Growing Adoption of Renewable Energy Sources to Provide Growth Opportunities to Power Quality Equipment Market during 2021–2028
The power quality equipment market is projected to reach US$ 45,131.9 million by 2028 from US$ 28,499.6 million in 2021; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028. In the wake of global warming, due to surge in carbon pollution due to burning of fossil fuels, coal, and natural gas, the demand for renewable energy sources is increasing gradually. The growing focus on renewable energy projects is anticipated to boost the demand for power quality equipment to measure the quality of the power generated in distribution substations. The growing preference for renewable energy over the conventional energy sources can be attributed to factors such as zero or low carbon emissions, reduced air and water pollution levels, and economical electricity production. Moreover, many governments across the world are providing financial incentives for adopting renewable energy projects. For instance, the US government is providing Renewable Electricity Production Tax Credit (PTC), Investment Tax Credit (ITC), the Residential Energy Credit for those investing in renewable energy, as well as using it in the residential sector. Also, the US Department of Energy (DOE) and the US Department of the Interior offer a loan program and provide financial subsidies for the installation equipment running on renewable energy. Thus, the flourishing renewable energy infrastructure is boosting the adoption of power quality equipment at distribution substations, subsequently creating growth opportunities for the growth of the power quality equipment market players.
Impact of COVID-19 Pandemic on Power Quality Equipment Market
The COVID-19 outbreak has continued its adverse effects in several countries in 2021 as well. Business shutdowns or limited business operations, and lockdowns and travel limitations have hampered the production and supply chain of power quality equipment, leading to decline in the adoption of these equipment, including uninterrupted power supply (UPS) systems, static VAR compensators, harmonic filters, power quality meters, power conditioners, and power quality analyzers. However, owing to the resumption of trading activities from the last quarter of 2020, the market players are expecting steady growth in the demand in the coming quarters. Manufacturing, commercial, metals, cement, power generation, education, entertainment, electronics, energy, aviation, and transportation are among the key industries affected by the pandemic.
Major players profiled in the study of the global power quality equipment market include Acumentrics, Emerson Electric Co., AMETEK Inc., Eaton, General Electric Company, Schneider Electric SE, Siemens AG, Toshiba Energy Systems & Solutions Corporation, Hitachi ABB Power Grids Group, and Piller Group GmbH. In addition to these players, several other essential market players have been studied and analyzed to get a holistic view of the global power equipment market and its ecosystem.
Report : Power Quality Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Equipment (Uninterruptable Power Supply (UPS), Harmonic Filters, Static VAR Compensator, Power Quality Meters, Others); Phase (Single Phase, Three Phase); End-Users (Industrial and Manufacturing, Commercial, and Others), and Geography
The power quality equipment market is segmented on the bases of equipment, phase, end user, and geography. Based on equipment, the power quality equipment market is segmented into uninterruptable power supply (UPS), harmonic filters, static VAR compensators, power quality meters, and others. Power quality equipment are widely used in power grid systems to ensure continuous flow of stable power. Based on phase, the market is segmented into single phase and three phase. Power quality equipment are designed and manufactured for single phase and three phases, based on the application requirements. Based on end users, the power quality equipment market is segmented into industrial and manufacturing, commercial, and others. Based on the needs of end users, the market players manufacture power quality equipment with different capacities, efficiencies, sizes, and accuracies needed for the application. Based on geography, power quality equipment market is segmented on the bases region into North America, Europe, APAC, MEA and SAM. North America is further segmented into the US, Canada, and Mexico, Europe region is segmented on the basis of country into France, Germany, Italy, Russia, the UK, and Rest of Europe. The Asia Pacific (APAC) region in further segmented into China, India, Japan, Australia, South Korea, and Rest of APAC. In Middle East and Africa (MEA) region market is further segmented by country into Saudi Arabia, UAE, South Africa, and Rest of MEA. South America (SAM) region is also segmented by country into Brazil, Argentina, and Rest of SAM.
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