Power Quality Equipment Market Growth Analysis With Investment Opportunities For 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON , UK, September 11, 2024 /EINPresswire.com/ -- The global power quality equipment market is set to experience significant growth, expanding from $25.11 billion in 2023 to $26.66 billion in 2024, with a compound annual growth rate (CAGR) of 6.2%. This growth follows a strong historic period marked by the expansion of industrial and manufacturing sectors, increasing use of sensitive electronic equipment, and heightened demand for stable and clean power supplies. Regulatory standards and concerns over grid disturbances and voltage fluctuations have further fueled this upward trend. The market is expected to continue its upward trajectory, reaching $33.55 billion by 2028 at a compound annual growth rate (CAGR) of 5.9%, driven by advances in technology and increasing investments in grid modernization.

Government Investments in Grid Modernization Fuel Market Expansion
Increasing government investments in grid modernization projects are a major driver behind the growth of the power quality equipment market. These projects aim to update electrical grids to accommodate new technologies, enhance safety, and integrate renewable energy sources. As countries focus on improving energy infrastructure and ensuring reliable power supplies, the demand for power quality equipment like voltage regulators and surge protectors is surging. For example, in October 2023, the U.S. Grid Deployment Office announced a $10.5 billion investment in the Grid Resilience and Innovation Partnerships (GRIP) Program to enhance grid flexibility and resilience against extreme weather and climate change. Such investments underscore the importance of power quality equipment in improving grid efficiency and reducing downtime.

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Major Companies and Strategic Collaborations
Leading companies in the power quality equipment market include Eaton Corporation PLC, ABB Ltd., Siemens AG, Schneider Electric SE, and General Electric Company. These firms are focusing on strategic collaborations to enhance their market positions. For instance, in June 2023, Deere & Company (John Deere) partnered with EGO and Chervon to offer EGO's battery-powered lawn care products through John Deere dealers. This collaboration merges John Deere's market presence with EGO's innovative solutions, expanding the power electronics sector.

Power Quality Equipment Market Trends Shaping the Market
The forecast period is marked by several key trends, including:
• Power Quality Analytics and Predictive Maintenance: Increasing use of analytics for maintaining power quality.
• Regulatory Compliance: Stricter safety standards for power quality equipment.
• Smart and Adaptive Solutions: Development of intelligent power quality solutions.
• Energy Storage Integration: Use of energy storage systems for grid stabilization.
• Cybersecurity Integration: Enhanced focus on integrating cybersecurity with power quality equipment.

Power Quality Equipment Market Segmentation
The power quality equipment market is segmented as follows:
• By Equipment: Surge Arresters, Surge Protection Devices, Harmonic Filters, Power Conditioning Units, Power Distribution Units, Uninterruptible Power Supply, Synchronous Condenser, Voltage Regulator, Digital Static Transfer Switch, Static VAR Compensator, Solid Oxide Fuel Cells, Isolation Transformers, Power Quality Meters, Other Equipment
• By Phase: Single Phase, Three Phase
• By Application: Industrial & Manufacturing, Commercial, Residential, Transportation, Utilities

Regional Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the power quality equipment market in 2023 and is anticipated to be the fastest-growing region. The region's rapid industrialization and infrastructure development contribute to its leading position in the market. The detailed report offers comprehensive insights into regional dynamics, market trends, and growth opportunities.

Access the complete report for an in-depth analysis of the global power quality equipment market: https://www.thebusinessresearchcompany.com/report/power-quality-equipment-global-market-report

Power Quality Equipment Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Power Quality Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on power quality equipment market size, power quality equipment market drivers and trends, power quality equipment market major players, power quality equipment competitors' revenues, power quality equipment market positioning, and power quality equipment market growth across geographies. The power quality equipment market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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