Northbrook, IL 60062 -- (SBWIRE) -- 12/14/2022 -- The power quality equipment market is expected to grow from an estimated USD 32.4 billion in 2021 to USD 46.1 billion by 2026, at a CAGR of 7.3% during the forecast period. Enhancing power quality to reduce overall carbon footprint from electrical devices and maximizing cost and energy savings are the main drivers for the power quality equipment market. Increasing adoption of smart grid technologies worldwide and integrating variable renewable energy with power grids are expected to offer lucrative opportunities for the power quality equipment market during the forecast period.

Key Market Players:

A few major players have a wide regional presence and dominate the power quality equipment market. The leading players in the power quality equipment market include ABB, Siemens, Eaton, Schneider Electric, and General Electric.

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The uninterruptable power supplies segment, by equipment, is expected to be the largest market from 2021 to 2026.

Based on equipment, the power quality equipment has been segmented into surge arresters, surge protection devices, harmonic filters, power conditioning units, power distribution units, uninterruptable power supplies, synchronous condensers, voltage regulators, digital static transfer switches, static VAR compensators, solid oxide fuel cells, isolation transformers, and power quality meters. The uninterruptable power supplies segment is projected to lead the power quality equipment market from 2021 to 2026. These supplies provide stable and reliable power to critical safety-related loads such as emergency lights and medical equipment, reduce or avoid production losses, minimize or eliminate production damage, avoid product or facility damages, and reduce or avoid electricity-using equipment damages.

The three phase segment, by phase, is expected to be the largest market from 2021 to 2026.

The report segments the power quality equipment segment, by phase, is segmented into single phase and three phase. The three phase segment is projected to lead the power quality equipment market from 2020 to 2026. Three-phase power quality equipment are used in utilities, along with industrial and transportation sectors since three phase is commonly used by consumers globally.

The industrial and manufacturing segment, by end-user, is expected to be the fastest-growing market from 2021 to 2026.

Based on end user, the power quality equipment market has been segmented into industrial and manufacturing, commercial, utilities, transportation, and residential. The industrial and manufacturing segment is projected to hold the largest market size of the market from 2021 to 2026. The growth of this segment is driven by rise in demand for uninterrupted power supply to machines used in manufacturing and process industries as any interruption or breakdown can result in significant losses due to the loss of production time. Utilities are the key consumer of power quality equipment owing to the fact that the sheer size of electrical networks operated by utilities is larger than the industrial and transportation electric infrastructures.

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Asia Pacific likely to emerge as the fastest growing power quality equipment market by region, during the forecast period.

In this report, the power quality equipment market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, China, Japan, India, and the Rest of Asia Pacific (South Korea, Australia, Thailand, Vietnam, and Malaysia). The market in Asia Pacific is dominated by China and India. The surging demand for electricity and the growing requirement to increase renewable power generation capacity encourage utilities in these countries to invest in transmission and distribution infrastructures. Asia Pacific is expected to invest USD 9.8 billion in developing smart grid infrastructures from 2018 to 2027. In addition, the development of smart grids in countries such as China, Japan, South Korea, and India is supported by regulations that either encourage or mandate their development. The market in China is projected to grow at the highest CAGR from 2021 to 2026.

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