Power Quality Equipment Market Anticipated to Reach $46.1 billion by 2026 | ABB, Siemens, Eaton, Schneider Electric, General Electric

According to the new market research report, the power quality equipment market size will grow to USD 46.1 billion by 2026 (forecast year) from USD 32.4 billion in 2021 (estimated year), at a CAGR of 7.3% during the forecast period.

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Reducing overall carbon footprint from electrical devices by improving power quality and maximizing financial costs and energy savings are the key factors driving the growth of the power quality equipment market. The worldwide increase in adoption of smart grid technologies and the integration variable renewable energy with power grids are expected to offer profitable opportunities for the power quality equipment market during the forecast period.

Key Market Players:
Some of the key players are Siemens (Germany), ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), and General Electric (US). The leading players are adopting various strategies to increase their share in the power quality equipment market.

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Asia Pacific likely to emerge as the fastest growing power quality equipment market by region, during the forecast period.

In this report, the power quality equipment market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, China, Japan, India, and the Rest of Asia Pacific (South Korea, Australia, Thailand, Vietnam, and Malaysia). The market in Asia Pacific is dominated by China and India. The surging demand for electricity and the growing requirement to increase renewable power generation capacity encourage utilities in these countries to invest in transmission and distribution infrastructures. Asia Pacific is expected to invest USD 9.8 billion in developing smart grid infrastructures from 2018 to 2027. In addition, the development of smart grids in countries such as China, Japan, South Korea, and India is supported by regulations that either encourage or mandate their development. The market in China is projected to grow at the highest CAGR from 2021 to 2026.

This research report categorizes the power quality equipment market based on equipment, phase, end-user and region
Based on Equipment:

Surge arresters
Surge protection devices
Harmonic filters
Power conditioning units
Power distribution units
Uninterruptable power supplies
Synchronous condensers
voltage regulators
Digital static transfer switches,
Static VAR compensators
Solid oxide fuel cells
Isolation transformers
Power quality meters

Based on Phase:

Single Phase
Three Phase

Based on End User:

Residential
Commercial
Industrial and manufacturing
Utilities
Transportation

Based on the region:

North America
Asia Pacific
South America
Europe
Middle East & Africa

The three phase segment, by phase, is expected to be the largest market from 2021 to 2026.

The report segments the power quality equipment segment, by phase, is segmented into single phase and three phase. The three phase segment is projected to lead the power quality equipment market from 2020 to 2026. Three-phase power quality equipment are used in utilities, along with industrial and transportation sectors since three phase is commonly used by consumers globally.

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The industrial and manufacturing segment, by end-user, is expected to be the fastest-growing market from 2021 to 2026.

Based on end user, the power quality equipment market has been segmented into industrial and manufacturing, commercial, utilities, transportation, and residential. The industrial and manufacturing segment is projected to hold the largest market size of the market from 2021 to 2026. The growth of this segment is driven by rise in demand for uninterrupted power supply to machines used in manufacturing and process industries as any interruption or breakdown can result in significant losses due to the loss of production time. Utilities are the key consumer of power quality equipment owing to the fact that the sheer size of electrical networks operated by utilities is larger than the industrial and transportation electric infrastructures.

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This release was published on openPR.