This study intends to unfurl the multiple facets of global power quality equipment market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Demand from Telecommunications Sector Complements Power Quality Equipment Market Growth
Technology has not left any industry untouched and will continue to evolve with growing research and development activities. Telecommunications sector being no exception to this has been reflecting rapid deployment of advanced technologies since the past decade. Increasing need for high capacity and efficient electric supply to power servers, data centres and other infrastructure in telecommunications space is expected to boost the demand for different power supply systems. Moreover, being a highly dynamic industry, varying formats of data transmission have resulted in the market being highly competitive and volatile. The convergence of information technology equipment, massive data explosion and multiple data formats due to internet has pushed companies to adopt power quality equipment which can beat frequency variations, switching transients issues and over power grid challenges alongside providing optimum service quality level. In this backdrop, emerging technological developments in the telecommunications sector are expected to influence the growth of the power quality equipment market.
Benefit of Cost and Energy Savings to Fuel Power Quality Equipment Market Growth
Power quality equipment are widely used in power grid systems to ensure a continual and a stable flow of power as electricity flow in grid structures must be within the pre-specified frequency and voltage limits. In addition, support of power quality equipment in avoiding premature aging of the equipment and reduces damages. It also avoids loss of production, work, data, unexpected shutdowns, capacitor failures and sudden equipment malfunctions which consecutively saves energy and costs. On the other side, poor power quality can result in major losses on economy and business. That said, the demand for several power quality equipment including voltage optimizers, harmonic filters, isolation transformers, power quality meters, and compensators is increasing across various sectors.
Voltage optimizers can reduce electricity consumption costs by regulating voltage supply and can improve the quality of power by reducing transient voltages and harmonics. Likewise, harmonic filters can enhance the performance of equipment along with carrying out reduction in energy costs by removing redundant harmonics created by nonlinear loads in electrical systems. That said, the ability of power equipment to facilitate huge cost and energy savings is expected to bolster the growth of the power quality equipment market in the coming years.
Rising Demand from Industrial and Manufacturing to Provide New Growth Opportunities for Power Quality Equipment Market
The demand for power quality equipment in industrial and manufacturing sector is expected to witness an upswing in the coming years. This is mainly owing to increasing energy consumption from these sectors backed by dependency on reliable and continuous energy flow while maximizing the energy and cost savings. Moreover, the proliferation of Industry 4.0 has transformed the manufacturing space, thus fuelling the growth of power quality equipment market. In addition, government authorities have laid favourable regulations for the growth of the manufacturing sector in their respective nations and have facilitated investments for the expansion of the industrial sector. This aspect continues to remain instrumental in driving the growth of the market. Furthermore, the demand for uninterrupted power supply from machines employed in the process and manufacturing industries has increased as power failures can result in unwanted quality hindrances or sudden equipment failures in the long run. In this background, the rising adoption of efficient power systems in the industrial and manufacturing sectors is expected to pave potential avenues for the growth of the power quality equipment market on the global front.
Asia Pacific to Present Lucrative Opportunities for the Power Quality Equipment Market
Developing Asia Pacific region is likely to hold a major stake in the power quality equipment market. This can be attributed towards unstable supply of power and frequent blackouts in several countries while the demand for electricity to prevail on an all time high. In addition, key end users of power quality equipment in Asia Pacific include the growing manufacturing sector, commercial sector, and the telecommunications industry. Moreover, Asia Pacific is considered as the hub of manufacturing owing to its favourable scenario such as cheap land and labour, economic growth, and large customer pool.
Several countries in the region are also fuelling the growth of the manufacturing sectors by employing various initiatives. For instance, the Production Linked Incentive (PLI), and initiatives like Make in India initiatives in India have re-shaped the manufacturing sector in the country. According to India Brand Equity Foundation (IBEF), the manufacturing sector in India will touch a valuation of US$1 Tn by end of 2025. This factor continues to influence the demand for efficient power quality equipment, in turn boosting the market growth. Companies in the power quality equipment market can expect an optimistic flow of opportunities from Asia Pacific in the forthcoming years.
Power Quality Equipment Market: Competition Scenario
A few of the major players in power quality equipment market include Siemens AG, Hitachi ABB Power Grids Ltd., Eaton Corporation, Schneider Electric SE, Emerson Electric Company, General Electric, Legrand, Infinite Electroncis Duromax, Toshiba, National Instruments Corporation, AMETEK Inc., Cordyne Inc., Hubbell Incorporated, and Kyoritsu Electrical Instruments Works Ltd.
Regional Classification of Global Power Quality Equipment Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Power Quality Equipment Market
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