The main drivers for the power quality equipment market are improving power quality to reduce the overall carbon footprint of electrical devices and maximising cost and energy savings.
During the forecast period, the power quality equipment market is expected to benefit from increased adoption of smart grid technologies and the integration of variable renewable energy with power grids.
According to the new market research report, ‘The power quality equipment market is expected to grow from an estimated USD 32.4 billion in 2021 to USD 46.1 billion by 2026, at a CAGR of 7.3% during the forecast period.’
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Power quality equipment is used to keep the electrical power supply consistent and reliable by reducing power fluctuations, harmonic distortions, and other power quality issues. The global power quality equipment market has grown significantly in recent years, owing to rising demand for dependable and stable power supply across a wide range of industries. This article provides an overview of the power quality equipment market, including its growth drivers, challenges, and prospects for the future.
The power quality equipment market is divided into four industries: manufacturing, commercial, transportation, and residential.Because of its reliance on electrical machinery and equipment, the manufacturing sector has the largest market share.Furthermore, rising electric vehicle adoption and rising demand for electric charging infrastructure have both contributed significantly to the growth of the power quality equipment market.
Key Market Players:
A few major players have a wide regional presence and dominate the power quality equipment market. The leading players in the power quality equipment market include ABB, Siemens, Eaton, Schneider Electric, and General Electric.
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Challenges and Opportunities:
Despite its significant growth potential, the power quality equipment market faces some challenges, including high installation costs, a lack of awareness and understanding of power quality issues, and the absence of stringent regulations. Furthermore, the COVID-19 pandemic has had an impact on the market, disrupting supply chains and reducing demand.
However, the market provides several opportunities, such as increased renewable energy deployment, advancements in energy storage technology, and the emergence of smart grid systems.
Power quality equipment integrated with smart grids can provide real-time data on power quality and enable predictive maintenance, reducing downtime and improving overall system efficiency.
