Power Quality Equipment Market Scenario
As per the MRFR analysis, global Power Quality Equipment Market size is slated to reach USD 44.37 billion by 2025, with 6.26% CAGR from 2019 to 2025. Major factors driving the ascension of the market include the ascending demand for power across the globe, along with an upscaling need for a seamless and uninterrupted supply of energy due to proliferating digitization. Power quality equipment aids at the reduction of multiple equipment usage in a system and also supports databases with the collection, analysis, reading and storage of data with no time lags and also measures the data required for a short timeline.
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Growth Inducers and Restraints
The main factors driving the growth of the global market for power quality equipment include a rise in power demand. In addition , the global market for power quality equipment is projected to grow at a high rate during the forecast period due to the rapid growth of digitization trends in the telecommunication industry. The Digital Transformation Initiative (DTI) project launched by the World Telecommunications Economic Forum for new prospects and trends arising from the latest innovations in the telecommunications sector, facilitating the Fourth Industrial Revolution, according to the World Economic Forum 2017;. Continuous upgrading of aging grid infrastructure and rapid urbanization and industrialization would create opportunities for growth in the global market for power quality equipment. This is because industrialization leads to an increase in demand in various utilities for power quality equipment to ensure regular, uninterrupted power supply. Telecommunications companies take advantage of the sectoral boom and are re-imagining their core business systems to offer customers innovative offers. Mass digitisation in the telecommunications industry is emerging as an imperative for top success, and the new technological advances are being leveraged by telecom operators to come up with value added offers in a bid to expand their customer base and augment their market share. The high investment cost for installing power quality equipment, however, and lack of market awareness would impede market growth.
The global Power Quality Equipment Market was segmented based on product , process, end-user, and region.
The global market was segmented on the basis of equipment into uninterruptable power supply, static var compensator, power quality meters and others. Projected to dominate the market is the uninterruptible power supply segment. The the need for primary security of critical equipment from tension disruption is driving the market for continuous power supply.
The global market for power quality equipment was divided into single-phase and three-phase equipment, based on phase. The market is expected to dominate the segment in three phases. This is because it is used to accommodate higher loads in commercial and industrial facilities, and delivers power at a steady & constant rate.
The global market, based on end-users, is segmented into industrial & manufacturing, commercial , residential, transport, and utilities. In the forecast period the commercial segment is expected to rise at the fastest pace. The initiative Industry 4.0 applies to vehicles and electrical machinery to facilitate remote diagnosis, remote maintenance and remote data capture. Such initiatives have made data centers, servers and communication systems more necessary. With the growing use of electronic equipment there has been an rising demand for safety systems for these essential equipment. This drives the market for quality power equipment in the commercial segment
The global demand for power quality equipment was segmented by area into Asia-Pacific, North America, Europe , the Middle East & Africa , and South America.
Over the forecast period North America is expected to dominate the market for power quality equipment. The Region has a very old infrastructure for transmission and distribution, which creates a need for installing power quality equipment. The region 's government focuses mainly on upgrading the system to address the power loss problem during transmission and distribution.
During the forecast era, Asia Pacific is projected to account for large share of the demand for power quality equipment. The global market for power quality equipment is driven by increased requirements for electronic device protection systems, uniform power quality and continuous supply, and global quality standardization in power quality measurements.
The key players operating in the global power quality equipment market are General Electric Company (US), ABB, Ltd. (Switzerland), Schneider Electric (France), Emerson Electric Company (US), Siemens AG (Germany), Eaton Corporation, Plc (Ireland), MTE Corporation (US), Smiths Group plc. (UK), Active Power, Inc. (US), and Toshiba Corporation (Japan).
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