Power Quality Equipment Market Poised WITNESSED SIGNIFICANT GROWTH OVER THE PAST DECADE

Power Quality Equipment Market 

The Power Quality Equipment Market has witnessed significant growth over the past decade owing to growing need for improving and monitoring power quality. Power quality equipment help mitigate voltage fluctuations, faults, harmonic distortions and maintain stable voltage supply which is important for sensitive equipment across industries.

Global Power Quality Equipment Market is estimated to be valued at US$ 36.1 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.

Key Takeaways

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. These players are focusing on developing innovative products to cater to emerging needs of end use industries.

The growing demand for electricity from industries such as manufacturing, utilities, data centers, etc. is fueling the need for reliable power supply and effective management of power quality. This is positively impacting the adoption of power quality equipment across various industry verticals globally.

Major players are also expanding their global footprint by entering into strategic partnerships with regional players to leverage the growing demand for Power Quality Equipment Market Demand of Asia Pacific and Latin America. For instance, in 2021, Tektronix partnered with Anthropic to enhance AI capabilities of its power quality equipment.

Market Key Trends

Adoption of internet of things (IoT) enabled power quality devices is one of the key trends witnessed in the market. IoT enables remote monitoring of critical parameters and instant notification in case of faults or anomalies. This helps take corrective actions on priority and avoid downtime. IoT integrated devices are gaining popularity owing to benefits such as easy access to real-time data, predictive maintenance, and energy management. This trend is expected to further gain momentum during the forecast period.

Porter’s Analysis

Threat of new entrants: Require high initial investments and established brand recognition.

Bargaining power of buyers: Buyers have moderate bargaining power considering variations in product quality.

Bargaining power of suppliers: Suppliers have moderate bargaining power considering the availability of component manufacturing firms.

Threat of new substitutes: Moderate Power Quality Equipment Market Size And Trends threat from alternative monitoring solutions that provide partial functionality.

Competitive rivalry: Intense competition between major established players.

Geographical Regions

North America holds the largest share in the power quality equipment market in terms of value due to stringent standards for industrial energy consumption. Asia Pacific is expected to grow at the fastest rate over the forecast period supported by rapid industrialization, infrastructure development and renewable energy integration in countries such as China and India.

The power quality equipment market in Europe consists majorly of developed economies like Germany, UK and France. The region contributes significantly owing to favorable government regulations and initiatives to promote efficient power utilization across various end-use sectors. Central and South America are projected to showcase moderate growth influenced by ongoing industrial expansion activities throughout the region. Power quality monitoring sees rising adoption across the Middle East & Africa mainly to ensure reliable energy supply for oil & gas facilities and growing cities across Gulf economies.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)