Power Quality Equipment Market is expanding with th rate of 5.5% CAGR by 2023 :
Market Research Future published a Half Cooked research report on “Power Quality Equipment Market Research Report - Forecast to 2023 ”
Power Quality Equipment Global Market – Overview
Power quality equipment are the equipment which are used for power regulation and provide uniform power quality. It helps to ensure a steady supply of voltage within a defined range.
The major driver for the growth of the Power Quality Equipment Market in the rapid increase in the trends for digitization in the telecommunication industry. The increase in the demand for power is also leading to the increase in the use of power quality equipment. The increase in demand for protection systems in the electronic devices, the increase in the adoption of alternative sources of energy and the standardization of power quality are some of the factors contributing to the growth of the Power Quality Equipment Market. As per the study conducted by Market Research Future, the global market for power quality equipment is likely to grow at the CAGR of around 6%.
Power quality is addressed characteristically on a number of constraints. Common constraints such as flicker, current, harmonics, voltage dips, power, voltage, and transients are controlled by power quality measurement equipment. These equipment are able to handle multiple turbulences. The fact that instruments which can handle multiple turbulences measurements is the prime reason for its usage in power quality measurement because these turbulences tend to become a potential fault condition. It is difficult to forecast in advance what kind of disturbances may result in a potential fault; therefore, instruments with multiple disturbance detection competences are implemented into use.
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.
Geographically, the Power Quality Equipment Market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, The North America region is expected to dominate the Power Quality Equipment Market . The region has a very old transmission and distribution infrastructure which is generating huge demand for the installation of power quality equipment. The government in the region is majorly focusing on the restructuring of the infrastructure for overcoming the issue of the loss of electricity during transmission and distribution. Huge investments for the development of urban infrastructure especially for telecom industry is further expected to drive the growth of the Power Quality Equipment Market.
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In September, 2017 – ABB announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business. GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with strong roots in North America, ABB’s biggest market.
In December, 2017 – Siemens further expands its leadership role in industrial digitalization. Siemens is the first company worldwide to set up 20 centers for digital customer applications in the industrial sector.
In October, 2016 – Power management company Eaton announced that it has expanded its line of popular PowerXL Series DG1 Power Quality Equipment to include a new, more powerful Frame 6 option. Designed for global commercial, industrial and original equipment manufacturer (OEM) customers, the new Eaton engineered drive increases available power from 150 to 250 horsepower (hp), affording customers’ greater agility, reliability, and safety for their applications.
Power Quality Equipment Global Market – Segmentation
The scope of Power Quality Equipment Market is segmented into three major segments which are explained below:
Static VAR Compensator
Power Quality Meters
Energy and Utilities
Power Quality Equipment Global Market - Competitive Analysis
The power quality meter market consists of numerous global, local, and regional vendors. Several regional vendors offer high-quality products at lower prices than the global vendors. The existing vendors will try to gain more market shares by expanding their product portfolio and introducing innovative products. Owing to technological advancements, the competitive environment among the players in the Power Quality Equipment Market will intensify in the coming years.
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