CHICAGO, May 4, 2021 /PRNewswire/ -- According to the new market research report "Power Quality Equipment Market by Equipment (UPS, Harmonic Filters, Surge Protection Devices, Voltage Regulators, Static VAR compensators, Power Quality Meters), Phase (Single and Three Phase), End User, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Power Quality Equipment Market size will grow to USD 46.1 billion by 2026 (forecast year) from USD 32.4 billion in 2021 (estimated year), at a CAGR of 7.3% during the forecast period. Reducing overall carbon footprint from electrical devices by improving power quality and maximizing financial costs and energy savings are the key factors driving the growth of the Power Quality Equipment Market. The worldwide increase in adoption of smart grid technologies and the integration variable renewable energy with power grids are expected to offer profitable opportunities for the Power Quality Equipment Market during the forecast period.
The industrial and manufacturing segment is expected to be the largest Power Quality Equipment Market, by end user, during the forecast period.
Based on end user, the Power Quality Equipment Market has been segmented into industrial and manufacturing, commercial, utilities, transportation, and residential. The industrial and manufacturing segment is projected to hold the largest market size of the Power Quality Equipment Market from 2021 to 2026. The growth of this segment is driven by rise in demand for uninterrupted power supply to machines used in manufacturing and process industries as any interruption or breakdown can result in significant losses due to the loss of production time. Utilities are the key consumer of power quality equipment owing to the fact that the sheer size of electrical networks operated by utilities is larger than the industrial and transportation electric infrastructures.
Browse in-depth TOC on "Power Quality Equipment Market"
Asia Pacific likely to emerge as the fastest growing Power Quality Equipment Market, by region, during the forecast period.
In this report, the Power Quality Equipment Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, China, Japan, India, and the Rest of Asia Pacific (South Korea, Australia, Thailand, Vietnam, and Malaysia). The Power Quality Equipment Market in Asia Pacific is dominated by China and India. The surging demand for electricity and the growing requirement to increase renewable power generation capacity encourage utilities in these countries to invest in transmission and distribution infrastructures. Asia Pacific is expected to invest USD 9.8 billion in developing smart grid infrastructures from 2018 to 2027. In addition, the development of smart grids in countries such as China, Japan, South Korea, and India is supported by regulations that either encourage or mandate their development. The Power Quality Equipment Market in China is projected to grow at the highest CAGR from 2021 to 2026.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Power Quality Equipment Market.
Some of the key players are Siemens (Germany), ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), and General Electric (US). The leading players are adopting various strategies to increase their share in the Power Quality Equipment Market.
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