Power Quality Equipment Is Estimated To Witness High Growth Owing To Rising Industrialization And Urbanization
The Power Quality Equipment is estimated to be valued at Us$ 31.33 Bn in 2023 and is expected to exhibit a CAGR Of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power quality equipment play a vital role in maintaining quality and efficient power supply for various industrial and commercial applications. They provide protection and enhance the reliability of power systems against various disturbances such as voltage fluctuations, dropouts, surges, and noise. The major products in the market include UPS systems, voltage regulators, surge protectors, and power quality meters. These are increasingly being adopted across manufacturing units, data centers, infrastructure projects, and commercial buildings to minimize downtime and operational disruptions.
Market Dynamics:
Rising industrialization and urbanization in developing regions is a key driver for the power quality equipment market. Expanding manufacturing sectors and growing construction of industrial parks, SEZs, and smart cities are driving up demand for reliable and efficient power infrastructure along with related equipment. Additionally, growing digitization and proliferation of connected devices are also augmenting market growth. Data centers, telecom networks, and commercial buildings house thousands of sensitive electronic devices that require uninterrupted high-quality power supply. This is further boosting adoption of products like UPS and voltage regulators for critical power applications.
SWOT Analysis
Strength: Power quality equipment help in maintaining power quality for smooth operations of industrial machinery and sensitive electronics equipment. They protect from voltage fluctuations, sags, surges etc. They have high demand in industries like oil & gas, mining, data centers etc. where power disruptions are costly. Major players have strong R&D capabilities to develop innovative solutions.
Weakness: High initial investment required for setting up power quality equipment. Complex technologies involve make maintenance difficult for some users. Lack of expertise in some developing regions.
Opportunity: Increasing industrialization and infrastructural development worldwide is driving demand. Growing focus on renewable energy is increasing needs for power stabilizing solutions. Power quality issues are rising due to increased use of non-linear loads necessitating these products.
Threats: Fluctuations in raw material prices affects product costs. Presence of low-cost alternatives in some applications. Changing regulatory standards pose compliance challenges. Trade wars and geopolitical issues impact global supply chains.
Key Takeaways
The Global Power Quality Equipment Market Demand is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period, due to increasing industrialization and infrastructure development worldwide. Rapid industrialization is driving the need for reliable power infrastructure to ensure continuity of operations.
Regional analysis:
Asia Pacific dominates the global market with over 35% share owing to fast industrial and economic growth in major countries like China and India. China alone accounts for over 25% of global demand. North America and Europe are other major markets driven by developed industrial and commercial sectors. Strong focus on renewable integration is also spurring opportunities.
Key players:
Key players operating in the Power Quality Equipment market are Hitachi Energy Ltd., Siemens AG, EATON Corporation plc, Emerson Electric Company, Schneider Electric SE, General Electric Company, Toshiba Corporation, Schaffner Holding AG, MTE Corporation, Active Power Inc. and Others. Major players are focusing on developing advanced digital solutions and offerings catering to renewables and microgrids to capitalize on industry trends.
Read More : https://marketinsightsminds.blogspot.com/2023/12/power-quality-equipment-for-data.html
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