Power quality equipment plays a vital role in providing a reliable, stable and secure power infrastructure to every consumer. Power quality equipment such as UPS systems, surge protectors and voltage regulators help in maintaining continuity of power supply by protecting sensitive equipment from surges, spikes, harmonics and other power anomalies. The growing complexity of electrical systems along with increasing integration of renewable energy sources is contributing to rising power quality issues. As a result, the need for effective power quality management is growing rapidly to reduce equipment downtime and avoid significant financial losses caused due to power disturbances.
The global Power Quality Equipment Market is estimated to be valued at Us$ 31.33 Bn in 2023 and is expected to exhibit a CAGR Of 10.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing instances of power quality issues is one of the major trends driving the growth of power quality equipment market. According to the U.S. Department of Energy, power quality issues cost the global economy an estimated $15 - $24 billion annually in equipment downtime, product damage and process disruption. Significant financial and production losses as a result of inadequate power quality is prompting industries as well as commercial and residential facilities to invest more on power quality equipment for reliable power supply and continuity of operations.
Segment Analysis
The global power quality equipment market is dominated by the UPS sub segment. UPS systems provide critical backup power during outages or fluctuations which protects sensitive equipments from damages. They are widely used in data centers, hospitals, manufacturing facilities etc to ensure uninterrupted power supply. Due to growth in digitization and need for continuous operations, the demand for UPS systems is growing at a faster pace compared to other power quality equipment.
Key Takeaways
The Global Power Quality Equipment Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis:
Asia Pacific region dominates the global power quality equipment market and is expected to maintain its leading position during the forecast period as well. This can be attributed to massive investments by governments in countries like China and India to develop and modernize their power grids. Also, growing industrialization and construction activities in the region generate strong demand for power quality equipment to ensure reliable operations.
Key players operating in the power quality equipment market are PPG Industries (US), Sherwin-Williams Company (US), Kukdo Chemical Co., Ltd. (South Korea), Nukote Coatings Systems (US), and VIP GmbH (Germany). PPG Industries and Sherwin-Williams are focusing on development of advanced coating solutions to cater to the niche demand from various end use industries. Kukdo Chemical has a strong presence in the Asia Pacific market while Nukote Coatings has wide distribution network across North America.
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