Press release
Power Quality Equipment Market to Hit USD 61.65 Billion by 2034, Growing at 6.2% CAGR
The global power quality equipment market was valued at USD 33.86 billion in 2024. It is forecasted to grow to USD 61.65 billion by 2034, with a CAGR of 6.2% during the forecast period 2025-2034.
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Market Explanation
Power quality refers to how well the electricity supplied to electrical equipment meets the desired characteristics. It is a critical aspect of electrical power distribution and consumption, encompassing a wide range of factors that affect the performance, reliability, and safety of electrical equipment. Most electrical and electronic devices in offices, industries, and homes require high-quality power to function properly.
Various electronic devices operate within specific voltage ranges, and fluctuations can lead to equipment malfunction and power quality issues. For example, low voltages can cause reduced productivity and damage to equipment, while high voltages can result in overheating and even equipment failure.
Driving Factors
Surge in Grid Modernization Initiatives: Worldwide governments are undertaking notable initiatives to update their electrical grids, and this is a major influential driver. These modernization endeavours target to improve gird dependability, enhance productivity, and ease the integration of green energy sources. In the US, the standard age of transformers is over 40 years, escalating the probability of failures and the requirement for contemporary replacements involving power quality equipment. This, in turn, boosts the power quality equipment market demand.
Growing Adoption of Green Sources: The growing adoption of green sources, such as solar and wind power, is a key driver for the market growth. While these clean energy sources are important for achieving sustainability objectives their amalgamation in prevailing power gird causes distinct provocations connected to power quality. As per the research paper titled "Impact Of Renewable Energy Integration on Power Quality- Challenges and Solutions" issued in the International Journal of Innovative Research in Engineering and Management in August 2024, the green energy systems that use power electronics such as inverters introduce harmonic distortions into the power system.
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Key Contenders
Leading market contenders are funding massively in research and development so as to augment their product lines, which will assist the market to grow even more. Major companies are noted below:
ABB Ltd.
Delta Electronics, Inc.
Eaton Corporation plc
Emerson Electric Co.
General Electric Company
Legrand
Mitsubishi Electric Corporation
Schneider Electric SE
Siemens AG
Toshiba Corporation
Industry Developments:
In December 2024, ABB India announced a strategic agreement to acquire the power electronics division of Gamesa Electric, a subsidiary of Siemens Gamesa based in Spain. This acquisition is intended to bolster ABB's capabilities in high-powered renewable power conversion technologies, reinforcing its position in the expanding renewable energy market.
In September 2024, Siemens revealed its plan to acquire Trayer Engineering Corporation, a California-based company known for its expertise in designing and manufacturing medium-voltage secondary distribution switchgear. Trayer's products, tailored for both outdoor and underground applications, will enhance Siemens' portfolio and strengthen its presence in the power distribution segment.
Market Segmentation
The power quality equipment market segmentation is done on the basis of equipment, phase, end use, and region.
Based on equipment, the uninterruptable power supply (UPS) category currently holds a significant share of the overall market, owing to the crucial role of UPS systems in ensuring business continuity over several systems.
Based on phase, the three phase segment presently accounts for the largest share in the market owing to extensive usage of three-phase power systems covering prominent industrial and commercial applications.
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Regional Overview:
Industry reports indicate that the power quality equipment market exhibits a strong global footprint, with varying levels of maturity and growth potential across regions. North America and Europe remain key markets, bolstered by well-developed industrial infrastructures and stringent regulatory standards governing power quality and energy efficiency. In contrast, the Asia Pacific region has become a major growth hub, fueled by rapid industrialization, urban expansion, and significant investments in modernizing energy infrastructure.
Meanwhile, Latin America and the Middle East & Africa are emerging as promising markets, driven by ongoing industrial development and urbanization efforts, though they currently operate from a smaller base relative to other regions. Regional market dynamics are largely influenced by factors such as economic progress, technological adoption, infrastructure upgrades, and the pace of industrial growth.
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