Power quality equipment refers to devices that are used to monitor and correct the quality and reliability of power within electrical systems. Power quality equipment helps to diagnose power anomalies like surges, spikes, voltage drops, etc. and ensures smooth flow of electricity across industrial, commercial and residential sectors by providing solutions like voltage regulators, UPS systems and stabilizers. The global power quality equipment market is estimated to witness growth owing to increasing concerns regarding power quality issues across developing nations undergoing industrialization. With rapid expansion of industries and commercial infrastructure, the demand for stable and efficient power supply has increased significantly.

The global power quality equipment Market is estimated to be valued at US$ 31.33 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The Global power quality equipment market sizeis estimated to witness high growth owing to increasing power concerns across the globe. Rapid industrialization and infrastructural expansion in developing economies has resulted in increasing demand for electricity. However, aging transmission infrastructure in these nations often leads to issues like voltage fluctuations, frequency variations, harmonics and noise that disrupts operations. This has boosted the need for efficient power quality equipment like UPS systems, voltage regulators and conditioning devices that help regulate power supply and ensure stable operations. Moreover, stringent regulations regarding energy efficiency and reduction of carbon footprint are encouraging industries and commercial facilities to adopt power quality monitoring devices and solutions to optimize energy utilization. Continuous technological advancements in power electronics are also aiding development of advanced power quality equipment with better performance.

SWOT Analysis

Strength: Power quality equipment help ensure smooth supply of electricity by regulating voltage variations and protecting equipment from power disturbances. They stabilize voltage levels through voltage regulators and provide surge protection through devices like UPS and surge protectors. The market players offer customised solutions based on specific industry and application requirements.

Weakness: Power quality equipment require high initial investments and operational costs. Their installation, commissioning and maintenance activities lead to additional expenditure. Lack of standards and regulations in some regions hamper effective power quality management.

Opportunity: Growing adoption of renewable energy sources is increasing the need for power quality monitoring devices to integrate variable output from solar and wind power plants into the grid. Advancements in digital technologies enable power quality monitoring and analysis through IoT and cloud-based solutions.

Threats: Economic slowdowns lower capital expenditure on infrastructure upgradation and industrial expansion works where power quality equipment are deployed. Trade wars and geopolitical tensions pose supply chain risks for components sourcing.

Key Takeaways

The global Power Quality Equipment market is expected to witness high growth over the forecast period driven by the expanding energy infrastructure in developing nations.

The Asia Pacific region dominates the market currently owing to large-scale grid integration projects underway in China and India involving renewable sources. Countries making high investments in renewable capacity additions will provide myriad opportunities to market players in coming years.

Key players operating in the Power Quality Equipment market are Scientech Technologies Pvt. Ltd., Tektronix, Inc., Eaton, General Electric Company, Schneider Electric SE, Emerson Electric Co., Siemens AG, ABB Ltd., Belkin International, Inc., Legrand SA. Major companies focus on product innovation and development of integrated monitoring systems to strengthen their positions. Strategic partnerships with engineering contractors increase their footprint in capital-intensive grid projects.

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