Power Quality Equipment Market Analysis

Global Power Quality Equipment Market Overview:

Global Power Quality Equipment Market Size was valued at USD 28.15 Billion in 2023. The power quality equipment market industry is projected to grow from USD 29.91 Billion in 2024 to USD 45.77 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.46% during the forecast period (2024 - 2032). Major market drivers anticipated to fuel the market's expansion during the forecast period include the increase in building and construction activities and the swift expansion of the manufacturing sector in developing economies around the world. Power quality equipment can be used to meet these needs.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Power Quality Equipment Market Trends

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  Rise in energy demand is driving the market growth

  
  

The market CAGR for power quality equipment is expanding rapidly due to rising energy demand. The largest quantity of electrical power being used at any particular time is called electricity demand. Power demand is rising globally as a result of a rapid uptick in different industrial activities and advancements in both developing and developed nations. For instance, the IEA report from July 2021 indicates a 5% increase in electricity demand, which is 1% more than in the previous year, 2020. Additionally, over the following two years, energy production from renewable sources, such as wind, hydropower, and solar PV, is expected to expand worldwide, by 8% in 2021 and more than 6% in 2022. As a result, there will be a growth in the need for power quality equipment as the demand for electricity rises year after year.

The residential, transportation, and commercial sectors are the top electricity consumers, followed by industrial processing and manufacturing. Power consumption has been continually increasing, which is what is essentially driving the market for power quality equipment. Critical market growth drivers include expanding the processing industry globally and its steady growth. The main motivation for power quality monitoring is the operations' economy, especially when major process loads are adversely affected. Examples of these implications on the equipment and process activities include improper operation, damage, disruption of the process, and other irregularities. These interruptions are costly since a profit-based enterprise must be quickly stopped and restarted in order to continue production. Poor power quality can have a significant detrimental influence on industrial operations and production. Industrial operations require various levels of power quality, each with unique needs for certain aspects of power quality. For industrial end users, the cost-critical aspects of power quality include equipment failure, equipment downtime, product quality, and clean-up costs.

Technological innovation is a major trend gaining popularity in the market for power quality equipment. Major players in the power quality equipment industry are concentrating on creating cutting-edge technological innovations like high-speed transient monitoring to satisfy end-user expectations and improve their market share. For instance, Schneider Electric will release PowerLogic 10N90007 in November 2020. In order to prevent outages, equipment damage, failures, and the disruption of crucial activities, the ION9000T adds high-speed transient monitoring to the high-performance power quality equipment. Thus, driving the power quality equipment market revenue.

Power Quality Equipment Market Segment Insights:

Power Quality Equipment End-User Insights

The global power quality equipment market segmentation, based on end-user includes Industrial & Manufacturing, Commercial, Residential, Transportation and Utilities. The industrial & manufacturing segment dominated the market. Power grids provide most of the electricity utilized in industrial and manufacturing operations. However, many manufacturing and industrial machinery components are prone to power quality problems such as interruption, imbalance, distortion, voltage volatility, and voltage flicker. To avoid such power quality problems, the commercial and industrial sector uses a variety of devices, including noise filters, static distribution compensators, filters, constant voltage transformers, and filters. This market segment's growth is driven by the rising demand for a consistent power supply to machinery utilised in manufacturing and process industries.

Power Quality Equipment Phase Insights

The global power quality equipment market segmentation, based on phase, includes Single Phase and Three Phase. The three phase category generated the most income. Three-phase power quality equipment is needed in the utilities, industrial, and transportation sectors due to the widespread use of three-phase by customers around the world. It is powered by power grids, data centers, ships, aircraft, and other electronic equipment requiring more than 1,000 watts of power. It is the most efficient way of transmitting power over great distances, allowing large industrial equipment to run more efficiently.

Figure 1: Global Power Quality Equipment Market, by Phase, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Power Quality Equipment Equipment Insights

The global power quality equipment market segmentation, based on equipment, includes Uninterruptible Power Supply, Static VAR Compensator, Power Quality Meters and Others. The uninterruptible power supply category generated the most income. A UPS power quality device provides a critical system load with reliable, continuous power. The device protects against any potential incoming distribution system power quality issues, such as interruptions, harmonics, voltage sags, swells, and noise that could impede the operation of sensitive electronic components and other electrical equipment.

Power Quality Equipment Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American power quality equipment market area will dominate this market because the broadcast communications industry is becoming increasingly digital. Additionally, a rise in natural consciousness is projected to fuel industry expansion. The district's constantly growing modern and collecting areas, communications industry, and commercial region are major end-clients of power quality items.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Global Power Quality Equipment Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe power quality equipment market accounts for the second-largest market share. One of Europe's main end-users of power quality equipment is the fast growing industrial and manufacturing sector, followed by the telecom and commercial sectors. Favorable government laws and increased investment in the area's power industry will likely boost demand for power quality equipment in Germany over the forecasted timeframe. Additionally, due to urbanization and population growth in the area, energy consumption has been rising rapidly in recent years. This is expected to result in a significant rise in the need for power quality equipment in Europe. Further, the German power quality equipment market held the largest market share, and the UK power quality equipment market was the fastest growing market in the European region

The Asia-Pacific Power quality equipment Market is expected to grow at the fastest CAGR from 2023 to 2032. Some of the major end-users of power quality equipment in the region's developing industrial and manufacturing, communications, and commercial sectors. The Asia-Pacific area's manufacturing industry, with China producing most of the world's manufactured goods, is the primary driver of economic growth in this region. Moreover, China’s power quality equipment market held the largest market share, and the Indian power quality equipment market was the fastest growing market in the Asia-Pacific region.

