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Power Quality Equipment Global Market Report 2022

Power Quality Equipment Global Market Report 2022

  • August 2022
  • 175 pages
  • ID: 6316139
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the power quality equipment market are Eaton, ABB, Siemens, Schneider Electric, General Electric, Toshiba, Emerson, Legrand, Leviton Manufacturing, MTE, Honeywell, AMETEK Powervar, Piller Power Systems Acumentrics, and Socomec Group.

The global power quality equipment market is expected to grow from $22.10 billion in 2021 to $23.53 billion in 2022 at a compound annual growth rate (CAGR) of 6.48%. The power quality equipment market is expected to reach $31.81 billion in 2026 at a CAGR of 7.83%.

The power quality equipment market consists of sales of power quality equipment by entities (organizations, sole traders, and partnerships) that are devices used for measuring, analyzing, and improvement of voltage to help maintain a continuous wave and also a smooth periodic function waveform of a rated voltage and frequency. Power quality equipment is a vital device/system used to protect electrical equipment from failing prematurely or malfunctioning.

The main types of power quality equipment include surge arresters, surge protection devices, harmonic filters, power conditioning units, power distribution units, uninterruptable power supply, synchronous condensers, voltage regulator, digital static transfer switch, static var compensator, solid oxide fuel cells, isolation transformers, power quality meters, and others.The surge arresters refer to a protective device that limits the voltage on equipment by discharging or bypassing surge current.

This is used to prevent the flow of current to the ground. They are used in single-phase and three-phase power generation and distribution systems in industries ranging from industrial & manufacturing, commercial, residential, transportation, and utilities.

Asia Pacific was the largest region in the power quality equipment market in 2021 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the power quality equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The power quality equipment market research report is one of a series of new reports that provides power quality equipment market statistics, including power quality equipment industry global market size, regional shares, competitors with a power quality equipment market share, detailed power quality equipment market segments, market trends and opportunities, and any further data you may need to thrive in the power quality equipment industry. This power quality equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

An increase in the demand for power is significantly driving the growth of the power quality equipment market.Demand for power refers to the maximum amount of electrical power that is being used at a given time.

Globally, power demand is increasing due to a sudden surge in various industrial activities and advances in both developing and developed countries.For instance, according to the IEA report in July 2021, there was a 5% rise in electricity demand which is 1% more than the year 2020.

Also, energy generations with renewables like hydropower, wind, and solar PV is on track to grow strongly around the world over the next two years – by 8% in 2021 and by more than 6% in 2022. Thus, due to an increase in demand for power year by year, there will be an increase in demand for power quality equipment.

Technological innovation is a key trend gaining popularity in the power quality equipment market.Major companies operating in the power quality equipment sector are focused on developing new technological solutions such as high-speed transient monitoring to meet the end-customer demands and strengthen their market position.

For instance, in November 2020 Schneider Electric releases PowerLogic ION9000T. This ION9000T adds high-speed transient monitoring to the high-performance power quality meter, helping to avoid outages, equipment damage, failures, and interruption of critical operations.

In March 2021, Siemens, a German multinational conglomerate corporation that manufactures power quality equipment among other products acquired C&S Electric, for INR 2,100 million ($274 million).Through this acquisition, C&S electric will become part of and work under Siemens.

Furthermore, Siemens plans to adhere to the rising demand for low-voltage power distribution in the country and create an export hub for low-voltage products, distribution products, and protection and measurement. C&S Electric is an India-based manufacturer of power management products that are used for effective power distribution.

The countries covered in the power quality equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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