The Business Research Company recently revised its Power Quality Equipment Global Market Report 2024 to incorporate the most current data for 2024 along with projections extending up to 2033. According to the report, government investments in grid modernization projects are expected to fuel growth in this market. Product categories represented in this analysis include surge arresters, surge protection devices, harmonic filters, power conditioning units, power distribution units, uninterruptable power supplies, synchronous condensers, voltage regulators, digital static transfer switches, static VAR compensators, solid oxide fuel cells, isolation transformers, and power quality meters.
According to the research firm, the power quality equipment market will grow from $25.11 billion in 2023 to $26.66 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to expansion of industrial and manufacturing sectors, growth in sensitive electronic equipment, demand for stable and clean power supply, increase in grid disturbances and voltage fluctuations, regulatory standards for power quality.
Beyond this year, the report expects strong growth in the next few years as well, projecting growth to $33.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to customized power quality solutions for specific industries, integration of IoT and real-time monitoring, sustainable and eco-friendly power quality equipment, expansion in renewable energy integration, increased use in electric vehicle charging infrastructure.
Major trends in the forecast period include power quality analytics and predictive maintenance, regulatory compliance in power quality equipment safety, smart and adaptive power quality solutions, integration of energy storage for grid stabilization, collaboration between power quality and cybersecurity.
Request a sample of this report here, and see the full report for more details on not only the product categories expected to see the most growth but also key projects expected to drive growth in this market as well as key players and vendors making their mark in this space.
