DUBLIN, September 24, 2021--(BUSINESS WIRE)--The "Power Quality Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The power quality equipment market was valued at USD 13.68 billion in 2020 and it is expected to reach USD 20.53 billion by 2026, registering a CAGR of 7.26% during the forecast period of 2021-2026.
Hitachi ABB Power Grids Ltd
EATON Corporation Plc
Emerson Electric Company
Schneider Electric SE
General electric Company
Active Power, Inc
Key Market Trends
Industrial and Manufacturing Segment to Dominate the Market
The industrial and manufacturing segment accounted for the major share in the power quality equipment market in 2020 and is projected to dominate the market during the forecast period. Moreover, the increasing use cases of industry 4.0 in various industrial equipment is expected to further aid the market's growth.
The industrial sector, which includes mining, manufacturing, agriculture, and construction, accounts for a significant share of energy consumption of any end-use sector. The increasing demand for continuous and reliable power supply from these industries, especially from the manufacturing facilities, is expected to escalate the need for power quality equipment.
Various governments bodies, including those from countries like China and India, have formulated several supportive policies to further develop their industrial and manufacturing sector, which is likely to further increase the demand for power quality equipment. For instance, in India, the government has introduced initiatives like Make in India and Production linked investment to foster the growth of the manufacturing industry in the country.
Increasing investments in the industrial and manufacturing sector and the rise in demand for uninterrupted power supply to the machines used in the industrial and manufacturing sector are expected to drive the market for power quality equipment globally.
Asia Pacific to Dominate the Market
The Asia-Pacific region is a developing region, with frequent blackouts and unstable power supply in many countries across the region, like Malaysia, Cambodia, and the Philippines, among others. Major end-user of power quality equipment in the region include the region's rapidly-growing industrial and manufacturing sector, telecom sector, and commercial sector.
In the Asia-Pacific region, the manufacturing sector is one of the major contributors to the economy of various countries, with China being the largest contributor to global manufacturing output. Japan, India, South Korea, and Indonesia are also a few of the major contributors from Asia-Pacific, whereas countries, like Vietnam, Malaysia, and Singapore are also expected to increase their share during the forecast period. ?
Favorable government policies and increasing investment in the power sector in the region are expected to drive the power quality equipment in the region during the forecast period. Also, electricity demand has been increasing significantly in the region in recent years, fueled by increasing population and urbanization, which is also expected to create significant demand for power quality equipment in the region.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/7p3vgk
View source version on businesswire.com: https://www.businesswire.com/news/home/20210924005156/en/
Laura Wood, Senior Press Manager
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