A report from MarketsandMarkets Research, "Power Quality Equipment Market by Equipment (UPS, Harmonic Filters, Surge Protection Devices, Power Conditioning Unit, Static VAR compensator, and Power Quality Meters), Phase (Single and Three Phase), End-User, and Region – Global Forecast to 2022," says the power quality equipment market is expected to grow from an estimated $29.74 billion in 2017 to $40.85 billion by 2022, registering a CAGR of 6.56% from 2017 to 2022. This global-wide substantial growth is due to the increasing demand for protection systems for electronic devices, nonuniform power quality and network reliability issues, a rise in alternative energy programs, and power quality standardization. Highlights of the report include:
The industrial and manufacturing segment is expected to hold the largest share of the power quality equipment market, by end-user, during the forecast period.
The industrial and manufacturing segment led the power quality market in 2016 and is projected to dominate the market during the forecast period. The Industry 4.0 initiative is being applied to vehicles and electrical machinery to facilitate remote diagnostics, remote maintenance, and remote data capture. These initiatives have increased the need for data centers, servers, and communication systems. With the increasing use of electronic equipment, the need for protection systems for such critical equipment has also been increasing. This is driving the market for power quality equipment in the industrial and manufacturing segment, which is expected to create new revenue pockets for the power quality equipment market during the forecast period.
Solid oxide fuel cells will be the fastest growing segment in the power quality equipment market.
With respect to the equipment segment, solid oxide fuel cells are expected to constitute the fastest growing market from 2017 to 2022. These fuel cells generate electricity using a hard, ceramic compound of metal as an electrolyte, like calcium or zirconium oxides. The generated electricity can compensate for the dip in the quality of power flowing through the electrical network. The generated electricity from these fuel cells can inject power into the electrical circuit to maintain the power quality parameters when the electrical load reduces in these circuits.
North America will be the leading market for power quality equipment.
In this report, the power quality equipment market has been analyzed with respect to five regions: North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The North American market is expected to dominate the global power quality equipment market. The United States is investing in various protection systems for urbanized infrastructure development. The North American region has aging T&D infrastructure, depending on which region is more prone to power outages. According to an estimate, approximately 6% of the total electricity generated is usually lost during transmission and distribution from the grid to the consumer. The U.S. government is focusing on grid restructuring to overcome this issue. Multibillion-dollar investments in data centers and urban infrastructure for the telecom industry have paved a way for the demand for power quality equipment to grow phenomenally.
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