Power Quality Equipment Market

Power Quality Equipment Market Size:

The global power quality equipment market size reached US$ 17.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 29.0 Billion by 2032, exhibiting a growth rate (CAGR) of 5.6% during 2024-2032. The market is growing steadily, driven by rising demand for uninterrupted power, rising industrial automation, and renewable energy integration, technological advancements and strategic partnerships to improve efficiency and market presence.

Power Quality Equipment Market Analysis:

• Major Market Drivers: The increasing need for reliable power quality equipment in industries to prevent operational disruption and financial losses is driving the market expansion. Furthermore, the development of automated manufacturing systems and the integration of renewable energy sources into the power grid are favoring the market growth.
• Key Market Trends: Innovation in power quality equipment, such as smart grids and advanced monitoring systems, which enhance efficiency and reliability, is one of the key trends. Aside from that, the growing emphasis on reducing energy losses and improving efficiency is strengthening the market share.
• Geographical Trends: Asia Pacific is leading this sector as a result of rapid industrialization, urbanization, and robust economic growth. Other regions are also expanding as a result of infrastructure development and growing use of advanced energy solutions.
• Competitive Landscape: Some of the major market players in the power quality equipment industry 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, Siemens Aktiengesellschaft., among many others.
• Challenges and Opportunities: The power quality equipment market research report highlights various challenges, including the intermittent nature of renewable energy sources and the high upfront costs of adopting sophisticated power quality technology. However, ongoing research and technology breakthroughs present enormous potential opportunities.
   

Power Quality Equipment Market Trends:

Increasing Demand for Uninterrupted Power Supply

The modern industrial and commercial landscape is relying heavily on continuous and reliable power to maintain productivity and operational efficiency, which is driving the power quality equipment market growth. Manufacturing, healthcare, information technology (IT), and telecommunications industries all have strict requirements for uninterrupted power supplies. A brief power outage can halt production lines, resulting in severe financial losses and delays. Furthermore, healthcare institutions rely on consistent power to keep life-saving equipment operational and vital systems such as patient monitoring devices and diagnostic gear running. Aside from that, the IT and telecommunications industries demand consistent electricity to run data centres, servers, and communication networks.

Rising Industrial Automation

Modern industries are increasingly adopting automation technologies to enhance productivity, precision, and efficiency. Robotic arms, computer numerical control (CNC) machines, and automated assembly lines all require reliable power to function effectively. Power disturbances such as voltage fluctuations, harmonics, and transient interruptions can all have a substantial impact on the performance and longevity of this sophisticated equipment. Furthermore, automated systems usually feature complex control systems and sensors that are highly sensitive to power quality problems. Any disruption in the power supply might result in malfunctions, production failures, and costly downtime. As a result, there is an increasing demand for power quality equipment that can address these concerns while also ensuring the smooth running of automated systems.

Expansion of Renewable Energy Sources

The global shift towards renewable energy sources, such as solar and wind power, is another key factor contributing to the power quality equipment market growth. According to the International Energy Agency (IEA), the world is on course to add more renewable capacity in the next 5 years than all that has been built in last 100 years. Around 3700 GW of new renewable capacity will come online between 2023 and 2028. Renewable energy integration into the power grid introduces variability and intermittency in power supply, as these sources are inherently dependent on environmental conditions. Solar power generation fluctuates with changes in sunlight intensity, while wind power varies with wind speed. These fluctuations can lead to power quality issues such as voltage sags, swells, and frequency variations, which can disrupt the stability of the power grid and affect sensitive electrical equipment. To address these challenges, power quality equipment plays a crucial role in managing and stabilizing power from renewable sources.

Power Quality Equipment Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on equipment, phase, and end user.

Breakup by Equipment:

• Uninterruptable Power Supply (UPS)
• Harmonic Filters
• Static VAR Compensator
• Power Quality Meters
• Others
   

Uninterruptable power supply (UPS) accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the equipment. This includes uninterruptable power supply (UPS), harmonic filters, static VAR compensator, power quality meters, and others. According to the report, uninterruptable power supply (UPS) represented the largest segment.

