The global power quality equipment market was valued at USD 45.32 billion in 2023 and is projected to reach USD 102.56 billion by 2032, growing at a CAGR of 9.5% over the forecast period (2024–2032). The increasing demand for uninterrupted power supply across various industries and the growing need for energy-efficient solutions are driving the growth of the power quality equipment market.
Market Definition
Power quality equipment is used to improve the quality of power supply by correcting various issues such as voltage fluctuations, harmonics, and electrical noise. These issues can impact the performance of electrical devices and can cause system failures in both industrial and commercial sectors. Power quality equipment includes voltage regulators, power conditioners, uninterruptible power supply (UPS) systems, surge protectors, and filters, among others. These devices are essential in maintaining the efficiency and reliability of electrical systems, ensuring the optimal functioning of sensitive electronic devices and machinery.
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Market Segmentation
By Equipment Type
- Uninterruptible Power Supply (UPS)
- Voltage Regulators
- Surge Protectors
- Power Conditioners
- Harmonic Filters
- Others
By End-User Industry
- Residential
- Commercial
- Industrial
- Utilities
By Application
- Voltage Regulation
- Power Conditioning
- Harmonics Mitigation
- Surge Protection
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Scope of the Power Quality Equipment Market
- Market Growth: The power quality equipment market is expected to grow rapidly due to the increasing reliance on electrical systems in industrial, commercial, and residential applications.
- Technological Advancements: Innovations in power quality equipment, including smart grids, IoT integration, and automated power monitoring, are enhancing market growth.
- Rising Power Demand: With growing energy consumption, especially in emerging economies, the demand for reliable and quality power is accelerating, which boosts the need for power quality equipment.
- Government Regulations: Stringent government regulations for energy efficiency and the reduction of electrical disturbances are supporting the adoption of power quality equipment globally.
- Regional Expansion: As businesses expand globally, regions such as Asia-Pacific and Europe are expected to witness the highest growth rates in the power quality equipment market due to their growing industrial sectors.
Key Players in the Power Quality Equipment Market
- Schneider Electric
- ABB Ltd.
- Siemens AG
- Eaton Corporation PLC
- General Electric Company
- Emerson Electric Co.
- Mitsubishi Electric Corporation
- Vertiv Group Corporation
- Socomec Group
- Legrand
Dominated Region: Asia-Pacific
Asia-Pacific is the dominant region in the power quality equipment market, owing to the rapid industrialization, urbanization, and increasing demand for continuous power supply in countries like China, India, and Japan. The region’s growing manufacturing sector and investments in infrastructure development are contributing significantly to the demand for power quality equipment.
Fastest Growing Region: Europe
Europe is the fastest-growing region in the power quality equipment market. The region is witnessing an increase in industrial activities, particularly in sectors such as automotive, manufacturing, and electronics. Moreover, the increasing focus on energy efficiency, sustainability, and renewable energy adoption is accelerating the demand for power quality equipment.
Table of Contents (TOC)
Executive Summary
- Market Overview
- Key Insights
- Market Dynamics
Market Definition and Scope
- Power Quality Equipment Definition
- Scope of the Report
Market Analysis
- Market Size & Forecast (2024-2032)
- Growth Drivers
- Restraints and Challenges
- Opportunities
Market Segmentation
- Equipment Type
- End-User Industry
- Application
Regional Analysis
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Competitive Landscape
- Market Share Analysis
- Company Profiles
- Strategic Initiatives
Key Market Trends and Developments
Future Outlook and Market Projections
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Conclusion
The global power quality equipment market is poised for significant growth, driven by the increasing demand for uninterrupted and efficient power supply across multiple industries. Technological advancements, along with rising energy consumption, are expected to further boost market expansion. As the world transitions to more reliable and energy-efficient electrical systems, power quality equipment will play a pivotal role in ensuring smooth operations across sectors, making it a critical component for businesses and consumers alike.