Press release
Power Quality Equipment Market to Grow at a CAGR of 6.8% to reach US$ 45,131.9 million from 2021 to 2028
Power Quality Equipment Market: Key InsightsThe power quality equipment market is expected to grow from US$ 28,499.6 million in 2021 to US$ 45,131.9 million by 2028; it is estimated to grow at a CAGR of 6.8% during 2021–2028.
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In the wake of global warming, due to the surge in carbon pollution due to the 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 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.
The global power quality equipment market has been segmented as mentioned below:
Power Quality Equipment Market - By Equipment
Uninterruptable Power Supply (UPS)
Harmonic Filters
Static VAR Compensators
Power Quality Meters
Others
Power Quality Equipment Market - By Phase
Single Phase
Three Phase
Power Quality Equipment Market - By End Users
Industrial and Manufacturing
Commercial
Others
Power Quality Equipment Market: Competitive Landscape and Key Developments
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.
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In June 2021, Eaton completed the acquisition of 50% stakes in Jiangsu YiNeng Electric’s Busway business in China. This agreement would help Eaton in expanding its power distribution portfolio in the APAC market.
In May 2021, Acumentrics introduced SmartPDU, a new power distribution system that offers an unprecedented combination of convenience, flexibility, secure control, and system data, which ensures the optimal operation of shipboard electronic systems, along enabling them to accommodate changes and upgrades.
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