Power Quality Equipment Market Size
| Study Period | 2020-2029 |
| Market Size (2024) | USD 16.82 Billion |
| Market Size (2029) | USD 23.99 Billion |
| CAGR (2024 - 2029) | 7.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Power Quality Equipment Market Analysis
The Power Quality Equipment Market size is estimated at USD 16.82 billion in 2024, and is expected to reach USD 23.99 billion by 2029, growing at a CAGR of 7.40% during the forecast period (2024-2029).
- Over the medium term, factors, such as the increasing demand for power quality in industrial and manufacturing sectors and the increase in smart grid infrastructure, are likely to support the power quality equipment market growth during the forecast period.
- On the other hand, high costs of power-quality equipment are expected to restrain the power-quality equipment market during the forecast period.
- Nevertheless, the integration of variable renewable energy in power grids and the extensive use of non-linear equipment present significant business opportunities for power-quality equipment providers operating across the globe in the near future.
- Asia-Pacific is expected to dominate the overall power quality equipment market owing to the fast-growing industries, increased adoption of renewables, and frequent blackouts in non-developed countries.
Power Quality Equipment Market Trends
Industrial and Manufacturing Segment to Dominate the Market
- The power quality equipment market witnessed a notable share contributed by the industrial and manufacturing segment in 2022, and this sector is anticipated to maintain its dominance throughout the forecast period. Furthermore, the growing adoption of Industry 4.0 across diverse industrial equipment is poised to bolster the market's expansion.
- The industrial sector, encompassing mining, manufacturing, agriculture, and construction, plays a substantial role in overall energy consumption. The heightened requirement for a consistent and dependable power supply, particularly in manufacturing facilities, is foreseen to drive an increased demand for power-quality equipment. This trend underscores the critical role these solutions play in meeting the escalating power needs of industrial operations.
- According to the Energy Institute Statistical Review of World Energy, electricity generation globally has been on a constant rise in recent years, except for 2020, due to the increasing energy demand for industrial and commercial sectors, especially in developing nations, as they aim to increase their manufacturing sector. In 2022, the cumulative electricity generation was recorded at around 29165.1 TWh, which was 2.3% more than in 2021.
- In August 2023, The United States National Center for Defense Manufacturing and Machining (NCDMM) and America Made announced two new open projects. The first project call, Powder Alloy Development for Additive Manufacturing (PADAM), is worth USD 6 Million and is being funded by the AFRL. The second project call, Proliferation of AM Material Datasets, is offering a total of USD 5.75 Million in funding through OSD(R&E) and the AFRL.
- Increasing investments in the industrial and manufacturing sectors and the rise in demand for uninterrupted power supply to the machines used in the industrial and manufacturing sectors are expected to drive the market for power-quality equipment globally.
- Therefore, owing to the above points, the industrial and manufacturing segment is expected to dominate the power quality equipment market during the forecast period.
Asia Pacific to Dominate the Market
- The Asia-Pacific region, marked by ongoing development, grapples with frequent blackouts and an unreliable power supply in several countries such as Malaysia, Cambodia, and the Philippines. Notably, the rapidly expanding industrial and manufacturing sector, the telecom sector, and the commercial sector stand out as substantial end-users of power quality equipment in the region.
- Within the Asia-Pacific region, the manufacturing sector plays a pivotal role in contributing significantly to the economies of various countries, with China serving as the foremost contributor to global manufacturing output. Other notable contributors from the region include Japan, India, South Korea, and Indonesia. Concurrently, countries like Vietnam, Malaysia, and Singapore are expected to bolster their share in this sector during the forecast period. This underscores the diverse landscape of manufacturing activities across the Asia-Pacific region, shaping the demand for power-quality equipment.
- Many countries in this region, such as India and South Korea, are driving the manufacturing industry with various initiatives. In India, the 'Make In India' and 'Production Linked Incentive (PLI)' schemes have given the manufacturing industry a substantial boost in various verticals, and according to India Brand Equity Foundation, by 2025, India’s manufacturing sector has the potential to reach USD 1 trillion.
- Similarly, in August 2023, JSW Steel, a domestic entity, collaborated with Japan's JFE Steel Corporation to establish a joint venture (JV) company in India dedicated to the production of CRGO steel. It's noteworthy that JFE Steel Corporation is already a shareholder in JSW Steel, holding a 15% stake in the Indian company.
- In November 2022, Taiwan Semiconductor Manufacturing Co (TSMC) announced a plan to build a USD 7 billion chip plant on Kyushu island, with production of 12 and 16-nanometre chips slated to begin in 2024.
- The power quality equipment market in the region is anticipated to experience growth during the forecast period, propelled by supportive government policies and a rising influx of investments into the power sector. Additionally, the region has witnessed a substantial surge in electricity demand in recent years, attributed to the growing population and urbanization. This surge is expected to further contribute to a notable demand for power-quality equipment in the region, accentuating the pivotal role these factors play in shaping the market landscape.
Power Quality Equipment Industry Overview
The power quality equipment market is semi-fragmented. Some of the major companies (in no particular order) are Hitachi Energy Ltd, Siemens AG, EATON Corporation Plc, Emerson Electric Company, and Schneider Electric SE.
Power Quality Equipment Market Leaders
-
Siemens AG
-
EATON Corporation Plc
-
Emerson Electric Company
-
Schneider Electric SE
-
Hitachi Energy Ltd
*Disclaimer: Major Players sorted in no particular order
Power Quality Equipment Market News
- In June 2023, Germany’s Government announced plans to digitalise its grid, notably at the low-voltage or distribution level, through a new “smart grids” legal framework. The Metering Point Operation Act mandates a 20% roll-out of smart meters by the end of 2025 and 50% by the end of 2028.
