The global Power Quality Equipment Market Growth Accelerated by Increasing Investments in Renewable Energy Projects

 

Power Quality Equipment Market

Power quality equipment are electronics and electrical devices that monitor and test the electric power supply. They are used to detect power problems such as spikes, surges, sags, and interruptions in power supply. Power quality equipment are essential for industries and mission critical facilities where continuous and reliable power is required for operating machinery and equipment without disruptions. They protect sensitive electronic equipment from damage due to poor power quality issues.

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.

 

Power quality equipment help in maintaining uninterrupted operations across industries. They monitor various parameters of power supply like voltage, current and frequency fluctuations. They are installed at manufacturing plants, data centers, hospitals and commercial buildings to ensure steady power. The global power quality equipment market offers a variety of products including power quality meters, monitoring devices, harmonic filters and UPS systems. With growing industrialization and digitization, the demand for continuous power supply has increased tremendously. The implementation of strict regulations regarding carbon emissions is also propelling the demand for clean energy sources and efficient power distribution infrastructure.

 

Market Dynamics:

The growing demand for continuous power supply from industries and critical facilities is a major driver propelling the power quality equipment market. Industries require 24/7 operations to ensure optimal production and minimize downtime costs. Mission critical facilities like data centers and hospitals rely greatly on stable power for functioning medical equipment and server systems. The implementation of stringent environmental norms regarding carbon emissions by various governments globally is also fueling investments in clean energy infrastructure and demand for power quality monitoring devices. However, high product costs associated with advanced power quality equipment is a key challenge restraining widespread adoption. Ongoing research and development activities focused on developing cost-effective and customized solutions according to end-user requirements are expected to boost the market growth over the forecast period.

 

SWOT Analysis

Strength: Power quality equipment provide optimal power conditions. They monitor power disturbances such as harmonics, voltage variations, transients, power frequency variations and interruptions. Fault indications identify outage locations which minimize downtime. User-friendly interfaces help analyze voltage imbalances and reactive power ratings in an intuitive manner.

 

Weakness: High upfront installation and maintenance costs pose financial challenges for organizations. Customized and advanced equipment require specialized skills to operate and service which increase dependency on expert manpower.

 

Opportunity: Increasing electrification programs globally drives demand. Wide range of Industrial applications needing stable power supply generate scope. Focus on clean energy transition through integration of renewable sources expands scope.

 

Threats: Competition from local manufacturers may squeeze pricing. Macroeconomic uncertainties from trade wars and pandemic related disruptions impact investments. Alternative power back up options reduce sole dependence.

 

Key Takeaways

The Global Power Quality Equipment Market Size is expected to witness high growth over the forecast period of 2024 to 2031. 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- Asia Pacific region dominates with rapid industrialization and infrastructure development. China, India, Japan and South Korea are major contributors.

 

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.


Get More Insights Here

https://www.pressreleasebulletin.com/power-quality-equipment-market-size-share-growth-outlook-2023/

Comments

Post a Comment

Popular posts from this blog

The Global Stem Cell Banking Market is Anticipated to Witness Considerable Growth Due to Rising Awareness About Stem Cell Therapies

Image
  stem cell banking market Stem cell banking is the process of collecting, processing and storing of stem cells, commonly from umbilical cord blood and tissue for future use in transplantation and research activities. Stem cells present in umbilical cord blood offer advantages like lower risk of transmitting infections, higher proliferation potential, and ability to treat a wider range of blood and immune disorders. Cord blood is collected from the umbilical cord and placenta after birth and the stem cells within are isolated and cryogenically frozen and stored in specialized stem cell banks for future medical need. The global stem cell banking market size was valued at US$ 616.11 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 -2030.   Key players operating in the stem cell banking market are CM Fine Chemicals GmbH, Hawks Chemical Company, Hebei Yingong New Material Technology Co., Ltd., Heranba Industries Ltd., Jiangsu Dacheng Pharmaceutical a
Read more

Global Veterinary Equipment and Disposables Market: Trends and Outlook

Image
The veterinary equipment and disposables market is experiencing notable growth and transformation. With the increasing number of pet owners considering their animals as family, there is a growing demand for advanced diagnostic tools, surgical instruments, and consumables in veterinary practices. This trend is also supported by the evolving landscape of veterinary medicine, which now integrates sophisticated equipment like digital radiography and ultrasound. In addition to companion animals, the livestock and poultry industry also relies on specialized veterinary equipment to ensure the health and welfare of animals, contributing to market expansion. Moreover, the emphasis on preventive care and early disease detection has led to a surge in the adoption of veterinary equipment and diagnostics for routine check-ups. The incorporation of technology in veterinary practices, including electronic health records and telemedicine, is further enhancing the efficiency and quality of animal healt
Read more

"Vaginal Slings Market: A Comprehensive Analysis of Growth Trends and Opportunities"

Image
  In recent years, the vaginal slings market has seen significant growth and innovation. Vaginal slings, also known as pelvic organ prolapse (POP) slings or mesh, are medical devices used to treat stress urinary incontinence and POP in women. These conditions can greatly impact a woman's quality of life, and vaginal slings have become a key solution. The market has witnessed the introduction of various materials and designs to enhance effectiveness and reduce complications. One notable trend in the vaginal slings market is the shift towards using biocompatible materials, such as polypropylene, to reduce the risk of adverse reactions. Additionally, newer sling designs aim to improve surgical outcomes, minimize discomfort, and ensure long-term efficacy. The choice between different types of vaginal slings, including retropubic and transobturator slings, allows for personalized treatment options based on individual patient needs. Furthermore, increased awareness of the importance
Read more