Power quality equipment such as UPS systems, surge protectors and voltage regulators play a critical role in ensuring uninterrupted power supply for various industrial operations and processes. These equipment help in regulating voltage fluctuations and shield equipment and machinery from power issues like spikes, surges, blackouts etc., thereby minimizing equipment downtime and monetary losses.
The global Power Quality Equipment Market is estimated to be valued at US$ 31.33 Bn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
More organizations are recognizing the need for reliable power infrastructure to support mission critical equipment and day-to-day operations. This has accelerated the demand for power quality equipment such as UPS systems across sectors. Manufacturers are investing in new product launches and technology innovations to develop more efficient and higher capacity UPS systems. Standby power systems tailored for different application requirements are also gaining market traction.
Segment Analysis
The Global power quality equipment market size is dominated by the UPS segment. With enterprises focusing on solutions that offer reliable uninterrupted power, the demand for UPS systems is increasing. UPS solutions provide critical load protection from blackouts, brownouts, and other power issues. They also regulate voltage levels and filter harmonics. This helps maintain continuous operations of equipment and safeguards sensitive electronics. The growing adoption of industrial automation will further drive the UPS segment's growth in the forecast period.
Key Takeaways
The global power quality equipment market is expected to witness high growth. With rapid industrialization, the demand for efficient power infrastructure is rising across major economies.
The APAC region currently dominates the market. Rapid industrialization and infrastructure development in China, India, and Southeast Asian countries are boosting power quality equipment installation. Key players are also expanding their presence in the region to gain from the opportunities.
Key players operating in the power quality equipment market are Scientech Technologies Pvt. Ltd., Tektronix, General Electric, Schneider Electric, Siemens, Eaton, ABB, Socomec, MTE Corporation, and SPI Power Quality. Rising demand is prompting players to enhance R&D for innovative products catering to changing needs of utilities and industrial sectors. Companies are also focusing on strategic partnerships and regional expansion to leverage growth opportunities.
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