PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290811
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290811
Voltage Restorer Market size was valued at USD 530.8 million in 2022, expanding at a CAGR of 7.2% from 2023 to 2030.
The power system network's distribution system is the component that provides electrical power to consumers for use. In recent years, the distribution network has been connected to numerous types of sensitive loads, including data processing devices, controlling devices, and power conversion loads.
The market is influenced by a number of factors, including rising demand for renewable energy, the requirement for grid stability, and rising need for uninterrupted power supply. One of the key market drivers is the rising need for renewable energy. The rise in the utilization of renewable energy sources like solar and wind energy has made grid-connected storage necessary. The market for voltage restorers is then anticipated to grow as a result. Another significant market driver is the requirement for grid stability. A solution that can guarantee grid stability is required due to the rising number of grid outages and back outs. Voltage restorers are used to maintain grid stability and are anticipated to become more popular as a result.
The growing demand for uninterrupted power supply is another driver for the market. The increasing number of power outages and load shedding has led to the need for solution that can provide uninterrupted power supply. Additionally, one of the main barriers to the market's expansion is the high cost of the equipment needed for the installation of voltage restorers. Small and medium-sized businesses, who are the main consumers of voltage restorers, are very concerned about the high cost of the equipment.
The Global Voltage Restorer Market is segmented based on component, voltage, end-user, and Region.
Based on the component, the thyristors segment is expected to dominate the market during the forecast period. This is due to the increasing demand for thyristors in various application such as renewable energy, PS and other is expected to fuel the demand for thyristors for the projected period.
Based on the voltage, the market is segmented into low voltage, medium voltage, and high voltage. The high voltage segment is expected to grow at the highest CAGR during the forecast period. it is anticipated that rising infrastructure investment in transmission and distribution would drive up demand for high voltage.
North America is expected to dominate the market during the forecast period. The development of the region is accelerated by the existence of cutting-edge manufacturing facilities and widespread awareness of the benefits of voltage restoration. On the other hand, the Asia Pacific is expected to grow at the highest CAGR over the forecast period. Several companies across the globe are setting up their production base in countries such as China, Japan, and South Korea, which is resulting in an increased demand for voltage restorer in the region. The region's market is being driven by the rapid commercialization and industrialization as well as rising power quality problems like voltage spikers, sags, and other anomalies.
The scope of this report covers the market by its major segments, which include as follows: