Global Power Quality Equipment Market Size, Share & Trends Analysis Report By Phase (Three Phase and Single Phase), By Product, By End Use, By Regional Outlook and Forecast, 2024 - 2031

Global Power Quality Equipment Market Size, Share & Trends Analysis Report By Phase (Three Phase and Single Phase), By Product, By End Use, By Regional Outlook and Forecast, 2024 - 2031

The Global Power Quality Equipment Market size is expected to reach $47.2 billion by 2031, rising at a market growth of 6.1% CAGR during the forecast period.

The seamless operation of sensitive machinery and production processes is contingent upon the use of power quality equipment in industries such as automotive, electronics, and heavy machinery. The high demand for continuous power, coupled with the increasing automation and digitization in manufacturing, has driven the adoption of advanced power quality solutions in this sector. Thus, the industrial & manufacturing segment garnered 31% revenue share in the power quality equipment market in 2023. This dominance reflects the critical need for reliable and stable power in industrial and manufacturing settings, where power disruptions can lead to costly downtime, equipment damage, and significant productivity losses.

The major strategies followed by the market participants are Acquisitions as the key developmental strategy to keep pace with the changing demands of end users. For instance, In 2024, Schneider Electric has launched the APC Back-UPS Pro Gaming, its first uninterruptible power supply (UPS) designed specifically for gamers. When the UPS is in power mode, a circular LED ring displays the remaining runtime and power level of the backup supply. The sine wave power output delivers stable, high-quality voltage, ensuring gaming professionals enjoy an uninterrupted experience during crucial moments. Additionally, In 2024, February, GE Vernova revealed GridBeats, a comprehensive portfolio of software-defined automation solutions designed to streamline grid digitalization and boost grid resilience. GridBeats enhances grid reliability and resilience through faster controls, AI/ML-based automation, and strengthened cybersecurity measures. It also improves grid visibility, from large areas down to individual equipment, thanks to accurate sensors and robust communication networks.

Based on the Analysis presented in the KBV Cardinal matrix; Siemens AG is the forerunner in the Power Quality Equipment Market. Companies such as Honeywell International, Inc., Schneider Electric SE, ABB Group are some of the key innovators in Power Quality Equipment Market. In January, 2024, ABB acquired Spring Point Solutions, a provider of software as a service (SaaS) and enterprise resource planning (ERP) software, strengthened its motor services capabilities. This acquisition includes a customer relationship management tool and an equipment/quality management system tailored specifically for motor repair facilities. These tools are anticipated to improve operational efficiency for shops that sell and repair ABB products.

Market Growth Factors

With the ongoing growth of cloud computing and the increasing importance of data in today’s economy, the demand for power quality equipment in data centers is expected to rise as businesses seek to safeguard their data and ensure the continuity of their digital operations. Hence, these factors will aid in the growth of the market.

Additionally, these grids use distribution management systems to monitor and respond to real-time power quality issues, ensuring stability across densely populated areas. Thus, as smart grids become more prevalent worldwide, the demand for power quality equipment that can provide real-time data and automated responses will continue to grow.

Market Restraining Factors

Even when the benefits of such equipment are understood, the high upfront cost can still deter many potential buyers, who may prefer to take a reactive approach, replacing damaged devices as needed rather than investing in preventive measures. Hence, the high initial costs of power quality equipment pose a substantial challenge to the market.

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisition and Mergers.

Phase Outlook

On the basis of phase, the market is bifurcated into single phase and three phase. The three phase segment recorded 74% revenue share in the market in 2023. This dominance is partly attributable to the extensive utilization of three-phase systems in industrial and commercial applications.

Product Outlook

Based on product, the market is classified into power quality meters, surge protection devices, harmonic filters, voltage regulators, uninterruptible power supply (UPS), and others. The surge protection devices segment procured 16% revenue share in the market in 2023. The rising awareness of the potential damage caused by power surges, particularly in electronics and high-value equipment, has fueled demand for these devices.

End Use Outlook

By end use, the market is divided into residential, commercial, industrial & manufacturing, utilities, and transportation. The utilities segment acquired 18% revenue share in the market in 2023. The necessity for reliable power quality equipment has increased as utilities grapple with the challenges of managing fluctuating power demand and integrating renewable energy sources.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed 29% revenue share in the market in 2023. Key factors driving the demand for power quality equipment in the data centers, healthcare, and telecommunications sectors of the region include the extensive adoption of advanced technologies, the mature industrial sector, and the critical need for reliable power.

Market Competition and Attributes

The Power Quality Equipment Market is competitive, driven by key players like Schneider Electric, Siemens, and Eaton. Competition is focused on offering reliable solutions to manage power fluctuations and ensure stable energy supply. Key attributes include advanced monitoring, real-time analytics, and integration with smart grids. Players differentiate through innovation in voltage regulators, power conditioners, and UPS systems, while catering to diverse industries such as manufacturing, IT, and healthcare. The growing demand for energy efficiency further intensifies market rivalry.

Recent Strategies Deployed in the Market

• Jun-2024: Eaton expanded its geographical footprint by establishing a cutting-edge campus in Helsinki to enhance its manufacturing and supply capabilities for Uninterruptible Power Supply (UPS) systems. This facility will produce Eaton's latest product, the Eaton 9395X, which boasts a maximum power rating of up to 1700 kVA, with plans to increase this in the coming year. The Eaton 9395X is engineered for exceptional resilience and power density, building on the robust features of the Power Xpert 9395P UPS.
• Jun-2024: ABB joined hands with Cleanwatts, a climate tech working to decentralize, digitalize and democratize access to clean energy, to advance energy management and efficiency technologies for communities and buildings. This collaboration aims to create scalable projects in key European markets and to help users and property managers utilize energy more efficiently and sustainably through smart monitoring and control solutions.
• May-2024: Eaton completed the acquisition of Exertherm, a privately held U.K.-based company specializing in thermal monitoring solutions for electrical equipment. Exertherm is renowned for its innovative technology and reliable solutions, particularly in data centers and other critical applications. This acquisition will allow Eaton's customers to optimize their operations and boost business performance by unlocking the potential of their data.
• May-2024: ABB Canada entered into an agreement with Powrmatic Canada Ltd., a prominent distributor of residential, commercial, and electrical supply equipment in Eastern Canada. Through this partnership, Powrmatic will provide electrical contractors with enhanced access to ABB's extensive portfolio of advanced products and smart building solutions, including safety switches, switchboards, panelboards, and more. These offerings are designed to improve energy efficiency and ensure electrical safety in both residential and commercial buildings.
• Mar-2024: Schneider Electric has launched the APC Back-UPS Pro Gaming, its first uninterruptible power supply (UPS) designed specifically for gamers. When the UPS is in power mode, a circular LED ring displays the remaining runtime and power level of the backup supply. The sine wave power output delivers stable, high-quality voltage, ensuring gaming professionals enjoy an uninterrupted experience during crucial moments.

List of Key Companies Profiled

• Eaton Corporation plc
• ABB Group
• Schneider Electric SE
• Legrand S.A. (Legrand Group)
• Siemens AG
• Honeywell International, Inc.
• Leviton Manufacturing Co., Inc.
• Emerson Electric Co.
• Ametek, Inc.
• GE Vernova Group

Global Power Quality Equipment Market Report Segmentation

By Phase

• Three Phase
• Single Phase

By Product

• Uninterruptable Power Supply (UPS)
• Power Quality Meters
• Surge Protection Devices
• Harmonic Filters
• Voltage Regulators
• Others

By End Use

• Industrial & Manufacturing
• Residential
• Commercial
• Utilities
• Transportation

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA