Press release
Power Quality Equipment Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Power Quality Equipment Market
The escalation of governmental investment in updating the electrical grid is significantly propelling the growth of the power quality equipment market. The project to modernize the grid aims to make it safer, more efficient, and compatible with new technologies, new electricity generation and distribution styles, and the integration of renewable energy sources. As nations push to upgrade their energy frameworks and promote a more steady and consistent power supply, the necessity for power quality equipment like voltage regulators, surge protectors, and uninterrupted power supplies has exploded. These financial commitments are instrumental for managing power quality problems, reducing service interruptions, and enhancing grid efficiency, thus crucially contributing to the growth of the power quality equipment market. For example, in October 2023, the Grid Deployment Office in the US - an agency striving to ensure universal electricity provision by preserving and investing in crucial generation services - made a $10.5 billion investment in the Grid Resilience and Innovation Partnerships (GRIP) Program. This initiative forms part of the Bipartisan Infrastructure Law, aiming to enhance grid flexibility and boost the power system's resilience against the escalating dangers of severe weather and climate changes. Therefore, the upswing in government investments for modernizing the grid is set to drive an increased demand for power quality equipment.
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What is the projected compound annual growth rate (CAGR) of the power quality equipment market from 2025 to 2034, and what factors influence it?
The market for power quality equipment has seen substantial growth lately. It is projected to rise from $26.2 billion in 2024 to $27.61 billion in 2025, with a compound annual growth rate (CAGR) of 5.4%. Factors contributing to the growth during the historic period include the expanding industrial and manufacturing sectors, the increasing demand for stable and clean power supply, a rise in electronic equipment sensitivity, as well as an increase in grid disturbances and voltage fluctuations and regulatory standards for power quality.
Expectations indicate a substantial rise in the power quality equipment market size in the impending years. It is projected to reach $34.65 billion in 2029, increasing at a compound annual growth rate (CAGR) of 5.8%. The forecast period's growth can be attributed to bespoke power quality solutions tailored to specific industries, the integration of IoT and real-time monitoring, sustainable and eco-friendly power quality equipment, and expansion in the renewable energy integration sector. The market growth also owes to its utility in electric vehicle charging infrastructure. Several trends are expected during the forecast period, such as power quality analytics and predictive maintenance, regulatory compliance for safety in power quality equipment, intelligent and adaptive power quality solutions, integration of energy storage for grid stabilization, and cooperation between power quality and cybersecurity.
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How are the latest trends influencing the growth of the power quality equipment market?
To bolster their market standing and meet consumer needs, leading firms in the power quality equipment industry are centered around strategic collaboration. Strategic partnerships are processes where companies mutually leverage their capabilities and resources for shared benefits and success. For instance, Deere & Company (John Deere), an American manufacturer of robust and powerful turf equipment, declared a strategic alliance in June 2023 with EGO, a US firm specialized in battery-powered outdoor equipment, and Chervon, a Chinese power tool and outdoor equipment company. This partnership aims to offer a whole line of EGO's battery-operated lawn care products via John Deere dealers, merging John Deere's market visibility with EGO's groundbreaking, eco-friendly solutions. Under this alliance, customers can buy EGO-branded battery items from John Deere dealers, thereby contributing to the growth of the power electronics sector. As part of this arrangement, these brands will offer EGO battery-powered lawn care solutions to homes.
What are the major segments of the power quality equipment market and their role in driving growth?
The power quality equipment market covered in this report is segmented -
1) By Equipment: Surge Arresters, Surge Protection Devices, Harmonic Filters, Power Conditioning Units, Power Distribution Unit, Uninterruptable Power Supply, Synchronous Condenser, Voltage Regulator, Digital Static Transfer Switch, Static VAR Compensator, Solid Oxide Fuel Cells, Isolation Transformers, Power Quality Meters, Other Equipment
2) By Phase: Single Phase, Three Phase
3) By Application: Industrial & Manufacturing, Commercial, Residential, Transportation, Utilities
Subsegments:
1) By Surge Arresters: Station Class Surge Arresters, Distribution Class Surge Arresters
2) By Surge Protection Devices: Type 1 Surge Protection Devices (SPDs), Type 2 SPDs, Type 3 SPDs
3) By Harmonic Filters: Active Harmonic Filters, Passive Harmonic Filters
4) By Power Conditioning Units: Voltage Regulators, Frequency Converters
5) By Power Distribution Unit (PDU): Basic PDUs, Metered PDUs, Switched PDUs
6) By Uninterruptable Power Supply (UPS): Online UPS, Offline UPS, Line Interactive UPS
7 By Synchronous Condenser: Fixed-Speed Synchronous Condensers, Variable-Speed Synchronous Condensers
8) By Voltage Regulator: Automatic Voltage Regulators (AVR), Ferroresonant Voltage Regulators
9) By Digital Static Transfer Switch (STS): Single-Phase STS, Three-Phase STS
10) By Other Equipment: Voltage Stabilizers, Capacitor Banks, Reactive Power Compensators
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Which regions are key players in the growth of the power quality equipment market?
Asia-Pacific was the largest region in the power quality equipment market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the power quality equipment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the key firms paving the way for growth in the power quality equipment market?
Major companies operating in the power quality equipment market include Eaton Corporation plc, ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Toshiba Corporation, Emerson Electric Co., Legrand SA, Honeywell International Inc., AMETEK Inc., Piller Group GmbH, Acumentrics Corporation, Leviton Manufacturing Co. Inc., MTE Corporation, Socomec India Private Limited, Infinite Electronics Inc., Hitachi ABB Power Grids Ltd., Active Power Inc., Smiths Group plc, Powervar Inc., S&C Electric Company, Delta Electronics Inc., Mitsubishi Electric Corporation, Rockwell Automation Inc., Fuji Electric Co. Ltd., SolaHD, Eaton Corporation, Phoenix Contact GmbH & Co. KG, Panduit Corporation, Littelfuse Inc.
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What Is Covered In The Power Quality Equipment Global Market Report?
•Market Size Forecast: Examine the power quality equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the power quality equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the power quality equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the power quality equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the power quality equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the power quality equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the power quality equipment market.
•Competitive Landscape: Review strategic developments in the power quality equipment market, including expansions, agreements, and new product launches.
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