Power Quality Equipment Market Share, Growth & Industry Forecast 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Power Quality Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global power quality equipment market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Power Quality Equipment Market?
The global power quality equipment market size reached US$ 16.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
Power quality equipment are devices used to protect electrical equipment and ensure a continuous flow of power supply without any disturbances. They offer, regulate and maintain uniform power quality and a steady voltage supply and minimize the utility of multiple devices in a system. Some commonly used power quality equipment are isolation transformers, harmonic filters, power quality meters, surge arresters, voltage regulators, static VAR compensators (SVC), surge protection devices, digital static transfer switches, uninterruptable power supplies, synchronous condensers, solid oxide fuel cells, and power conditioning and distribution units. They are cost-effective and help enhance efficiency, avoid damage, loss of work, and data, and save energy and money. As a result, power-quality equipment is extensively utilized in commercial, residential, transportation, and manufacturing industries across the globe.
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What are the growth prospects and trends in the power quality equipment industry?
The market is primarily driven by the expanding manufacturing and industrial sectors and the escalating demand for continuous, reliable, uninterrupted power supply and smart grid infrastructure across the globe. In addition, the increasing demand for power-quality equipment due to the surging need for high-capacity electricity systems in power data centers and servers is contributing to the market growth.
Moreover, the increasing building and construction activities and the rising product adoption in the telecommunication industry represent another major growth-inducing factor. Besides this, the market is also driven by various initiatives undertaken by the government of numerous countries to strengthen the manufacturing sector and upgrade the existing grid systems.
Furthermore, investment in research and development (R&D) activities conducted by key players, rapid industrialization, and rising urbanization are some of the other factors anticipated to create a positive market outlook in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Equipment:
- Uninterruptable Power Supply (UPS)
- Harmonic Filters
- Static VAR Compensator
- Power Quality Meters
- Others
Breakup by Phase:
- Single Phase
- Three Phase
Breakup by End User:
- Industrial and Manufacturing
- Commercial
- Others
Market 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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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