Power Quality Equipment Market is expected to reach US$ 45,131.9 million by 2028

Growing Adoption of Renewable Energy Sources to Provide Growth Opportunities to Power Quality Equipment Market during 2021-2028

The power quality equipment market is projected to reach US$ 45,131.9 million by 2028 from US$ 28,499.6 million in 2021; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028. In the wake of global warming, due to surge in carbon pollution due to burning of fossil fuels, coal, and natural gas, the demand for renewable energy sources is increasing gradually. The growing focus on renewable energy projects is anticipated to boost the demand for power quality equipment to measure the quality of the power generated in distribution substations. The growing preference for renewable energy over the conventional energy sources can be attributed to factors such as zero or low carbon emissions, reduced air and water pollution levels, and economical electricity production.

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Moreover, many governments across the world are providing financial incentives for adopting renewable energy projects. For instance, the US government is providing Renewable Electricity Production Tax Credit (PTC), Investment Tax Credit (ITC), the Residential Energy Credit for those investing in renewable energy, as well as using it in the residential sector. Also, the US Department of Energy (DOE) and the US Department of the Interior offer a loan program and provide financial subsidies for the installation equipment running on renewable energy. Thus, the flourishing renewable energy infrastructure is boosting the adoption of power quality equipment at distribution substations, subsequently creating growth opportunities for the growth of the power quality equipment market players.

Company Profiles:
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
Piller Group GmbH

The players operating in the power quality equipment market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In June 2021, Eaton completed the acquisition of 50% stakes in Jiangsu YiNeng Electric's Busway business in China. This agreement would help Eaton in expanding its power distribution portfolio in the APAC market.

In May 2021, Acumentrics introduced SmartPDU, a new power distribution system that offers an unprecedented combination of convenience, flexibility, secure control, and system data, which ensures the optimal operation of shipboard electronic systems, along enabling them to accommodate changes and upgrades.

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The global power quality equipment market has been segmented as mentioned below:

By Equipment:
Uninterruptable Power Supply (UPS)
Harmonic Filters
Static VAR Compensators
Power Quality Meters
Others

By Phase:
Single Phase
Three Phase

By End Users:
Industrial and Manufacturing
Commercial
Others

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.

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This release was published on openPR.