Global Power Quality Equipment Market Size to Reach US$ 24.7 Billion by 2028 | IMARC Group

IMARC Group's report titled "Power Quality Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The global power quality equipment market size reached US$ 16.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/power-quality-equipment-market/requestsample

Factors Affecting the Growth of the Power Quality Equipment Industry:
• Increasing Power Quality Concerns:

Businesses and industries rely heavily on sensitive electronic equipment due to rapid digitization across the globe. Power quality issues, such as voltage fluctuations, harmonic distortions, and momentary interruptions, can disrupt operations and cause costly damage to equipment. This has led to heightened awareness and concerns regarding power quality. To mitigate risks and ensure uninterrupted operations, organizations invest in power quality equipment like voltage stabilizers and surge protectors, making it a crucial driver in the market as there has been a rise in demand for reliable and clean power.

• Implementation of Stringent Regulatory Standards:

Governments and industry regulators worldwide are imposing strict standards to ensure consistent and high-quality power supply. These standards are particularly critical for industries where even minor power disruptions can have severe consequences, such as healthcare and data centers. Compliance with these regulations often requires the installation of power quality equipment like uninterruptible power supplies (UPS) and harmonic filters. This regulatory drive fuels market growth, emphasizes the significance of maintaining stable power supplies, and promotes the development of innovative power quality solutions to meet ever-evolving standards and ensure uninterrupted and reliable power delivery to critical sectors.

• Rising Demand for Renewable Energy Integration:

As the world transitions to cleaner and more sustainable energy sources, such as solar and wind power, the intermittent nature of these sources poses challenges to power quality. Fluctuations in energy generation can affect grid stability and power quality. Power quality equipment, including grid-tied inverters and energy storage systems, plays a vital role in stabilizing and improving the quality of electricity from renewables. With the global push toward renewable energy, the demand for power quality solutions to seamlessly integrate these sources into the grid is a major driving force in the market, ensuring the reliability and effectiveness of clean energy adoption.

Leading Companies Operating in the Global Power Quality Equipment Industry:
• ABB Ltd.
• Cordyne Inc.
• Cyber Power Systems (USA) Inc
• Delta Electronics Inc.
• Eaton Corporation PLC
• EMCO Limited
• Fluke Corporation (Fortive Corporation)
• General Electric Company
• Hubbell Incorporated
• Kyoritsu Electrical Instruments Works Ltd.
• National Instruments Corporation
• Siemens Aktiengesellschaft.

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=4953&flag=C

Power Quality Equipment Market Report Segmentation:

By Equipment:

• Uninterruptable Power Supply (UPS)
• Harmonic Filters
• Static VAR Compensator
• Power Quality Meters
• Others

Uninterruptible power supply represented the leading segment due to its essential role in providing continuous power during outages, preventing data loss, equipment damage, and ensuring uninterrupted operations.

By Phase:

• Single Phase
• Three Phase

Three phase accounted for the largest market share owing to its suitability for industrial and commercial applications, where power quality is critical.

By End User:

• Industrial and Manufacturing
• Commercial
• Others

Industrial and manufacturing held the majority of the market share on account of their heavy reliance on stable power supplies to maintain uninterrupted production processes, protect sensitive equipment, and adhere to stringent quality standards.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific's dominance in the power quality equipment market is attributed to rapid industrialization, increased data center investments, and growing demand for reliable power in emerging economies.

Global Power Quality Equipment Market Trends:

The global power quality equipment market is primarily driven by the rising concerns regarding power quality owing to the increasing digitalization and reliance on sensitive electronic equipment across industries. Voltage sags, harmonics, and other power disturbances can disrupt operations, causing equipment damage and data loss, necessitating the adoption of power quality solutions like uninterruptible power supplies (UPS) and voltage stabilizers.

Apart from this, stringent regulatory standards mandate consistent and high-quality power supply, especially critical for industries such as healthcare and data centers. Compliance with these standards requires the installation of power quality equipment, thus fostering market growth. Furthermore, the shift toward energy efficiency and reliability has accelerated the adoption of power quality solutions, making them indispensable for businesses and industries seeking uninterrupted and high-quality power supply, thus supporting market growth.

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