device Automatic power factor correction device

Power Factor Correction Devices Market: Competition Analysis

The FMI’s study presents an extensive analysis of global, regional, and country-level players operating in the Power Factor Correction Devices market based on their innovative launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Power Factor Correction Devices market report.

Key players covered in the report include:

Siemens AG ABB Toshiba Corporation Schneider Electric Mitsubishi Electric Corporation LARSEN & TOUBRO LIMITED Eaton Cgglobal

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Crucial Questions Answered in the Report

Which end-use industry remains the top consumer of Power Factor Correction Devices in different regional markets? At what rate has the global Power Factor Correction Devices market been expanding during the forecast period? How will the global Power Factor Correction Devices market look like by the end of the forecast period? What innovative technologies are the Power Factor Correction Devices market players adopting to stay ahead of the pack? What are the restraints affecting the growth of the global Power Factor Correction Devices market?

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