The power quality equipment market is expected to grow at
a CAGR of 6.56%, from 2017 to 2022, to reach a market size of USD 40.85 billion
by 2022. Non-uniform power quality and network reliability issues, rise in
alternative energy programs, and power quality standardization are the major
drivers of the power quality equipment market.
The power quality equipment market is dominated by a few
major players that have a wide regional presence and are established brand
names. The leading players in the power quality equipment market include ABB,
Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France),
Emerson Electric Company (U.S.), Eaton Corporation Plc (Ireland), and General
electric Company (U.S.). These companies have developed new products and
implemented advanced production technology to bolster their product portfolios.
Don't miss out on business opportunities in power
quality equipment market
The report segments global market, by end–user, into industrial
and manufacturing, utilities, transportation, residential, and commercial. The
commercial segment is expected to grow at the fastest rate during the forecast
period. Information technology initiative is being applied to vehicles and
electrical machinery in order to enable remote diagnostics, remote maintenance,
and remote data capture. This initiative has increased the need for
datacenters, servers, and communication systems. As the demand for electronic
equipment grows, the need for protection system also increases for continuous
functioning of such critical equipment. Such initiatives are driving the market
for power quality equipment in the commercial segment, which is expected to
create new revenue pockets for the power quality equipment market during the
forecast period.
With respect to the equipment segment, Solid Oxide Fuel
Cells (SOFC) are expected to constitute the fastest growing market from 2017 to
2022. The rapidly growing demand for the SOFC market is driven by its ability
to be used for various applications, fuel flexibility, and ability to utilize
biomass efficiently. SOFCs can be used for developing portable, transportation,
and stationary applications. For transportation, they are used to develop
Auxiliary Power Units (APU); and military applications include portable
batteries and other energy storage applications. They are also flexible when it
comes to the type of fuel required as they can run on variety of fuel including
natural gas, gasoline, diesel, and hydrogen.
The power
quality equipment market in Asia-Pacific is expected to grow at the highest
CAGR during the forecast period. A rise in investments in smart grid
technologies and smart cities that include distribution grid automation, smart
meters, and demand response systems in countries such as Japan, South Korea,
and Australia would create opportunities for the power quality equipment
market.
Increase in the number of data centers along with surge
in IT hubs and commercial institutions such as banking facilities, healthcare
units, and investments in distribution infrastructure is expected to drive the
power quality equipment market in the region.
ABB, Ltd. is a leading power and automation technology
company offering a wide range of products, services, and systems, namely,
transformers, distribution automation products, high-voltage products, power
transmission systems, grid integration systems, and others. The company
operates in four segments, namely, power grids, electrification products,
process automation, and discrete automation and motion. It offers power quality
equipment under its electrification products division, which accounted for 26%
of the company’s total net sales in 2016. The company has a wide array of
products ranging from switches and sockets to robots, and from large
transformers to control systems that manage entire power networks and
factories.
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Eaton Corporation Plc is a power management company
offering a wide range of products related to fuel-efficient systems and power
chain management tools. The company operates in five business segments, namely,
electrical products, electrical systems and services, vehicles, hydraulics, and
aerospace. Eaton’s electrical business segment offers power distribution, power
quality, control and automation, and monitoring products and services. The
company offers power quality equipment through its electrical products
division, which accounted for 35% of the company’s total net sales in 2016. The
principal markets for these products are the industrial, institutional,
governmental, utility, commercial, residential, and information technology
sectors.
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