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Voltage Stabilizer System Market (Application - Building Automation, HVAC System, Industrial (Other Power), Power Transmission and Distribution System, Communication Systems, and Consumer Electronics) -Outlook 2024
A voltage stabilizer is used for ensuring a steady level of voltage automatically for various electrical gadgets to prevent them from any kind of damage due to voltage fluctuations. These systems are predominantly used for regulating DC and AC voltages. The unprecedented rise in the consumption of power has led a significant demand for voltage stabilizer systems. The research report states that the global voltage stabilizer systems market is likely to be worth US$25.39 bn by the end of 2024 as compared to US$14.11 bn in 2015. Between the forecast period of 2016 and 2024, the global market is projected to expand at a CAGR of 6.66%.
Rising Expenditure on Consumer Electronics to Propel Market Growth
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The growing demand for voltage stabilizer systems is attributable to the increasing adoption of building automation, especially in the developing regions, which face a major power crunch. Furthermore, the growing disposable incomes being spent on consumer electronics has also augmented the demand for voltage stabilizer systems. The report predicts that ongoing upgradation of transmission and power distribution networks in developed regions will also make significant difference to the escalating revenue of the global market. However, the market does face a few challenges such as the emerging trend of the green revolution. As consumers and governments are vying to bring down the carbon emissions, both the parties are expected to reduce the expenditure on electronics, thereby cutting down the need for voltage stabilizer systems.
Building Automation Shows Steady Growth as Consumers Seek Safety
In terms of application, the global voltage stabilizer systems market is segmented into HVAC, building automation, industries (other than power), communication systems, power transmission and distribution, and consumer electronics. Of these, building automation leads the pack due to the growing demand for automation and centralized access in developed regions. Furthermore, the increasing demand for HVAC systems, centralized heating, ventilation, and air-conditioning has also boosted the demand for voltage stabilizer systems. The demand for centralized security access due to growing concerns pertaining to safety have also propelled the overall market. Lastly, the increasing uptake of these systems in emerging industrial areas, where fluctuations in power are frequent are also expected to drive the demand for voltage stabilizer systems market.
On the basis of geography, the global voltage stabilizer system market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Of these regions, the North America voltage stabilizer systems market is expected to grow at a phenomenal pace due to extensive usage in building automation in the region. Europe and Asia-Pacific are expected to follow suit in the coming years. Asia Pacific is expected to offer lucrative opportunities to the overall market as the region is adopting voltage stabilizer systems with the expansion of power distribution and transmission networks. As the developing countries are looking at connecting cities and villages with power transmission and distribution systems, the demand is slated to show a continuous rise.
The key players operating in the global voltage stabilizer systems market are Siemens AG, Voltas Limited, V-Guard Industries Ltd, Kon?ar Group, and Reinhausen Group among many others. The competitive landscape of the global market is quite fragmented due to the presence of several players. These companies are expected to focus on research and development to launch improved products that deliver efficiency.
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