Based on the latest power quality equipment market analysis, uninterruptible power supply (UPS) systems dominate the market because they play a key role in providing uninterrupted power delivery during outages or disruption. UPS systems are critical in industries where even brief power outages can result in substantial disruptions, data loss, or equipment damage. They supply immediate backup power from batteries, bridging the gap until generators start or normal power is restored. This is especially important in data centers, hospitals, and manufacturing plants, where reliable power is critical for operations and safety. Furthermore, as various businesses become more reliant on digital and automated systems, there is a greater requirement for reliable power backup solutions.

Breakup by Phase:

• Single Phase
• Three Phase
   

Three phase holds the largest share of the industry

A detailed breakup and analysis of the market based on the phase have also been provided in the report. This includes single phase and three phase. According to the report, three phase accounted for the largest market share.

Three-phase power systems hold the majority of the market share due to their superior efficiency and capability to handle higher power loads compared to single-phase systems. In industrial and commercial settings, where large machinery and equipment require substantial power, three-phase systems are preferred for their ability to deliver more power with less energy loss. These systems distribute electrical load more evenly, reducing the risk of overloads and increasing the longevity and reliability of the equipment. Additionally, three-phase power systems are integral to the operation of critical infrastructure, such as data centers, manufacturing plants, and large commercial buildings, where consistent and robust power supply is essential.

Breakup by End User:

• Industrial and Manufacturing
• Commercial
• Others
   

Industrial and manufacturing represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the end user. This includes industrial and manufacturing, commercial, and others. According to the report, industrial and manufacturing represented the largest segment.

The industrial and manufacturing sectors are leading the segment, owing to their high demand for reliable and stable power to maintain continuous and efficient operations. These sectors are heavily reliant on sophisticated machinery and automated systems, which are highly sensitive to power disturbances such as voltage sags, surges, and harmonics. Any interruption or inconsistency in power supply can lead to significant production losses, equipment damage, and increased operational costs. As a result, power quality equipment like uninterruptible power supplies (UPS), voltage regulators, and harmonic filters are critical in these environments to ensure smooth and uninterrupted operations.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest power quality equipment market share

The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, Asia Pacific represents the largest regional market for power quality equipment.

Asia Pacific is the dominant region in the market due to its rapid industrialization, urbanization, and significant economic growth. Countries in the region are experiencing substantial industrial expansion, increasing the demand for reliable and efficient power solutions. Additionally, the rise in manufacturing activities, driven by both domestic and international investments, necessitates high-quality power infrastructure to support continuous and stable operations. Besides this, the region's increasing focus on renewable energy integration, particularly solar and wind, which introduces variability in power supply, is further driving the need for advanced power quality equipment.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the power quality equipment industry 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.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Leading players, as mentioned in the latest power quality equipment market research report, are focusing on innovation, strategic partnerships, and geographic expansion to strengthen their market positions. Additionally, companies are investing heavily in research to introduce advanced products that offer higher efficiency, reliability, and integration with modern digital infrastructure. They are also enhancing their product portfolios with smart and connected power quality solutions, enabling real-time monitoring and management of power systems. Additionally, major players are expanding their presence in emerging markets, where rapid industrialization and urbanization is driving the demand for robust power quality equipment.

Power Quality Equipment Market News:

• In January 2024: CyberPower announced that it is expanding its Smart App Sinewave UPS Series to include Lithium-Iron models. These next-generation systems will offer all the advantages of Smart App Sinewave UPS systems but with less maintenance and a longer product lifecycle.
• In May 2024: Eaton acquired Exertherm, a UK-based privately owned company that provided thermal monitoring solutions for electrical equipment.

Power Quality Equipment Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the power quality equipment market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global power quality equipment market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the power quality equipment industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.