by Power quality equipment are devices designed to protect sensitive electrical equipment from events such as spikes, surges, sag, and noise that can occur due to faults, on/off of heavy loads or lightning. They help maintain consistent voltage levels and stabilize fluctuations in power supplies to equipment. With rapid industrialization and rising global population, the demand for electricity has increased substantially over the past few decades. As per estimates, global electricity consumption is expected to increase by over 50% between 2018 and 2050. This rise in consumption has put pressure on existing power infrastructure and distribution networks. Frequent voltage fluctuations and irregularities in power supplies can damage industrial equipment and impact productivity. Hence, there is a growing need amongst commercial and industrial consumers for reliable power quality equipment such as uninterruptable power supplies, surge protection devices, voltage regulators, and power conditioners to safeguard their facilities and operations from power anomalies.
The global Power Quality Equipment Market is estimated to be valued at US$ 31.33 Bn 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 key trends:
One of the key trends driving the Global power quality equipment market size is the increasing deployment of smart grids. Smart grids utilize two-way digital communication technologies to detect and react to local changes in usage. They help improve the efficiency, reliability and sustainability of the electricity delivery network. Advanced power quality monitoring devices are playing a pivotal role in enabling the functionalities of smart grids by providing real-time connectivity and analytics capabilities. Their implementation allows power suppliers as well as large industrial facilities to more effectively manage electricity generation, transmission and distribution in response to fluctuation in supply and demand. This is expected to fuel the adoption of advanced power quality solutions in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the capital requirement is moderate to high and the established players are market leaders with strong brand recognition.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established players providing similar solutions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for manufacturing are available with multiple suppliers.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitute products for power quality equipment.
Competitive rivalry: The competitive rivalry is high amongst the established players in the market.
Key Takeaways
The global Power Quality Equipment market is expected to witness high growth. The market witnessed significant growth during the historical period due to rising demand from manufacturing, residential, commercial and transportation sectors across the globe.
Regional analysis – North America dominates the global Power Quality Equipment market due to growing industrialization and presence of key manufacturers in the region. Asia Pacific is expected to witness the fastest growth during the forecast period owing to rapid urbanization, industrialization and infrastructure development activities in developing economies such as China and India.
Key players – Key players operating in the Power Quality Equipment market are Scientech Technologies Pvt. Ltd., Tektronix Inc., General Electric, Schneider Electric, Eaton, Siemens, Emerson Electric Co., MTE Corporation, ABB, Legrand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
