Power Quality Equipment: Market Size. From $30. 20 billion in 2020, the global Power Quality Equipment market is projected to reach $61. 50 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 9.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Power Quality Equipment Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127603/?utm_source=GNW
3% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include maximizing cost and energy savings, growing consumption of power in the telecommunications industry, and rising adoption of smart grid technologies.
Global Power Quality Equipment Market: Market Dynamics
Power quality equipment is utilized in power grids for ensuring a continuous flow of stable power. The power flow in grids should be within the particular voltage and frequency limits. It must have a pure sinusoidal waveform. Good power quality saves money and energy. Power quality equipment help in avoiding damage and premature aging of equipment, data, and work, sudden equipment malfunctions, poor performance, and unexpected shutdowns, and capacitor bank failures, which, in turn, save money and energy.
For instance, while traditional telecommunications equipment typically requires 48V DC power systems with adequate critical support equipment such as lighting and conditioning; a continuous development in telecom services along with growing power consumption calls for an increase in the command for power quality equipment such as engine generators and power conversion equipment due to high reliability, higher load power density, and codependency of AC and DC power load equipment.
On the other hand, high costs of high-end power quality equipment are likely to obstruct the profit boundaries. In addition, enhancing power quality to reduce overall carbon footprint and increasing consumption of power in the telecommunications industry will further boost the power quality equipment market.
Impact of COVID-19 on Power Quality Equipment
COVID-19 has decelerated the growth of the power quality equipment market, as countries were compelled to implement lockdowns during the first half of 2020. Stringent guidelines were issued by governments and local authorities, to halt all the non-essential operations. This adversely affected the power quality equipment market due to the suspension of activities of end-users. In addition, production and supply chain delays were also witnessed which posed a challenge to the power quality equipment market, since end-user industries were still not fully operational.
By End User
Industrial and Manufacturing Segment Dominate the Market in 2020
The industrial and manufacturing segment made huge revenue in 2020 and growing its prominence during the forecast period as it is driven by an increase in demand for uninterrupted power supply to machines utilized in manufacturing and process industries as any interruption or breakdown can result in significant losses owing to the loss of production time.
Asia Pacific Region is Leading in the Global Market Place
The Asia Pacific is likely to have a huge demand in the forecast period owing to the surging command for electricity and the rising requirement to increase renewable power generation capacity encourages utilities in these countries to invest in transmission and distribution infrastructures. The growth of the market in this region is driven by the rising investments in transmission and distribution infrastructures and the mounting adoption of renewable energy in China.
List of the Key Players Profiled in the Market Include:
• ABB, Ltd.
• Active Power, Inc.
• Acumentrics Corporation
• Eaton Corporation, PLC
• Emerson Electric Co.
• General Electric
• Legrand S.A.
• Leviton Manufacturing Company, Inc.
• MTE Corporation
• Schneider Electric SE
• Siemens AG
• Smiths Group
• Toshiba Corporation
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127603/?utm_source=GNW
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