Power quality equipment helps in addressing various problems associated with the flow of electricity such as voltage regulation, transient voltages, voltage noise, etc. Power quality equipment include protective devices like surge protectors, isolation transformers, power conditioning units, uninterruptible power supplies, power distribution units, wiring devices, surge suppression outlets, cables and connectors and surge protection devices. Power quality equipment plays a crucial role in safeguarding sensitive electronic equipment from equipment damaging power issues and downtime.
The global Power Quality Equipment Market is estimated to be valued at Us$ 31.33 Bn in 2023 and is expected to exhibit a CAGR Of 10% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers propelling the growth of the power quality equipment market is the increasing power issues such as power outages, voltage fluctuations, frequency variations, transient voltages and harmonic distortions, especially in developing nations. Power quality issues can severely damage sensitive electronic equipment and may result in equipment malfunction, increased energy consumption and downtime. Thus, industries and commercial facilities are increasingly adopting power quality equipment such as UPS systems, voltage regulators, surge protectors and power conditioners to provide uninterrupted power supply and protect equipment from power issues. The other driver fueling the market growth is stringent regulations regarding use of efficient and reliable power quality equipment. Regulatory bodies across regions have framed regulations regarding use of advanced protection equipment against power anomalies. This is positively impacting the demand for power quality equipment.
SWOT Analysis
Strength: Power quality equipment aims to provide clean power to critical loads and reduce downtime and equipment failure. It protects equipment from voltage fluctuations, sags, surges, and harmonics. Advanced equipment with features like data logging and remote monitoring allows preventative maintenance.
Weakness: Power quality equipment requires high upfront investment and additional costs for maintenance and monitoring systems. Equipment upgrades are also needed as power requirements change. Small failures are difficult to detect without sophisticated monitoring systems.
Opportunity: Growth of industrial automation and rise of clean energy have increased the need for reliable power supply. Stricter grid standards in developing nations will drive the need for quality protection equipment. The market sees opportunities in sectors like data centers, healthcare, transportation which require zero downtime power.
Threats: Evolution of distributed generation poses new power quality challenges. Adoption of battery storage and local renewable sources may reduce reliance on utility grids in future. Component price volatility and trade barriers impact the industry. Buyers may opt for lower-cost alternatives without sufficient product differentiation.
Key Takeaways
The Global Power Quality Equipment Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by a CAGR of 10%. Rapid industrialization and increasing investments in clean energy sectors are major drivers of demand. The power quality equipment landscape is evolving with the changing power generation and consumption scenarios across regions.
Regional analysis:
Asia Pacific region currently dominates the global market and is expected to maintain its lead through 2030 supported by China, Japan and other developing Asian countries. This can be attributed to growing manufacturing and industrial sectors in the region coupled with stricter grid codes. Government initiatives to boost renewable integration are further boosting the APAC power quality equipment market.
Key players operating in the Power Quality Equipment market are PPG Industries (US), Sherwin-Williams Company (US), Kukdo Chemical Co., Ltd. (South Korea), Nukote Coatings Systems (US), and VIP GmbH (Germany). These companies provide power conditioners, UPS systems, filters and protection devices tailored for various end-use sectors worldwide. They focus on continuous product innovations to meet emerging application requirements.
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