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

According to our latest market study on "Power Quality Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Equipment, Phase, and End User," the market is expected to reach US$ 45,531.9 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.

Every industry across the globe requires a stable and uniform power supply to efficiently perform its operational functions. The developing regions face power fluctuation instances such as voltage sags/dips and swells due to abrupt increase in loads. Short circuits, loose connections, or faults can damage equipment, thereby leading to huge production and financial losses. Power quality equipment prevents such occurrences and provides a stable voltage supply. As North America is characterized by large manufacturing industries and a robust economy, it holds a significant market share for power quality equipment. APAC has enormous growth potential owing to fast-growing countries such as China, India, and Taiwan and developed nations such as Japan and Australia. Rising population, increasing disposable income, and rapid urbanization in APAC are factors propelling the demand for consumer goods. Several manufacturing industries work in tandem to meet consumer needs.

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The power quality equipment market is segmented on the bases of equipment, phase, end user, and geography. Based on equipment, the market is segmented into uninterruptable power supply (UPS), harmonic filters, static VAR compensators, power quality meters, and others. Power quality equipment are widely used in power grid systems to ensure continuous and stable power supply. Based on phase, the power quality equipment market is segmented into single phase and three phases. As per the specific requirement, power quality equipment is designed and manufactured for single phase and three phases. Based on end users, the power quality equipment market is segmented into industrial and manufacturing, commercial, and others. As per the requirement of the end user, market players manufacture power quality equipment according to respective capacity, efficiency, size, and accuracy needed for the application. One the basis of geography, the global power quality equipment market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2020, North America accounted for the largest share in the global market.

A few of the major players operating in the global power quality equipment market are 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.

North American countries experienced considerable economic loss during the first two quarters of 2020 owing to the high count of COVID-19 cases, particularly in the US. Various restrictions imposed by governments resulted in decrease in the production performance of manufacturing, construction, metal & mining, and commercial industries, which was a main cause of the economic slowdown. Power quality equipment help in supplying uninterrupted power for various applications; however, the demand for UPS decreased significantly with the drop in the number of visitors to hotels and malls. Furthermore, as educational institutes were closed, the requirement of power quality meters in laboratories decreased considerably. However, as companies began switching to work-from-home, the demand for UPS systems-specially designed and manufactured for residential purpose-raised significantly. The power quality equipment market is expected to experience steady growth in North America after the economies return to normalcy in the coming years.

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The outbreak of COVID-19 has affected the world significantly, and its adverse effects continue to shatter several countries. Considering various containment measures such as business shutdowns, lockdowns, and travel limitations, the production and supply chain of power quality equipment were affected negatively, leading to the decline in the adoption of power quality equipment such as uninterrupted power supply (UPS) system, static VAR compensator, harmonic filters, power quality meters, power conditioners, and power quality analyzers. However, as trading activities have begun picking up pace from the last quarter of 2020, the market players are expecting steady growth in the demand from end users. Major industries that are affected by the pandemic are manufacturing, commercial, metals, cement, power plants, education, entertainment, electronics, energy, aviation, and transportation.

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This release was published on openPR.