Market Size of Power Quality Equipment Industry
| 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 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 | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Power Quality Equipment Market Size Summary
The power quality equipment market is poised for significant growth, driven by the increasing demand for reliable power supply in industrial and manufacturing sectors, alongside the expansion of smart grid infrastructure. This market is expected to experience robust expansion over the forecast period, despite challenges such as the high costs associated with power quality equipment. The integration of variable renewable energy sources into power grids and the widespread use of non-linear equipment present substantial opportunities for market players globally. The Asia-Pacific region is anticipated to lead the market, fueled by rapid industrial growth, increased adoption of renewable energy, and the need to address frequent power outages in less developed countries.
The industrial and manufacturing segment is expected to maintain its dominance in the power quality equipment market, supported by the growing adoption of Industry 4.0 technologies. This sector's substantial energy consumption and the critical need for a stable power supply, particularly in manufacturing facilities, are key factors driving market demand. The Asia-Pacific region, with its diverse manufacturing landscape and supportive government initiatives, is set to experience significant market growth. Countries like China, India, and South Korea are at the forefront, with initiatives such as India's 'Make In India' and 'Production Linked Incentive' schemes bolstering the manufacturing industry. The region's increasing electricity demand, driven by population growth and urbanization, further underscores the importance of power quality equipment in shaping the market dynamics.
Power Quality Equipment Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD, till 2029
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.1.1 Increasing Demand For Power Quality In Industrial And Manufacturing Sectors
-
1.5.1.2 Increase In Smart Grid Infrastructure
-
-
1.5.2 Restraints
-
1.5.2.1 High Costs Of Power Quality Equipment
-
-
-
1.6 Supply Chain Analysis
-
1.7 Porter's Five Forces Analysis
-
1.7.1 Bargaining Power of Suppliers
-
1.7.2 Bargaining Power of Consumers
-
1.7.3 Threat of New Entrants
-
1.7.4 Threat of Substitutes Products and Services
-
1.7.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Equipment
-
2.1.1 Uninterruptable Power Supply (UPS)
-
2.1.2 Harmonic Filters
-
2.1.3 Static VAR Compensator
-
2.1.4 Power Quality Meters
-
2.1.5 Other Equipment Types
-
-
2.2 Phase
-
2.2.1 Single Phase
-
2.2.2 Three Phase
-
-
2.3 End-Users
-
2.3.1 Industrial and Manufacturing
-
2.3.2 Commercial
-
2.3.3 Others End-Users
-
-
2.4 Geography
-
2.4.1 North America
-
2.4.1.1 United States
-
2.4.1.2 Canada
-
2.4.1.3 Rest of North America
-
-
2.4.2 Europe
-
2.4.2.1 Germany
-
2.4.2.2 France
-
2.4.2.3 United Kingdom
-
2.4.2.4 Italy
-
2.4.2.5 Rest of Europe
-
-
2.4.3 Asia Pacific
-
2.4.3.1 China
-
2.4.3.2 India
-
2.4.3.3 Japan
-
2.4.3.4 Australia
-
2.4.3.5 Rest of Asia Pacific
-
-
2.4.4 South America
-
2.4.4.1 Brazil
-
2.4.4.2 Argentina
-
2.4.4.3 Chile
-
2.4.4.4 Rest of South America
-
-
2.4.5 Middle East and Africa
-
2.4.5.1 United Arab Emirates
-
2.4.5.2 Qatar
-
2.4.5.3 Saudi Arabia
-
2.4.5.4 South Africa
-
2.4.5.5 Egypt
-
2.4.5.6 Rest of Middle East and Africa
-
-
-
Power Quality Equipment Market Size 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.