Power Quality Equipment Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the power quality analyzer market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, power quality equipment industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global power quality equipment industry to benefit clients and increase the market sector. In recent years, the power quality equipment industry has offered some of the most significant advantages to market. Major players in the power quality equipment market attempting to increase market demand by investing in research and development operations include ABB Ltd. (Switzerland), General Electric Company (US), Schneider Electric (France), Siemens AG (Germany), Emerson Electric Company (US), Eaton Corporation Plc (Ireland), Active Power Inc. (US), MTE Corporation (US), Smiths Group plc. (UK) and Toshiba Corporation (Japan).

The company Schneider Electric SE (Schneider Electric), originally known as Schneider Electric SA, is a leader in developing automation and energy management systems. Some of its key offerings are automation and control products, low voltage systems and products, solar and energy storage, medium voltage distribution and grid automation, critical power, cooling, and racks. The business also provides cloud, consulting, training, field, automation, sustainability and energy services.

Technology company Smiths Group Plc (Smiths Group) offers a variety of products. It provides vital solutions for the energy and process sectors, medical equipment and supplies, tools for detecting and identifying security threats and illegal activity, high-speed networking solutions, and parts to heat and transfer fluids and gases. Customers can also make use of the company's post-sale services. Customers of Smiths Group include several governmental organizations, hospitals, contractors, petrochemical firms, service providers, equipment manufacturers, household appliance producers, and the US construction industry.

Key Companies in the power quality equipment market include

• ABB Ltd. (Switzerland)


• General Electric Company (US)


• Schneider Electric (France)


• Siemens AG (Germany)


• Emerson Electric Company (US)


• Eaton Corporation Plc (Ireland)


• Active Power Inc. (US)


• MTE Corporation (US)


• Smiths Group plc. (UK)


• Toshiba Corporation (Japan)

Power Quality Equipment Industry Developments

April 2024

Black Bay Energy Capital (“Black Bay”) portfolio firm Advanced Industrial Devices (“AID”) is pleased to announce the purchase of R.S. Integrators, Inc. (“RSI”). RSI, based in Pineville, North Carolina, develops and produces electric motor control systems and power distribution panels for water, wastewater, and other industries. This strategic purchase of RSI is a milestone for AID's fast development in these end-markets and establishes a bellwether brand with unrivaled product quality and customer service. The combined organisation will capitalise on industrial electrification by providing end-users with world-class excellence, technical expertise, high-quality customer service, and a geographic footprint to achieve business efficiency, sustainability, and decarbonisation goals.

AID CEO Russell Claybrook said the purchase was strategic: “The RSI team has built an impressive brand in the water utilities and power distribution markets and boasts design and engineering capabilities that perfectly complement our own. In 2021, AID strategically expanded into industrial dewatering and water utilities, which has grown our company. AID is thrilled to combine RSI's skills with our products to continue offering fit-for-purpose motor control solutions and market-leading customer service.”

Ron Sigmon said, “I am extremely proud of the company we have built at RSI and the strong brand value we have created in our end markets. The AID and RSI organizations share key beliefs and a passion for specialized application solutions. Sigmon said, “I want to thank our RSI employees for their hard work and immense contributions to get us to this point, and I am excited to deliver enhanced solutions to our loyal customer base, as well as new customer relationships under the combined organization.”

AID's southeast US expertise and market position in industrial dewatering and water utilities have grown with the purchase of RSI. To further service these end-markets, AID established its world-class UL508A and UL698 industrial controls and motor controls production and training facilities in Fort Mill, SC in April 2023. 

May 2022: To ensure grid stability at three substations in South-West Ireland, ESB awarded Siemens Energy three contracts to provide its Static Compensator technology (SVC Plus).

March 2022: The Schaffner group introduced passive harmonic filters in the Ecosine Max series. The IEEE-519 and other international power quality standards are complied with by these harmonic filters.

June 2021: Eaton successfully acquired 50% of the Chinese Busway business of Jiangsu YiNeng Electric. With the help of this deal, Eaton will be able to diversify its power distribution offerings in the APAC market.

May 2021: The SmartPDU power distribution system was introduced by Acumentrics. It provides an unprecedented level of comfort, flexibility, secure control, and system data, ensuring the best possible performance of onboard electronic equipment while making possible adjustments and upgrades.

Power Quality Equipment Market Segmentation:

Power Quality Equipment End-User Outlook (USD Billion, 2018-2032)

• Industrial & Manufacturing


• Commercial


• Residential


• Transportation


• Utilities

Power Quality Equipment Phase Outlook (USD Billion, 2018-2032)

• Single Phase


• Three Phase

Power Quality Equipment Equipment Outlook (USD Billion, 2018-2032)

• Uninterruptible Power Supply


• Static VAR Compensator


• Power Quality Meters

Power Quality Equipment Regional Outlook (USD Billion, 2018-2032)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America