- In March 2023, GE opened the 300-megawatt (MW) Biblis Grid Stability Power Plant which will ensure stability in tense grid situations, when supply and demand are out of balance.
Power Quality Equipment Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD, till 2029
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
-
4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.1.1 Increasing Demand For Power Quality In Industrial And Manufacturing Sectors
- 4.5.1.2 Increase In Smart Grid Infrastructure
- 4.5.2 Restraints
- 4.5.2.1 High Costs Of Power Quality Equipment
- 4.6 Supply Chain Analysis
-
4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 Equipment
- 5.1.1 Uninterruptable Power Supply (UPS)
- 5.1.2 Harmonic Filters
- 5.1.3 Static VAR Compensator
- 5.1.4 Power Quality Meters
- 5.1.5 Other Equipment Types
-
5.2 Phase
- 5.2.1 Single Phase
- 5.2.2 Three Phase
-
5.3 End-Users
- 5.3.1 Industrial and Manufacturing
- 5.3.2 Commercial
- 5.3.3 Others End-Users
-
5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Rest of North America
- 5.4.2 Europe
- 5.4.2.1 Germany
- 5.4.2.2 France
- 5.4.2.3 United Kingdom
- 5.4.2.4 Italy
- 5.4.2.5 Rest of Europe
- 5.4.3 Asia Pacific
- 5.4.3.1 China
- 5.4.3.2 India
- 5.4.3.3 Japan
- 5.4.3.4 Australia
- 5.4.3.5 Rest of Asia Pacific
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Chile
- 5.4.4.4 Rest of South America
- 5.4.5 Middle East and Africa
- 5.4.5.1 United Arab Emirates
- 5.4.5.2 Qatar
- 5.4.5.3 Saudi Arabia
- 5.4.5.4 South Africa
- 5.4.5.5 Egypt
- 5.4.5.6 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
-
6.3 Company Profiles
- 6.3.1 Hitachi Energy Ltd
- 6.3.2 Siemens AG
- 6.3.3 EATON Corporation Plc
- 6.3.4 Emerson Electric Company
- 6.3.5 Schneider Electric SE
- 6.3.6 General Electric Company
- 6.3.7 Toshiba Corporation
- 6.3.8 Schaffner
- 6.3.9 MTE Corporation
- 6.3.10 Active Power, Inc
- *List Not Exhaustive
- 6.4 Market Ranking/Share (%) Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Integration Of Variable Renewable Energy In Power Grids
Power Quality Equipment Industry Segmentation
Power quality equipment are commonly electrical filters that remove or reduce the level of harmful harmonics and re-shape the sinewave for the longevity of operation of electrical systems. Power quality equipment is used in power grids to ensure a continuous flow of stable power.
The market is segmented by Equipment, Phase, End-User, and Geography. By equipment, the market is segmented by Uninterruptable Power Supply (UPS), Harmonic filters, Static VAR compensators, Power quality meters, and other equipment types; by Phase, the market is segmented into Single phase and Three phases. By end users, the market is segmented into Industrial and Manufacturing, Commercial, and others. The report also covers the market size and forecasts for power quality equipment across the major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Equipment | Uninterruptable Power Supply (UPS) | |
| Harmonic Filters | ||
| Static VAR Compensator | ||
| Power Quality Meters | ||
| Other Equipment Types | ||
| Phase | Single Phase | |
| Three Phase | ||
| End-Users | Industrial and Manufacturing | |
| Commercial | ||
| Others End-Users | ||
| Geography | North America | United States |
| Canada | ||
| Rest of North America | ||
| Geography | Europe | Germany |
| France | ||
| United Kingdom | ||
| Italy | ||
| Rest of Europe | ||
| Geography | Asia Pacific | China |
| India | ||
| Japan | ||
| Australia | ||
| Rest of Asia Pacific | ||
| Geography | South America | Brazil |
| Argentina | ||
| Chile | ||
| Rest of South America | ||
| Geography | Middle East and Africa | United Arab Emirates |
| Qatar | ||
| Saudi Arabia | ||
| South Africa | ||
| Egypt | ||
| Rest of Middle East and Africa |
Power Quality Equipment Market Research FAQs
How big is the Power Quality Equipment Market?
The Power Quality Equipment Market size is expected to reach USD 16.82 billion in 2024 and grow at a CAGR of 7.40% to reach USD 23.99 billion by 2029.
What is the current Power Quality Equipment Market size?
In 2024, the Power Quality Equipment Market size is expected to reach USD 16.82 billion.
Who are the key players in Power Quality Equipment Market?
Siemens AG, EATON Corporation Plc, Emerson Electric Company, Schneider Electric SE and Hitachi Energy Ltd are the major companies operating in the Power Quality Equipment Market.
Which is the fastest growing region in Power Quality Equipment Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Power Quality Equipment Market?
In 2024, the Asia-Pacific accounts for the largest market share in Power Quality Equipment Market.
What years does this Power Quality Equipment Market cover, and what was the market size in 2023?
In 2023, the Power Quality Equipment Market size was estimated at USD 15.58 billion. The report covers the Power Quality Equipment Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Power Quality Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Power Quality Equipment Industry Report
Statistics for the 2024 Power Quality Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Power Quality Equipment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
