Power Quality Equipment Market Revenue to Cross US$ 45,131.9 million by 2028: The Insight Partners

The Insight Partners Latest Study on The power quality equipment market is expected to grow from US$ 28,499.6 million in 2021 to US$ 45,131.9 million by 2028; it is estimated to grow at a CAGR of 6.8% during 2021-2028.

The electricity consumption worldwide is increasing with the rapid growth of the manufacturing and processing sectors. The transportation, healthcare, commercial, and residential sectors are other prime contributors to the rise in electricity consumption. In Asia Pacific, elevating population, growing disposable income, and increasing digitalization are driving consumers preference toward online purchases and payments. In addition, several governments in region are promoting the growth of respective manufacturing industries. For instance, the Government of India started the "Make in India" initiative to encourage international and domestic companies to set-up their manufacturing facilities in India as well as to build the best in class manufacturing infrastructure in the country. Similarly, Chinese government introduced the "Made in China 2025" program to strengthen the country's manufacturing sector as well as to become the most attractive market in the world. The aforementioned trends are leading to surge in the adoption of related power quality equipment to ensure regulated power supply in industries, thus protecting hardware from damages caused by power fluctuations. Also, continuously growing processing industries due to the rise in demand for fast moving consumer goods are further bolstering the demand for power quality equipment market

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Telecommunications infrastructure has developed rapidly in the recent years. This new form of telecommunication infrastructure is adding more advanced telecommunication systems such as data centers, servers, and internet-related infrastructure as well as equipment to efficiently cater to voice and data transmission services. However, the modern telecommunication systems are more vulnerable to issues with power as the electronic components used for data transmission are more susceptible to sags/dips, swells, transients, and harmonics. A telecom equipment can trip on the occurrence of power fluctuations caused by abrupt increase in loads (voltage sags and swells) due to short circuits, loose connections or faults, and motors starting. Such instances lead to loss in communications and incur high cost for telecom companies, they can also lead to equipment malfunction and breakdown. Thus, to overcome this challenge, telecom companies are adopting power quality equipment to ensure a steady supply of voltage within a defined range.

Based on phase, the power quality equipment market is bifurcated into single phase and three phase. In 2020, the three phase segment accounted for a larger share in the market.

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Impact of COVID-19 Pandemic on Power Quality Equipment Market

The COVID-19 outbreak has continued its adverse effects in several countries in 2021 as well. Business shutdowns or limited business operations, and lockdowns and travel limitations have hampered the production and supply chain of power quality equipment, leading to decline in the adoption of these equipment, including uninterrupted power supply (UPS) systems, static VAR compensators, harmonic filters, power quality meters, power conditioners, and power quality analyzers. However, owing to the resumption of trading activities from the last quarter of 2020, the market players are expecting steady growth in the demand in the coming quarters. Manufacturing, commercial, metals, cement, power generation, education, entertainment, electronics, energy, aviation, and transportation are among the key industries affected by the pandemic.

Based on end user, the power quality equipment market is segmented into industrial and manufacturing, commercial, and others. In 2020, the industrial and manufacturing segment accounted for the largest market share.

Major players profiled in the study of the global power quality equipment market include Acumentrics, Emerson Electric Co., AMETEK Inc., Eaton, General Electric Company, Schneider Electric SE, Siemens AG, Toshiba Energy Systems & Solutions Corporation, Hitachi ABB Power Grids Group, and Piller Group GmbH. In addition to these players, several other essential market players have been studied and analyzed to get a holistic view of the global power equipment market and its ecosystem.

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