Power Quality Equipment Market Size
|2020 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Power Quality Equipment Market Analysis
The power quality equipment market was valued at USD 13.68 billion in 2020 and it is expected to reach USD 22.02 billion by 2027, registering a CAGR of 7.26% during the forecast period of 2022-2027. Despite the COVID-19 pandemic, the market did not witness any substantial decline in the demand for power quality equipment, which was likely due to the continued growth of renewable integration and transmission & distribution. Factors, such as the increasing demand for power quality in industrial and manufacturing sectors and the increase in smart grid infrastructure are likely to support the power quality equipment market growth during the forecast period. However, high costs of power quality equipment are expected to restrain the power quality equipment market during the forecast period.
- The industrial and manufacturing segment is expected to hold the largest share of the power quality equipment market, by end-user, during the forecast period.
- Integration of variable renewable energy in power grids and extensive use of non-linear equipment presents a major business opportunity for power quality equipment providers operating across the globe in the near future.
- Asia-Pacific is expected to dominate the overall power quality equipment market owing to the fast growing industries, increased adoption of renewables and frequent blackouts in non-developed countries.
Power Quality Equipment Market Trends
This section covers the major market trends shaping the Power Quality Equipment Market according to our research experts:
Industrial and Manufacturing Segment to Dominate the Market
- The industrial and manufacturing segment accounted for the major share in the power quality equipment market in 2020 and is projected to dominate the market during the forecast period. Moreover, the increasing use cases of industry 4.0 in various industrial equipment is expected to further aid the market's growth.
- The industrial sector, which includes mining, manufacturing, agriculture, and construction, accounts for a significant share of energy consumption of any end-use sector. The increasing demand for continuous and reliable power supply from these industries, especially from the manufacturing facilities, is expected to escalate the need for power quality equipment.
- Various government bodies, including those from countries like China and India, have formulated several supportive policies to further develop their industrial and manufacturing sector, which is likely to further increase the demand for power quality equipment. For instance, in India, the government has introduced initiatives like Make in India and Production linked investment to foster the growth of the manufacturing industry in the country.
- Increasing investments in the industrial and manufacturing sector and the rise in demand for uninterrupted power supply to the machines used in the industrial and manufacturing sector are expected to drive the market for power quality equipment globally.
- Further, in recent years, the food and beverage industry has witnessed significant growth. The increasing urbanized population, rising health concerns, and government schemes globally have led to the increased demand for packaged food, processed dairy products. For instance, in 2020, the Indian Government sanctioned over 134 food processing projects across different states. Out of which, there were 8 Backward and Forward Linkages, 21 Agro-Processing Clusters, 47 Cold chains, 43 Food processing units, 3 Operation Greens, and 12 Food Testing Laboratories across various states. Moreover, this is likely to create additional processing and preservation capacity of agricultural produce of 38.3 lakh MT per annum.
- Therefore, owing to the above points, industrial and manufacturing segment is expected to dominate the power quality equipment market during the forecast period.
Asia Pacific to Dominate the Market
- The Asia-Pacific region is a developing region, with frequent blackouts and unstable power supply in many countries across the region, like Malaysia, Cambodia, and the Philippines, among others. Major end-user of power quality equipment in the region include the region's rapidly-growing industrial and manufacturing sector, telecom sector, and commercial sector.
- In the Asia-Pacific region, the manufacturing sector is one of the major contributors to the economy of various countries, with China being the largest contributor to global manufacturing output. Japan, India, South Korea, and Indonesia are also a few of the major contributors from Asia-Pacific, whereas countries, like Vietnam, Malaysia, and Singapore are also expected to increase their share during the forecast period.
- Many countries in this region, such as India and South Korea are driving the manufacturing industry with various initiatives. In India, 'Make In India' and 'Production Linked Incentive (PLI)' scheme have given the manufacturing industry a substantial boost in various verticals, and according to India Brand Equity Foundation, by 2025, India's manufacturing sector has the potential to reach USD 1 trillion.
- On a similar note, in 2021, South Korea unveiled its plans to invest USD 451 billion solely into domestic semiconductor production over the next decade, which will come from a mix of tax incentives, government support packages and corporate investment pledges.
- Vietnam, in September 2020, issued its New National Industrial Policy, Resolution No. 23-NQ/TW, which outlines country's plan to increase the share of industrial sector in their GDP to more than 40% by 2030, out of which, manufacturing and processing industries will account for around 30% and the manufacturing industry solely will account for approximately 20%.
- Favorable government policies and increasing investment in the power sector in the region are expected to drive the power quality equipment in the region during the forecast period. Also, electricity demand has been increasing significantly in the region in recent years, fueled by increasing population and urbanization, which is also expected to create significant demand for power quality equipment in the region.
Power Quality Equipment Industry Overview
The power quality equipment market is moderately fragmented. Some of the key players in this market include Hitachi ABB Power Grids Ltd, Siemens AG, EATON Corporation Plc, Emerson Electric Company, and Schneider Electric SE.
Power Quality Equipment Market Leaders
EATON Corporation Plc
Emerson Electric Company
Schneider Electric SE
Hitachi ABB Power Grids Ltd
*Disclaimer: Major Players sorted in no particular order
Power Quality Equipment Market News
- In May 2021, Siemens Energy was awarded three contracts from ESB to provide its Static Compensator technology (SVC Plus) to manage grid stability at three substations in South-West Ireland.
- In March 2020, the Schaffner group launched the Ecosine Max series of passive harmonic filters. These harmonic filters provide compliance with IEEE-519 and other international power quality standards.
Power Quality Equipment Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Uninterruptable Power Supply (UPS)
5.1.2 Harmonic Filters
5.1.3 Static VAR Compensator
5.1.4 Power Quality Meters
5.1.5 Other Equipment Types
5.2.1 Single Phase
5.2.2 Three Phase
5.3.1 Industrial and Manufacturing
5.3.3 Others End-Users
5.4.1 North America
5.4.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Hitachi ABB Power Grids Ltd
6.3.2 Siemens AG
6.3.3 EATON Corporation Plc
6.3.4 Emerson Electric Company
6.3.5 Schneider Electric SE
6.3.6 General electric Company
6.3.7 Toshiba Corporation
6.3.9 MTE Corporation
6.3.10 Active Power, Inc
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Power Quality Equipment Market Research FAQs
What is the current Power Quality Equipment Market size?
The Power Quality Equipment Market is projected to register a CAGR of 7.26% during the forecast period (2024-2029)
Who are the key players in Power Quality Equipment Market?
Siemens AG, EATON Corporation Plc, Emerson Electric Company , Schneider Electric SE and Hitachi ABB Power Grids Ltd are the major companies operating in the Power Quality Equipment Market.
Which is the fastest growing region in Power Quality Equipment Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Power Quality Equipment Market?
In 2024, the Asia-Pacific accounts for the largest market share in Power Quality Equipment Market.
What years does this Power Quality Equipment Market cover?
The report covers the Power Quality Equipment Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Power Quality Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Power Quality Equipment Industry Report
Statistics for the 2024 Power Quality Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Power Quality Equipment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.