Power Quality Equipment Market Overview, Forecast, and Emerging Trends 2024-2033

The power quality equipment market size has grown strongly in recent years. It will grow from $25.11 billion in 2023 to $26.66 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to expansion of industrial and manufacturing sectors, growth in sensitive electronic equipment, demand for stable and clean power supply, increase in grid disturbances and voltage fluctuations, regulatory standards for power quality..

The power quality equipment market size is expected to see strong growth in the next few years. It will grow to $33.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to customized power quality solutions for specific industries, integration of iot and real-time monitoring, sustainable and eco-friendly power quality equipment, expansion in renewable energy integration, increased use in electric vehicle charging infrastructure.. Major trends in the forecast period include power quality analytics and predictive maintenance, regulatory compliance in power quality equipment safety, smart and adaptive power quality solutions, integration of energy storage for grid stabilization, collaboration between power quality and cybersecurity..

Market Overview -
The power quality equipment are devices used for measuring, analyzing and improvement of voltage to help maintain a continuous wave and also a smooth periodic function waveform of a rated voltage and frequency. Power quality equipment is a vital device/system used to protect electrical equipment from failing prematurely or malfunctioning.

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Government Investments In Grid Modernization Projects Fuel Growth In Power Quality Equipment Market
Increasing government investments in the grid modernization project is significantly driving the growth of the power quality equipment market. The grid modernization project refers to the process of modernizing the electrical grid to make it safer, more productive and able to handle new technologies, new types of electricity generation and distribution and the integration of renewable energy sources. As countries strive to enhance their energy infrastructure and ensure a more stable and reliable power supply, the demand for power quality equipment, such as voltage regulators, surge protectors, and uninterruptible power supplies, has surged. These investments are crucial in addressing power quality issues, reducing downtime, and improving overall grid efficiency, making them a driving force behind the expansion of the power quality equipment market. For instance, in October 2023, the Grid Deployment Office, a US-based office that works to provide electricity to everyone, everywhere by maintaining and investing in critical generation facilities, announced an investment of $10.5 billion in the Grid Resilience and Innovation Partnerships (GRIP) Program as part of the Bipartisan Infrastructure Law to increase grid flexibility and strengthen the power system's resilience against the growing threats of extreme weather and climate change. Thus, increasing government investments in the grid modernization project will increase demand for power-quality equipment.

Competitive Landscape -
Major companies operating in the power quality equipment market include Eaton Corporation plc, ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Toshiba Corporation, Emerson Electric Co., Legrand SA, Honeywell International Inc., AMETEK Inc.., Piller Group GmbH, Acumentrics Corporation, Leviton Manufacturing Co. Inc., MTE Corporation, Socomec India Private Limited, Infinite Electronics Inc., Hitachi ABB Power Grids Ltd., Active Power Inc., Smiths Group plc, Powervar Inc., S&C Electric Company, Delta Electronics Inc., Mitsubishi Electric Corporation, Rockwell Automation Inc., Fuji Electric Co. Ltd., SolaHD, Eaton Corporation, Phoenix Contact GmbH & Co. KG, Panduit Corporation, Littelfuse Inc.

Strategic Collaborations Fuel The Market
Major companies operating in the power quality equipment sector are focused on strategic collaboration to meet customer demands and strengthen their market position. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in June 2023, Deere & Company (John Deere), a US-based heavy and powerful turf manufacturing company, announced strategic collaboration with EGO, a US-based battery outdoor power equipment company and Chervon, a China-based power tool and outdoor power equipment company. The partnership between Deere & Company (John Deere), EGO, and Chervon intends to provide homeowners with a comprehensive range of EGO's battery-powered lawn care products through John Deere dealers. This collaboration combines John Deere's market presence with EGO's innovative and ecologically friendly solutions. Customers will be able to purchase EGO-branded battery products through John Deere dealers under this partnership Therefore contributing to the expansion of the power electronics sector. The brands will be able to provide EGO battery-powered lawn care solutions to homes as part of this arrangement.

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Key Segments -

The power quality equipment market covered in this report is segmented -
1) By Equipment: Surge Arresters, Surge Protection Devices, Harmonic Filters, Power Conditioning Units, Power Distribution Unit, Uninterruptable Power Supply, Synchronous Condenser, Voltage Regulator, Digital Static Transfer Switch, Static VAR Compensator, Solid Oxide Fuel Cells, Isolation Transformers, Power Quality Meters, Other Equipments
2) By Phase: Single Phase, Three Phase
3) By Application: Industrial & Manufacturing, Commercial, Residential, Transportation, Utilities

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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