Power Quality Equipment Market Analysis
Power quality equipment refers to devices that are used to improve and maintain the quality of electrical power. Power quality refers to the ability of the electrical power to supply the correct voltage and frequency levels to the equipment and devices that are connected to it. Poor power quality can cause equipment failures, malfunctions, and damage, leading to increased downtime, repair costs, and lost productivity.
The power quality equipment market size was valued at $28.5 billion in 2021, and is estimated to reach $49.6 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
The key players operating and profiled in the report include ABB, Ltd., Andritz, Eaton Corporation Plc, Fuji Electric, General Electric, Ideal Electric Power Co., Mitsubishi Electric Corporation, Siemens Energy, Voith GmbH & Co. KGaA, and WEG Group.
Other players operating in the power quality equipment market forecast are Toshiba Corporation, Brush Group, Sustainable Power Systems, Inc., Power Systems & Controls, Inc., Ansaldo Energia, and Modern Power Systems.
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Power quality equipment can help improve the reliability of the electrical system by mitigating various power quality issues, such as voltage sags, surges, harmonics, and transients. Some examples of power quality equipment include:
- Voltage regulators: These devices are used to regulate the voltage level of the electrical system, ensuring that it remains within an acceptable range.
- Uninterruptible power supply (UPS): A UPS is a device that provides backup power to critical equipment in the event of a power outage or brownout. It also helps to regulate the voltage and frequency of the power supply, reducing the risk of damage to connected equipment.
- Surge protectors: These devices protect equipment from power surges, which are sudden increases in voltage that can damage or destroy electronic devices.
- Power conditioners: Power conditioners help to filter out noise and interference from the power supply, improving the overall quality of the power.
- Harmonic filters: Harmonic filters help to reduce harmonic distortion in the power supply, which can cause equipment malfunction and damage.
- Transient voltage suppressors: These devices protect equipment from voltage spikes and transients, which are sudden changes in voltage that can cause damage to electronic devices.
Significant development of end-user such as industrial, commercial, and residential is fueling the growth of the power quality equipment market, owing to a rise in demand for power quality equipment to operate the machineries & equipment in industries, and is thereby expected to drive the growth of the power quality equipment market during the forecast period.
Increase in demand for power quality equipment for grid stabilization applications from electric utilities such as power generation plants, transmission, distribution, industries and other utilities in developing economies, is driving the growth of the market, globally.
Availability of alternatives such as solid oxide fuel cells, isolation transformers and high cost associated with power quality equipment are expected to be the key factors hampering the growth of the global power quality equipment market in the upcoming years.
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Power quality equipment is a device, which is extensively deployed in the residential and commercial sector for regulating, providing, and maintaining uniform power quality. It is further utilized to ensure a steady voltage supply and reduce the utility of multiple devices in a system.
Power quality equipment offers various benefits, such as eliminating premature aging of equipment, enhanced efficiency avoiding damages, and avoiding loss of data.
In addition to this, some of the most commonly used power quality equipment include harmonic filters, isolation transformers, power quality meters and compensators.
The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Owing to the lockdown imposed, globally, decrease has been witnessed in the growth rate of the industries such as construction & building, transportation, oil & gas, and energy sectors. This has further declined the need for electricity, which, in turn, has hampered the growth of the power quality equipment market in the next one and two years.
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In Europe, economies such as Germany, France, Spain, and Italy are following stringent measures such as attaining social distance and limiting movements to prevent the spread of coronavirus.
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