Power Quality Equipment Industry – Overview
Equipment used for the regulation of power and the provision of uniform power quality is referred to as power quality equipment. Power quality equipment aids in the assurance of a steady supply of voltage within the predefined range. Power quality is addressed on the basis of several parameters. Standard parameters like current, flicker, voltage dips, harmonics, power, voltage, as well as transients, are all handled by the power quality management equipment. These equipment can be used to handle many disturbances. 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.
As per Market Research Future (MRFR), the Power Quality Equipment Industry is estimated to reach a market valuation of USD 44.37 billion by the end of 2025. To reach this valuation, the global power quality equipment market is also estimated to register a lucrative CAGR of 6.26% from 2019-2025. 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 Industry Segmentation
The power quality equipment industry has been studied for several segments to attain detailed and accurate market analysis. Such segmentation is conducted by equipment, phase, end-user, and region. Based on equipment, the global power quality equipment market is segmented into static var compensator, uninterruptable power supply, and power quality meters. The uninterruptable power supply segment is estimated to hold the foremost share of the market. Attributable factors include the ascending demand for primary protection of critical equipment from voltage interruption and disruption, aiding uninterrupted power supply.
By phase, the global power quality equipment market has been segmented into single-phase and three-phase. The three-phase segment is anticipated to hold a dominant share of the market, owing to the use of three-phase power quality equipment in commercial and industrial facilities to accommodate higher loads.
By end-user, the global power quality equipment market is segmented into commercial, residential, industrial & manufacturing, transportation, and utilities. Among these, the commercial segment is bound to create the largest amount of demand for power quality equipment, during the forecast period, attaining the fastest CAGR. Application of the Industry 4.0 initiative in the vehicles and electrical machinery is likely to facilitate remote diagnostics, remote data capture, and remote maintenance. These initiatives are bound to create a need for new data centers, communication systems, and servers, hence, supplementing market growth for power quality equipment.
Regional Analysis
The global power quality equipment industry is segmented into the regions of North America, Asia Pacific, the Middle East & Africa, Latin America, and Europe.
North America is likely to have a dominant hold on the market share during the review period. North America has an old transmission and distribution infrastructure, which has created a need for the installation of new power quality equipment. This factor is likely to create new growth prospects for market vendors in the region.
Key Players
Some distinguished players profiled in the report for the power quality equipment market include ABB, Ltd. (Switzerland), General Electric Company (US), Schneider Electric (France), Siemens AG (Germany), Emerson Electric Company (US), Eaton Corporation, Plc (Ireland), Active Power, Inc. (US), MTE Corporation (US), Smiths Group plc (U.K.), and Toshiba Corporation (Japan).
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