According to the latest report by IMARC Group, titled "Power Quality Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global power quality equipment market reached a value of US$ 16.5 Billion in 2022. Power quality equipment refers to a device that is generally used for protecting electrical appliances by mitigating and eliminating the source of disturbances. Additionally, it is utilized for regulating and maintaining uniform power quality. It is widely used in power grids that aid in the continuous flow of stable power. As a result, it helps in preventing uncertain halts in the production processes, poor performance and capacitor failures due to sudden damages and malfunctioning of equipment. Along with this, it also supports a database for storing and analyzing data collection without any delay in the stipulated time.
Global Power Quality Equipment Market Trends:
The global market is primarily driven by significant growth in the telecommunication sector, coupled with various technological advancements in the telecommunication infrastructure. Along with this, the rising investments by private and public firms to upgrade the existing internet infrastructures due to the increasing need for high-speed internet connectivity and rapid digitization across developing economies are providing a boost to the demand for power quality equipment. Furthermore, the escalating demand for high-capacity and efficient electricity supply systems for servers and data centers is creating a positive market outlook. Other factors, including rapid industrialization and urbanization, augmenting power consumption, construction of physical data centers across multiple countries, continuous improvements in grid networks, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth across the globe. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 24.7 Billion by 2028, exhibiting a CAGR of
6.4% during 2023-2028.
- On the basis of the equipment, the market has been segmented into uninterruptable power supply (UPS), harmonic filters, static VAR compensator, power quality meters and others.
- Based on the phase, the market has been bifurcated into single and three phases.
- On the basis of the end-user, the market has been segregated into industrial and manufacturing, commercial, and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include ABB Ltd., Cordyne Inc., Cyber Power Systems (USA) Inc, Delta Electronics Inc., Eaton Corporation PLC, EMCO Limited, Fluke Corporation (Fortive Corporation), General Electric Company, Hubbell Incorporated, Kyoritsu Electrical Instruments Works Ltd., National Instruments Corporation and Siemens Aktiengesellschaft.
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