Power Quality Equipment Market by Equipment (UPS, Harmonic Filters, Surge Protection Devices, Voltage Regulators, Static VAR compensators, Others), by Phase (Single Phase, Three Phase), by End User (Residential, Commercial, Industrial), and by Region (Europe, North America, Middle East, Asia Pacific, Africa, and Latin America)- Size, Outlook, Share, and Opportunity Analysis, 2023 – 2030.
The global Power Quality Equipment Market is estimated to be valued at US$ 38.04 Billion in 2023 and is expected to exhibit a CAGR of 6.25 % over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power quality equipment is utilized in power grids to assuring a constant flow of stable power. The power flow in networks should be under particular voltage and frequency limits. It must have a fresh sinusoidal waveform. These devices consist of infrared detectors, oscilloscopes, ammeters, voltmeters, multimeters, flicker meters, electrostatic voltmeters, radio-frequency interference, and electromagnetic interference meters, harmonic and spectrum analyzers, power quality screens, and several kinds of wiring and grounding testers.
Competitive Landscape:
Key players involved in the growth of Global Power Quality Equipment Market are MTE Meter Test Equipment AG, Piller Power Systems, Legrand, Honeywell International Inc., Leviton Manufacturing Co., EATON CORPORATION PLC, AMETEK Inc, General Electric, Emerson Electric Co, ABB Ltd.
Market Key Drivers:
The rising urbanization, and increasing health concerns are expected to boost the growth of the global Power Quality Equipment Market. For instance, in 2020, the Indian Government approved around 134 food processing projects in various states.
Rising innovation and developments are projected to drive the growth of the global Power Quality Equipment Market. For instance, in May 2021, Siemens Energy was awarded three agreements from ESB to offer its Static Compensator technology to control grid permanency at three substations in South-West Ireland.
Covid-19 Impact Analysis:
The COVID-19 outbreak has negatively affected the growth of the global Power Quality Equipment Market as several industries were shut down in countries across the globe. In the year 2022 worldwide, an upsurge has been seen in the growth rate of the sectors such as construction & building, conveyance, oil & gas, and energy sectors. This has further enhanced the necessity for electricity, which, further, has exhibited the positive development of the power quality equipment market in the future.
Key Takeaways:
The Global Power Quality Equipment Market is expected to exhibit a CAGR of 6.25% during the forecast period due to rising approvals and launches. For instance, In March 2020, the Schaffner group announced the launch of the Ecosine Max series of passive harmonic filters. These harmonic filters offer acquiescence with IEEE-519 and other international power quality standards.
Among regions North America, Asia Pacific, and Europe are anticipated witness robust growth in the global Power Quality Equipment Market due to the rising collaborations and partnerships, increasing product approval and launches, increasing construction, rising official rules, and increasing investment. For instance, as per IBEF, by 2025, India’s Production sector has the strength to reach US$ 1 trillion.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn