Industrial segment leads power quality equipment market, report
August 9, 2017 | By MRO Magazine
The power quality equipment market is expected to grow from an estimated US$ 29.74 Billion in 2017 to US$ 40.85 Billion by 2022, registering a CAGR of 6.56%, from 2017 to 2022, according to a report issued by research firm Markets and Markets.
The report, “Power Quality Equipment Market by Equipment (UPS, Harmonic Filters, Surge Protection Devices, Power Conditioning Unit, Static VAR compensator, and Power Quality Meters), Phase (Single and Three Phase), End-User, and Region – Global Forecast to 2022,” provides an in-depth understanding of the competitive landscape and includes the profiles of some of the top players in the power quality equipment market. The key players considered in the report are: ABB, Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Emerson Electric Company (U.S.), Eaton Corporation Plc (Ireland), and General electric Company (U.S.).
The industrial and manufacturing segment is expected to hold the largest share of the power quality equipment market, by end-user, during the forecast period.
The industrial and manufacturing segment led the power quality market in 2016, and is projected to dominate the market during the forecast period. The Industry 4.0 initiative is being applied to vehicles and electrical machinery in order to facilitate remote diagnostics, remote maintenance, and remote data capture. Such initiatives have increased the need for data centres, servers and communication systems. With the increasing use of electronic equipment, the need for protection systems for such critical equipment has been increasing. This is driving the market for power quality equipment in the industrial and manufacturing segment, which is expected to create new revenue pockets for the power quality equipment market during the forecast period.