Power Quality Equipment act as electrical filters by removing or reducing the level of harmful harmonics from the power distribution systems to ensure the optimal functioning of the components and devices in the power grids and improves their overall performance and increases the longevity. Power quality equipment are essential to ensure a smooth flow of electricity in the systems, monitor the condition of the system, gather and display technical data of the equipment and provide a holistic approach towards maintenance of the quality of power distribution system. The power quality equipment include devices like, uninterruptable power supply (UPS), harmonic filters, surge protection devices, voltage regulators, static compensators, etc. The installation of these equipment in power grids or electrical systems in industrial or commercial sites lead to benefits like optimal use of electrical components, avoiding system failure and ensuring stable supply of electricity, avoiding production loss which leads to saving costs and increased profits. The development of power infrastructure is another factor that can lead to the expansion of the power quality equipment market during the forecast period.
Market Dynamics
The power quality equipment market is undergoing rapid advancements as the energy sector is experiencing a shift in the method of power generation. The traditional power generation methods are being increasingly replaced by renewable energy systems like wind energy plants, solar power plants, nuclear power plants, etc. These different methods of power generation use different components and devices in their system. Hence, the power quality equipment market needs to take into consideration the diverse needs of these systems and develop unique solutions that can cater to the needs of the market. Accordingly the market players are inclined to undertake research and development efforts to ensure that the power quality equipment are able to serve the changing needs of the power sector. Moreover, the market is witnessing a huge inflow of investment in grid infrastructure which further increases the demand for power quality equipment to be installed in such power distribution systems.
Key features of the study:
Detailed Segmentation
Detailed Segmentation
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