The power quality equipment market is expected to grow from US$ 28,499.6 million in 2021 to US$ 45,131.9 million by 2028; it is estimated to grow at a CAGR of 6.8% during 2021–2028.
In the wake of global warming, due to the surge in carbon pollution due to the burning of fossil fuels, coal, and natural gas, the demand for renewable energy sources is increasing gradually. The growing focus on renewable energy projects is anticipated to boost the demand for power quality equipment to measure the quality of the power generated in distribution substations. The growing preference for renewable energy over conventional energy sources can be attributed to factors such as zero or low carbon emissions, reduced air, and water pollution levels, and economical electricity production. Moreover, many governments across the world are providing financial incentives for adopting renewable energy projects.
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The global power quality equipment market has been segmented as mentioned below:
- Uninterruptable Power Supply (UPS)
- Harmonic Filters
- Static VAR Compensators
- Power Quality Meters
- Single Phase
- Three Phase
By End Users
- Industrial and Manufacturing
Power Quality Equipment Market: Competitive Landscape and Key Developments
- Emerson Electric Co.
- AMETEK Inc.
- General Electric Company
- Schneider Electric SE
- Siemens AG
- Toshiba Energy Systems & Solutions Corporation
- Hitachi ABB Power Grids Group
- Piller Group GmbH
In June 2021, Eaton completed the acquisition of 50% stakes in Jiangsu YiNeng Electric’s Busway business in China. This agreement would help Eaton in expanding its power distribution portfolio in the APAC market.
In May 2021, Acumentrics introduced SmartPDU, a new power distribution system that offers an unprecedented combination of convenience, flexibility, secure control, and system data, which ensures the optimal operation of shipboard electronic systems, along enabling them to accommodate changes and upgrades.
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