POWER QUALITY EQUIPMENT MARKET ANALYSIS

Power Quality Equipment MarketSize and Trends

Global Power Quality Equipment Market size was valued at US$ 29.74 Bn in 2022, exhibiting a compound annual growth rate (CAGR) of 6.5% from 2023 to 2030.

Power Quality Equipment refers to devices and systems that are designed to monitor, analyze and improve the quality of electrical power supplied to various electrical and electronic systems. These devices are used to maintain a stable, reliable and efficient supply of electricity, ensuring optimal performance of electrical equipment and minimizing the risk of damage, premature wear and tear of equipment, production loss, sudden equipment malfunctions, unexpected shutdowns and capacitor bank failures. Power quality equipment are usually used in power grids for ensuring continuous and stable power supply. Different kind of power equipment include power quality analyzers, voltage regulators, uninterrupted power supply (UPS), harmonic filters, etc. The industrial and manufacturing sectors require a continuous and stable supply of power in order to carry the daily operations. Hence, the demand for power quality equipment to ensure an efficient power supply is high in these sectors which can provide the necessary boost for the global power quality equipment market to grow. Moreover, the expansion of grid infrastructure in various parts of the world is driving the demand for the power quality equipment devices and systems fueling the growth of the global power quality equipment market.

Global Power Quality Equipment market was valued at US$ 29.74 Billion in 2022 and is expected to reach US$  48.71 Billion by 2030, exhibiting a CAGR of 6.5% between 2023 and 2030.