Power quality equipment are the equipment which are used for power regulation and provide uniform power quality. It helps to ensure a steady supply of voltage within a defined range. The global power quality equipment market was studied by Market Research Future (MRFR). Through the study, it was ascertained that the market will garner a projected CAGR of 5.5% during the forecast period between 2017 and 2023.
The growth of the Power quality equipment market is driven by the increasing trends of digitization across the globe. The loss associated with the power transmission is encouraging the market for adoption of power quality equipment with the objective of prevention of loss majorly in terms of productivity.
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The major driver for the growth of the power quality equipment market in the rapid increase in the trends for digitization in the telecommunication industry. The increase in the demand for power is also leading to the increase in the use of power quality equipment. The increase in demand for protection systems in the electronic devices, the increase in the adoption of alternative sources of energy and the standardization of power quality are some of the factors contributing to the growth of the power quality equipment market.
The other driver for the growth and adoption of the power quality equipment in the emerging need for maintaining the efficiency of power distribution channels. However, the growth of the market is expected to be hindered by the high cost of power quality equipment.
Power Quality Equipment Global Market – Segmentation
The scope of global power quality equipment market is segmented into three major segments which are explained below:
- Static VAR Compensator
- Power Quality Meters
- Single Phase
- Three Phase
- Energy and Utilities
The power quality meter market consists of numerous global, local, and regional vendors. Several regional vendors offer high-quality products at lower prices than the global vendors. The existing vendors will try to gain more market shares by expanding their product portfolio and introducing innovative products. Owing to technological advancements, the competitive environment among the players in the power quality equipment market will intensify in the coming years.
The global power quality equipment market comprises a number of key players. Some of the most prominent and emerging players were noted down by MRFR in its report. This includes names like Eaton Corporation, PLC (Republic of Ireland), ABB, Ltd. (Switzerland), Active Power, Inc. (U.S.), MTE Corporation (U.S.), Emerson Electric Co. (U.S.), Schneider Electric SE (France), Toshiba Corporation (Japan), General Electric (U.S.), Siemens AG (Germany), Smiths Group plc. (U.K.) and others.
The global power quality equipment market is regionally analyzed and covers the following five geographical territories: Middle East & Africa, Europe, North America, South America, and the Asia Pacific.
The North American region is projected to hold the dominating portion in the global power quality equipment market over the forecast period. The region is slated to grow in the coming years due to a number of key factors. The presence of the US is one of the key drivers, as the nation significantly contributes to the overall growth of the market. The nation is investing majorly in various protection systems in order to promote urbanized infrastructure development. The region has an age-old T&D infrastructure owing to which the region is much more prone to power outages.
The region has a very old transmission and distribution infrastructure which is generating huge demand for the installation of power quality equipment. The government in the region is majorly focusing on the restructuring of the infrastructure for overcoming the issue of the loss of electricity during transmission and distribution. Huge investments for the development of urban infrastructure especially for telecom industry is further expected to drive the growth of the power quality equipment market.
According to a calculation, approximately 6% of the total generated electricity is lost usually during the distribution and transmission phase from the grid over to the consumer. The US government, in particular, is laying its focus on restructuring grid in order to tackle this issue. It has been reported that multi-billion-dollar investments in data centers and urban infrastructure for the telecommunications industry have opened the power quality equipment market demand.
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