July 14, 2024

Power Quality Equipment Market Is Estimated To Witness High Growth Owing To Increasing Demand for Reliable Power Supply and Growing Investments in Smart Grid Systems

Market Overview:

The Power Quality Equipment market encompasses a wide range of equipment and devices that are used to ensure the delivery of high-quality, clean, and stable power to various industries and end-users. These equipment play a crucial role in minimizing disruptions, voltage sags, surges, harmonics, and other power quality issues. The increasing demand for reliable and uninterrupted power supply, especially in sectors such as manufacturing, healthcare, IT, and telecommunications, is driving the market growth. Additionally, the growing investments in smart grid systems and the increasing need for efficient power management solutions are further fuelling the demand for power quality equipment.

Market Dynamics:

The Power Quality Equipment market is driven by two main factors. Firstly, the increasing demand for reliable power supply is one of the major drivers of market growth. Industries and end-users are focusing on maintaining uninterrupted operations to minimize downtime and productivity loss. This is leading to a higher adoption of power quality equipment to ensure stable power supply and minimize disruptions. Secondly, the growing investments in smart grid systems are also propelling the market growth. Smart grids are equipped with advanced sensors, software, and communication technologies, which require high-quality power for smooth and efficient operations. This is creating a significant demand for power quality equipment in the market.

Segment Analysis:

The power quality equipment market can be segmented based on type, end-use industry, and region.

Based on type, the dominant segment in the market is the voltage stabilizers segment. Voltage stabilizers are widely used in various industries such as manufacturing, healthcare, and telecommunications to maintain a stable voltage supply and protect electronic equipment from voltage fluctuations. The increasing demand for voltage stabilizers in emerging economies, where the quality of power supply is unreliable, is driving the growth of this segment.

PEST Analysis:

  • Political: The power quality equipment market is influenced by government regulations regarding energy efficiency and the implementation of renewable energy sources. Governments worldwide are introducing policies to promote the use of clean energy and reduce carbon emissions.
  • Economic: The growing industrialization and urbanization in developing economies is driving the demand for power quality equipment. The need for reliable power supply to support industrial processes and infrastructure development is fueling market growth.
  • Social: Increasing awareness about the importance of maintaining power quality and the impact of power disruptions on businesses and individuals is driving the adoption of power quality equipment. Additionally, the rising use of sensitive electronic devices in households is also contributing to market growth.
  • Technological: The power quality equipment market is witnessing advancements in technology, particularly in the development of smart power quality equipment that can monitor and optimize power supply in real-time. The integration of IoT and AI technologies in power quality equipment is expected to enhance their performance and efficiency.

Key Takeaways:

The Global Power Quality Equipment Market Demand is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period, due to the increasing demand for reliable power supply in various industries and the implementation of government regulations promoting energy efficiency.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the power quality equipment market. The rapid industrialization and urbanization in countries like China and India, coupled with the growing focus on clean energy, are driving the demand for power quality equipment in this region.

Key players operating in the power quality equipment market include Hitachi Energy Ltd., Siemens AG, EATON Corporation plc, Emerson Electric Company, Schneider Electric SE, General Electric Company, Toshiba Corporation, Schaffner Holding AG, MTE Corporation, Active Power Inc., and others. These key players are investing in research and development activities to develop advanced power quality equipment and expand their customer base.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it