Power Quality Equipment Market Overview
As per the study conducted by Market Research
Future, the global market for power quality equipment is likely to grow at the
CAGR of around 6%. Power quality
equipment are the equipment which are used for power regulation and provide
uniform power quality. It helps to ensure a steady supply of voltage within a
defined range. The major driver for the growth of the power quality equipment
market in the rapid increase in the trends for digitization in the telecommunication
industry. The increase in the demand for power is also leading to the increase
in the use of power quality equipment. A detailed analysis report of COVID-19
impact on Power Quality Measurement Equipment Market is provided with the
report.
Power quality monitoring
equipment are embedded within the system itself for improved accuracy in terms
of measurement and ease of access. This equipment majorly aims at reducing the
usage in a system, wherein the entire work of measurement can be performed with
a single or a couple of units. As the system blossoms, the scalability related
to the equipment subsequently increases, thereby making it possible to analyse
various meters simultaneously.
Leading Players
The global power quality equipment market
comprises a number of key players. Some of the most prominent and emerging
players were noted down by MRFR in its report. This includes names like Eaton
Corporation, PLC (Republic of Ireland), ABB, Ltd. (Switzerland), Active Power,
Inc. (U.S.), MTE Corporation (U.S.), Emerson Electric Co. (U.S.), Schneider
Electric SE (France), Toshiba Corporation (Japan), General Electric (U.S.),
Siemens AG (Germany), Smiths Group plc. (U.K.) and others.
Global Power Quality Equipment
Global Market Segmentation
The scope of global Power Quality Equipment Industry is segmented into three
major segments which are explained below:
Based on equipment, the global power quality equipment
market is segmented into static var compensator, uninterruptable power supply,
and power quality meters. The uninterruptable power supply segment is estimated
to hold the foremost share of the market. Attributable factors include the
ascending demand for primary protection of critical equipment from voltage
interruption and disruption, aiding uninterrupted power supply.
By phase, the global power quality equipment market
has been segmented into single-phase and three-phase. The three-phase segment
is anticipated to hold a dominant share of the market, owing to the use of
three-phase power quality equipment in commercial and industrial facilities to
accommodate higher loads.
By end-user, the global power quality equipment market
is segmented into commercial, residential, industrial & manufacturing,
transportation, and utilities. Among these, the commercial segment is bound to
create the largest amount of demand for power quality equipment, during the
forecast period, attaining the fastest CAGR. Application of the Industry 4.0
initiative in the vehicles and electrical machinery is likely to facilitate
remote diagnostics, remote data capture, and remote maintenance.
Regional Analysis
The global power quality
equipment market is regionally analyzed and covers the following five
geographical territories: Middle East & Africa, Europe, North America,
South America, and the Asia Pacific.
The North American region is
projected to hold the dominating portion in the global power quality equipment
market over the forecast period. The region is slated to grow in the coming
years due to a number of key factors. The presence of the US is one of the key
drivers, as the nation significantly contributes to the overall growth of the
market.
The US government, in
particular, is laying its focus on restructuring grid in order to tackle this
issue. It has been reported that multi-billio dollar investments in data
centers and urban infrastructure for the telecommunications industry have
opened the power quality equipment market demand. Additionally, the growing
demand from the public infrastructure coupled with various new renewable power
projects are anticipated to push the growth opportunities for the market in the
near future.
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