CHICAGO, May 4, 2021 /PRNewswire/ -- According to the new
market research report "Power Quality Equipment Market by
Equipment (UPS, Harmonic Filters, Surge Protection Devices, Voltage
Regulators, Static VAR compensators, Power Quality Meters), Phase
(Single and Three Phase), End User, and Region - Global Forecast to
2026", published by MarketsandMarkets™, the Power Quality
Equipment Market size will grow to USD 46.1
billion by 2026 (forecast year) from USD 32.4 billion in 2021 (estimated year), at a
CAGR of 7.3% during the forecast period. Reducing overall carbon
footprint from electrical devices by improving power quality and
maximizing financial costs and energy savings are the key factors
driving the growth of the Power Quality Equipment Market. The
worldwide increase in adoption of smart grid technologies and the
integration variable renewable energy with power grids are expected
to offer profitable opportunities for the Power Quality Equipment
Market during the forecast period.
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The industrial and manufacturing segment is expected to be
the largest Power Quality Equipment Market, by end user, during the
forecast period.
Based on end user, the Power Quality Equipment Market has been
segmented into industrial and manufacturing, commercial, utilities,
transportation, and residential. The industrial and manufacturing
segment is projected to hold the largest market size of the Power
Quality Equipment Market from 2021 to 2026. The growth of this
segment is driven by rise in demand for uninterrupted power supply
to machines used in manufacturing and process industries as any
interruption or breakdown can result in significant losses due to
the loss of production time. Utilities are the key consumer of
power quality equipment owing to the fact that the sheer size of
electrical networks operated by utilities is larger than the
industrial and transportation electric infrastructures.
Browse in-depth TOC on "Power Quality Equipment
Market"
202 – Tables
51 – Figures
249 – Pages
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Asia Pacific likely to
emerge as the fastest growing Power Quality Equipment Market, by
region, during the forecast period.
In this report, the Power Quality Equipment Market has been
analyzed for five regions, namely, North
America, South America,
Europe, Asia Pacific, Middle
East & Africa.
Asia Pacific is expected to grow
at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by
country, China, Japan, India,
and the Rest of Asia Pacific
(South Korea, Australia, Thailand, Vietnam, and Malaysia). The Power Quality Equipment
Market in Asia Pacific is
dominated by China and
India. The surging demand for
electricity and the growing requirement to increase renewable power
generation capacity encourage utilities in these countries to
invest in transmission and distribution infrastructures.
Asia Pacific is expected to invest
USD 9.8 billion in developing smart
grid infrastructures from 2018 to 2027. In addition, the
development of smart grids in countries such as China, Japan,
South Korea, and India is supported by regulations that either
encourage or mandate their development. The Power Quality Equipment
Market in China is projected to
grow at the highest CAGR from 2021 to 2026.
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To enable an in-depth understanding of the competitive
landscape, the report includes the profiles of some of the top
players in the Power Quality Equipment Market.
Some of the key players are Siemens (Germany), ABB (Switzerland), Eaton
(Ireland), Schneider Electric (France), and General Electric (US). The
leading players are adopting various strategies to increase their
share in the Power Quality Equipment Market.
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