Press release
Voltage Stabilizer Systems Market: Insights into the Competitive Scenario of the Market
According to this research report, the global voltage stabilizer systems market was valued at US$14.11 bn in 2015 and is expected to reach US$25.39 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is projected to progress at a CAGR of 6.66%.
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In terms of application, the global market is segmented into building automation, industrial, HVAC, power transmission and distribution system, communication system, and consumer electronics. Of all the application segments, the building automation segment is anticipated to grow at a remarkable pace in the coming years due to a growing demand for centralized control. The building automation application segment is expected to reach a valuation of US$4.29 bn by the end of 2024.
Geographically, the global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America holds the key share in the global market. This region is anticipated to acquire a share of 35.98% by the end of 2024. The increasing inclination toward automation is expected to drive the growth of this regional market in the coming years.
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The primary growth driver for the global voltage stabilizer systems market is the untapped power distribution and transmission needs in emerging economies of Russia, India, China, South Africa, and Brazil. The growing demand for power in these countries and the growing number of distribution networks of power are expected to propel the growth of this market in the coming years. The continuous need to ensure efficient and reliable supply of power is expected to play an important role in defining the trajectory of this market. Furthermore, the ongoing upgradation and replacement of outdated power distribution networks in developed regions of North America and Europe is also expected offer lucrative growth opportunities to the overall market.
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The growing demand for heating, ventilation, and air conditioning (HVAC) and building automation are created a mammoth demand for voltage stabilizer systems across Asia Pacific, Europe, and North America. Additionally, the increasing pressure of safety and security access has also triggered a demand for voltage stabilizer systems. Yet another important factor expected to drive the demand for voltage stabilizer systems is the soaring production of consumer electronics such as televisions, refrigerators, ACs, and computers.
The headstrong market drivers are being pulled in the opposite direction by the changing perception toward energy consumption. The emerging trend of adopting green technologies in a bid to reduce carbon footprint is expected to hamper the demand for voltage stabilizer systems in the near future. Furthermore, efficient power transmission and distribution systems in developed regions are also anticipated to slow down the demand for new voltage stabilizer systems during the forecast period.
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