- 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.
- Solid oxide fuel cells to be the fastest growing segment in the power quality equipment market.
- North America: The leading market for power quality equipment.
The power quality equipment market is expected to grow at a CAGR of 6.56%, from 2017 to 2022, to reach a market size of $40.85 billion by 2022. Non-uniform power quality and network reliability issues, rise in alternative energy programs, and power quality standardization are the major drivers of the power quality equipment market.
The power quality equipment market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the power quality equipment market include ABB, Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Emerson Electric Company (U.S.), Eaton Corporation Plc (Ireland), and General electric Company (U.S.). These companies have developed new products and implemented advanced production technology to bolster their product portfolios.
The report segments the power quality equipment market, by end–user, into industrial and manufacturing, utilities, transportation, residential, and commercial. The commercial segment is expected to grow at the fastest rate during the forecast period. Information technology initiative is being applied to vehicles and electrical machinery in order to enable remote diagnostics, remote maintenance, and remote data capture. This initiative has increased the need for datacenters, servers, and communication systems. As the demand for electronic equipment grows, the need for protection system also increases for continuous functioning of such critical equipment. Such initiatives are driving the market for power quality equipment in the commercial segment, which is expected to create new revenue pockets for the power quality equipment market during the forecast period.
With respect to the equipment segment, Solid Oxide Fuel Cells (SOFC) are expected to constitute the fastest growing market from 2017 to 2022. The rapidly growing demand for the SOFC market is driven by its ability to be used for various applications, fuel flexibility, and ability to utilize biomass efficiently. SOFCs can be used for developing portable, transportation, and stationary applications. For transportation, they are used to develop Auxiliary Power Units (APU); and military applications include portable batteries and other energy storage applications. They are also flexible when it comes to the type of fuel required as they can run on variety of fuel including natural gas, gasoline, diesel, and hydrogen. These qualities of SOFC have resulted, various government institutions, companies, and universities to conduct research in SOFC and to facilitate its rapid commercialization.
The power quality equipment market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. A rise in investments in smart grid technologies and smart cities that include distribution grid automation, smart meters, and demand response systems in countries such as Japan, South Korea, and Australia would create opportunities for the power quality equipment market.
Increase in the number of data centers along with surge in IT hubs and commercial institutions such as banking facilities, healthcare units, and investments in distribution infrastructure is expected to drive the power quality equipment market in the region.