Power quality equipment comprise of various voltage regulators, harmonic filters, surge protectors and power factor correction products that help in maintaining voltage stability and minimizing power disruptions across industries. These equipment effectively monitor power quality parameters such as frequency, voltage, current and power factor and ensure adequate voltage supply levels through voltage regulation. Their demand is increasing globally as industries strive to reduce equipment failures and downtime due to poor power quality.
The global Power Quality Equipment Market is estimated to be valued at US$ 36.1 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Power harmonics generated primarily due to increased use of non-linear loads are significantly deteriorating the power quality worldwide. Power harmonics cause overheating of electrical equipment leading to failures and also reduce the efficiency of overall power distribution systems. Growing focus on mitigating power harmonics to avoid equipment damages and improve power factor is presenting lucrative opportunities for harmonic filters, which are essential power quality equipment. Harmonic filters effectively isolate different frequencies within power distribution networks and ensure sinusoidal waveforms. With industries rapidly waking up to impacts of power harmonics, the demand for harmonic filters is expected to hike substantially in the coming years. Manufacturers of power quality equipment can gain sizeable revenues by offering innovative harmonic filter solutions and specialized services to address this emerging opportunity.
Porter's Analysis
Threat of new entrants: The power quality equipment market has moderate threat of new entrants due to presence of established players and requirement of significant investments for R&D.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various options but specific requirements from solutions providers give advantage to suppliers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and dependence on few large buyers.
Threat of new substitutes: Threat of substitution is low as power quality equipment caters to specific needs that are challenging to be fulfilled by alternatives.
Competitive rivalry: Market has high competitive rivalry due to presence of numerous global and regional vendors offering innovative products.
SWOT Analysis
Strength: Power quality equipment help in optimizing energy consumption and efficiency. Varied product portfolios allow addressing diverse requirements.
Weakness: High initial investments and maintenance costs. Require skilled workforce for installation and support.
Opportunity: Growth in industrialization and urbanization driving demand. Adoption of stricter regulatory norms to boost sales.
Threats: Economic slowdowns impacting capital expenditures. Introduction of alternate technologies poses challenges.
Key Takeaways
The Global Power Quality Equipment Market Size is expected to witness high growth. The global Power Quality Equipment Market is estimated to be valued at US$ 36.1 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
Regional analysis shows that the Asia Pacific region accounted for the largest market share in 2024 and is projected to maintain its dominance during the forecast period. Improving economic conditions, growing manufacturing sector, and supportive government policies towards industrial development in the region contributes to the growth of power quality equipment.
Key players operating in the power quality equipment market are Scientech Technologies Pvt. Ltd., Tektronix Inc., B&K Precision Corporation, Keysight Technologies Inc., Pico Technology Holdings Ltd., Rohde & Schwarz GmbH & Co. KG, Siglent Technologies Co. Ltd., Teledyne LeCroy Inc., Fluke Corporation, Yokogawa Test & Measurement Corporation, Rigol Technologies Inc., and National Instruments Corporation. The prominent players focus on new product launches and collaborations to strengthen their global presence.
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