PUBLISHER: KBV Research | PRODUCT CODE: 1544212
PUBLISHER: KBV Research | PRODUCT CODE: 1544212
The Global Power Quality Equipment Market size is expected to reach $47.2 billion by 2031, rising at a market growth of 6.1% CAGR during the forecast period.
The seamless operation of sensitive machinery and production processes is contingent upon the use of power quality equipment in industries such as automotive, electronics, and heavy machinery. The high demand for continuous power, coupled with the increasing automation and digitization in manufacturing, has driven the adoption of advanced power quality solutions in this sector. Thus, the industrial & manufacturing segment garnered 31% revenue share in the power quality equipment market in 2023. This dominance reflects the critical need for reliable and stable power in industrial and manufacturing settings, where power disruptions can lead to costly downtime, equipment damage, and significant productivity losses.
The major strategies followed by the market participants are Acquisitions as the key developmental strategy to keep pace with the changing demands of end users. For instance, In 2024, Schneider Electric has launched the APC Back-UPS Pro Gaming, its first uninterruptible power supply (UPS) designed specifically for gamers. When the UPS is in power mode, a circular LED ring displays the remaining runtime and power level of the backup supply. The sine wave power output delivers stable, high-quality voltage, ensuring gaming professionals enjoy an uninterrupted experience during crucial moments. Additionally, In 2024, February, GE Vernova revealed GridBeats, a comprehensive portfolio of software-defined automation solutions designed to streamline grid digitalization and boost grid resilience. GridBeats enhances grid reliability and resilience through faster controls, AI/ML-based automation, and strengthened cybersecurity measures. It also improves grid visibility, from large areas down to individual equipment, thanks to accurate sensors and robust communication networks.
Based on the Analysis presented in the KBV Cardinal matrix; Siemens AG is the forerunner in the Power Quality Equipment Market. Companies such as Honeywell International, Inc., Schneider Electric SE, ABB Group are some of the key innovators in Power Quality Equipment Market. In January, 2024, ABB acquired Spring Point Solutions, a provider of software as a service (SaaS) and enterprise resource planning (ERP) software, strengthened its motor services capabilities. This acquisition includes a customer relationship management tool and an equipment/quality management system tailored specifically for motor repair facilities. These tools are anticipated to improve operational efficiency for shops that sell and repair ABB products.
Market Growth Factors
With the ongoing growth of cloud computing and the increasing importance of data in today's economy, the demand for power quality equipment in data centers is expected to rise as businesses seek to safeguard their data and ensure the continuity of their digital operations. Hence, these factors will aid in the growth of the market.
Additionally, these grids use distribution management systems to monitor and respond to real-time power quality issues, ensuring stability across densely populated areas. Thus, as smart grids become more prevalent worldwide, the demand for power quality equipment that can provide real-time data and automated responses will continue to grow.
Market Restraining Factors
Even when the benefits of such equipment are understood, the high upfront cost can still deter many potential buyers, who may prefer to take a reactive approach, replacing damaged devices as needed rather than investing in preventive measures. Hence, the high initial costs of power quality equipment pose a substantial challenge to the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisition and Mergers.
Phase Outlook
On the basis of phase, the market is bifurcated into single phase and three phase. The three phase segment recorded 74% revenue share in the market in 2023. This dominance is partly attributable to the extensive utilization of three-phase systems in industrial and commercial applications.
Product Outlook
Based on product, the market is classified into power quality meters, surge protection devices, harmonic filters, voltage regulators, uninterruptible power supply (UPS), and others. The surge protection devices segment procured 16% revenue share in the market in 2023. The rising awareness of the potential damage caused by power surges, particularly in electronics and high-value equipment, has fueled demand for these devices.
End Use Outlook
By end use, the market is divided into residential, commercial, industrial & manufacturing, utilities, and transportation. The utilities segment acquired 18% revenue share in the market in 2023. The necessity for reliable power quality equipment has increased as utilities grapple with the challenges of managing fluctuating power demand and integrating renewable energy sources.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed 29% revenue share in the market in 2023. Key factors driving the demand for power quality equipment in the data centers, healthcare, and telecommunications sectors of the region include the extensive adoption of advanced technologies, the mature industrial sector, and the critical need for reliable power.
Market Competition and Attributes
The Power Quality Equipment Market is competitive, driven by key players like Schneider Electric, Siemens, and Eaton. Competition is focused on offering reliable solutions to manage power fluctuations and ensure stable energy supply. Key attributes include advanced monitoring, real-time analytics, and integration with smart grids. Players differentiate through innovation in voltage regulators, power conditioners, and UPS systems, while catering to diverse industries such as manufacturing, IT, and healthcare. The growing demand for energy efficiency further intensifies market rivalry.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Power Quality Equipment Market Report Segmentation
By Phase
By Product
By End Use
By Geography