Power Quality Equipment Market Report on Industry Insights, Top Company Players and Comprehensive Analysis by Forecast to 2023
Power Quality Equipment Market Information Report by Equipment , By Phase, By Application and By Region | Global Power quality equipment Market is expected to grow over the CAGR of around 5.5% during the period 2017 to 2023.
Pune, India -- (SBWire) -- 08/17/2018 --Market Highlights:-
Power quality monitoring equipment are embedded in the system itself for ease of access and improved accuracy in measurements. Power quality equipment primarily aim to reduce multiple equipment usage in a system where the entire work of measurement can be done with a single or a couple of units. As the system grows, the scalability of the power quality measurement equipment increases. Thus, it is possible to analyze multiple meters simultaneously. These equipment can centrally configure and administer meters into groups. They can automatically download data from the meters itself. A simplified overview of the disturbance can be achieved. This output can be spread throughout the grid for rectification process.
Advancement in the power quality technology as smart grids gain traction is expected to offer new opportunities for growth in the future. Moreover, high demand for power quality equipment is expected to rise in rapidly emerging countries, thus facilitating market growth.
The latest research report by Market Research Future (MRFR), reveals that the global power quality equipment market is set to register a steady CAGR of 5.5% during the forecast period of 2017 to 2023. The ever-increasing requirement of power and the various trends in other industries are the major influencers of growth for the global market.
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Latest Industry News:-
ABB has been awarded projects from the Ministry of Electricity in Iraq to deliver 15 mobile substations to strengthen the power grid for electricity supply to central Iraq.
Schneider Electric has launched Masterpact MTZ, a third generation, high power, low voltage air circuit breaker with certified Class 1 energy metering (embedded).
Seimens has recently commissioned the world's largest Static Synchronous Compensator (STATCOM) solution for the Power Grid Corporation of India (PGCIL) in the state of Odisha. The STATCOM will be regulating transmission variations according to grid conditions in order to supply stable power.
Top Key Players:-
The key players of Power quality equipment market are ABB, Ltd. (Switzerland), Active Power, Inc. (U.S.), Eaton Corporation, PLC (Republic of Ireland), Emerson Electric Co. (U.S.), General Electric (U.S.), MTE Corporation (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Smiths Group plc. (U.K.) and Toshiba Corporation (Japan) among others.
Power Quality Equipment Global Market – Segmentation
The scope of global power quality equipment market is segmented into three major segments which are explained below:
- Static VAR Compensator
- Power Quality Meters
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- Single Phase
- Three Phase
- Energy and Utilities
Led by the U.S, North America accounts for the largest share of the global market due to the presence of several prominent players in the region. Additionally, the region possesses old transmission and distribution infrastructure which requires the use of power quality equipment. The restructuring of the existing infrastructure to meet the growing energy needs is driving the power quality equipment market to avoid loss of electricity.
The Asia-Pacific is expected to be a significant market during the forecast period due to the presence of several rapidly emerging economies that have growing urbanization and as a result higher power needs. The presence of a robust manufacturing industry combined with various players shifting BPOs in this region to leverage lower operating costs are driving the demand for power in the region and as a result power quality equipment.
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