Report : Power Quality Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Equipment (Uninterruptable Power Supply (UPS), Harmonic Filters, Static VAR Compensator, Power Quality Meters, Others); Phase (Single Phase, Three Phase); End-Users (Industrial and Manufacturing, Commercial, and Others), and Geography
According to our latest market study on “Power quality equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Equipment, Phase, and End User,” the market is expected to reach US$ 15,963.06 million by 2028 from US$ 10,620.27 million in 2021; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028.
Telecommunications infrastructure has developed rapidly in the recent years. This new digital form of telecommunication infrastructure is adding more advanced telecommunication systems such as data centers, servers, and internet-related infrastructure as well as equipment to efficiently cater to voice and data transmission services. However, the modern telecommunication systems are more vulnerable to issues with power as the electronic components used for data transmission are more susceptible to sags/dips, swells, transients, and harmonics. A telecom equipment can trip on the occurrence of power fluctuations caused by abrupt increase in loads (voltage sags and swells) due to short circuits, loose connections or faults, and motors starting. Such instances lead to loss in communications and incur high cost for telecom companies, they can also lead to equipment malfunction and breakdown. Thus, to overcome this challenge, telecom companies are adopting power quality equipment to ensure a steady supply of voltage within a defined range.
The power quality equipment market is segmented on the bases of equipment, phase, end user, and geography. Based on equipment, the market is segmented into uninterruptable power supply (UPS), harmonic filters, static VAR compensators, power quality meters, and others. Power quality equipment are widely used in power grid systems to ensure continuous and stable power supply. Based on phase, the power quality equipment market is segmented into single phase and three phases. As per the specific requirement, power quality equipment is designed and manufactured for single phase and three phases. Based on end users, the power quality equipment market is segmented into industrial and manufacturing, commercial, and others. As per the requirement of the end user, market players manufacture power quality equipment according to respective capacity, efficiency, size, and accuracy needed for the application. One the basis of geography, the global power quality equipment market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2020, North America accounted for the largest share in the global market.
The outbreak of COVID-19 has affected the world significantly, and its adverse effects continue to shatter several countries. Considering various containment measures such as business shutdowns, lockdowns, and travel limitations, the production and supply chain of power quality equipment were affected negatively, leading to the decline in the adoption of power quality equipment such as uninterrupted power supply (UPS) system, static VAR compensator, harmonic filters, power quality meters, power conditioners, and power quality analyzers. However, as trading activities have begun picking up pace from the last quarter of 2020, the market players are expecting steady growth in the demand from end users. Major industries that are affected by the pandemic are manufacturing, commercial, metals, cement, power plants, education, entertainment, electronics, energy, aviation, and transportation.
Key Findings of Study:
Several players operating in the global power quality equipment market are adopting significant strategies to boost their performances. For instance, in June 2021, Eaton completed the acquisition of 50% stake in the Busway business of Jiangsu YiNeng Electric in China. This agreement is expected to expand Eaton’s power distribution portfolio in the APAC market.