The latest research study “Power Quality Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global power quality equipment market size reached US$ 16.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
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Power quality equipment are devices used to protect electrical equipment and ensure a continuous flow of power supply without any disturbances. They offer, regulate and maintain uniform power quality and a steady voltage supply and minimize the utility of multiple devices in a system. Some commonly used power quality equipment are isolation transformers, harmonic filters, power quality meters, surge arresters, voltage regulators, static VAR compensators (SVC), surge protection devices, digital static transfer switches, uninterruptable power supplies, synchronous condensers, solid oxide fuel cells, and power conditioning and distribution units. They are cost-effective and help enhance efficiency, avoid damage, loss of work, and data, and save energy and money. As a result, power-quality equipment is extensively utilized in commercial, residential, transportation, and manufacturing industries across the globe.
COVID-19Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Power Quality Equipment Market Trends and Drivers:
The market is primarily driven by the expanding manufacturing and industrial sectors and the escalating demand for continuous, reliable, uninterrupted power supply and smart grid infrastructure across the globe. In addition, the increasing demand for power-quality equipment due to the surging need for high-capacity electricity systems in power data centers and servers is contributing to the market growth.
Moreover, the increasing building and construction activities and the rising product adoption in the telecommunication industry represent another major growth-inducing factor. Besides this, the market is also driven by various initiatives undertaken by the government of numerous countries to strengthen the manufacturing sector and upgrade the existing grid systems.
Furthermore, investment in research and development (R&D) activities conducted by key players, rapid industrialization, and rising urbanization are some of the other factors anticipated to create a positive market outlook in the coming years.
Global Power Quality Equipment Market 2023-2028 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Power Quality Equipment Companies:
ABB Ltd., Cordyne Inc., Cyber Power Systems (USA) Inc, Delta Electronics Inc., Eaton Corporation PLC, EMCO Limited, Fluke Corporation (Fortive Corporation), General Electric Company, Hubbell Incorporated, Kyoritsu Electrical Instruments Works Ltd., National Instruments Corporation and Siemens Aktiengesellschaft.
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The report has segmented the market on the basis of region, equipment, phase and end user.
Breakup by Equipment:
- Uninterruptable Power Supply (UPS)
- Harmonic Filters
- Static VAR Compensator
- Power Quality Meters
Breakup by Phase:
- Single Phase
- Three Phase
Breakup by End User:
- Industrial and Manufacturing
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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