Power quality refers to maintaining the electrical power within strictly defined voltage and load compatibility limits to prevent damage to industrial equipment and disruption of services. Power quality equipment such as power conditioning equipment, surge protectors, uninterruptible power supplies, and filters are vital in protecting heavy industrial machinery, healthcare equipment, data center servers and other electronic devices from power anomalies. These equipment also help maintain sufficient power conditions for smooth functioning of grid networks.
The global Power Quality Equipment Market is estimated to be valued at US$ 31.33 billion in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing industrialization, especially across developing economies in Asia Pacific and Middle East & Africa has propelled the demand for advanced Global power quality equipment market size over the years. Rapid growth of manufacturing sector and expanding metal & mining industry have necessitated deployment of robust power infrastructure along with precision power conditioning equipment to ensure uninterrupted operations and prevent equipment damages. Furthermore, initiatives toward modernizing existing transmission and distribution grids along with efforts to integrate renewable energy are providing tailwinds to market growth. Advanced power quality solutions play a key role in integrating intermittent renewable energy into conventional grids and help stabilize grid networks. This, along with supportive policies and investments in grid expansion programs across major markets, will continue augmenting the demand for power quality equipment in forthcoming years.
SWOT Analysis
Strength: Power quality equipment such as voltage regulators and uninterruptible power supplies help improve energy efficiency and reduce power losses. They protect sensitive electronic equipment from voltage fluctuations and power outages.
Weakness: Higher installation and maintenance costs of advanced power quality equipment is a major concern for end users. Lack of awareness about benefits of these solutions also restraints their adoption.
Opportunity: Growing need for reliable power infrastructure across industries and focus on renewable energy integration will drive demand. Also, supportive government policies for clean energy expansion presents new avenues.
Threats: Technology advancements may lead to obsolescence of existing products. Changing industry standards and regulations poses compliance challenges. Intense competition amongst vendors impacts pricing.
Key Takeaways
The global power quality equipment market is expected to witness high growth over the forecast period of 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to maintain its lead position during this period. Factors such as rapid industrialization, infrastructure development projects, and government initiatives to expand renewable energy generation are driving the demand for these solutions in the region.
Key players operating in the power quality equipment market are Scientech Technologies Pvt. Ltd., Tektronix India Private Limited, and Eaton Corporation Inc. Scientech Technologies is a leading manufacturer and supplier of power monitoring devices with strong presence in India. Tektronix offers a wide range of power quality meters and analyzers. Eaton designs and develops uninterruptible power supply systems, surge protectors, and power distribution units under its power quality business.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it