The global power quality equipment market is set to witness significant growth in the coming decade, driven by increasing industrial reliance on uninterrupted power supply and the rapid expansion of smart grid infrastructure. According to recent market insights, the market is projected to reach a valuation of USD 41.1 billion by 2024 and further surge to USD 73.7 billion by 2034, exhibiting a healthy compound annual growth rate (CAGR) of 6% over the forecast period.
Uninterrupted Power: A Cornerstone for Industrial Productivity
In today’s competitive industrial landscape, manufacturing processes depend heavily on continuous and stable power supply. Even brief disruptions can lead to costly downtime, compromised product quality, and increased maintenance expenses. This critical need is propelling investments in advanced power quality equipment designed to minimize equipment failures, optimize load balancing, and safeguard sensitive machinery.
The global manufacturing sector, particularly process-intensive industries, is a key driver of this demand. As production lines become more automated and reliant on precise electrical inputs, the tolerance for power fluctuations has diminished drastically. Consequently, industries are increasingly deploying power quality solutions to mitigate risks associated with voltage sags, harmonics, and power interruptions.
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Rising Smart Infrastructure Investments Fuel Market Expansion
A notable catalyst boosting the power quality equipment market is the widespread adoption of smart grid and smart infrastructure projects across major economies. Countries in the Asia Pacific region, especially China and India, are leading this trend with substantial investments. From 2024 to 2034, Asia Pacific is projected to invest over USD 10 billion in developing robust smart grid systems and resilient transmission and distribution networks.
China alone is expected to register a remarkable CAGR of 8.5% during this period, driven by aggressive modernization initiatives and the integration of renewable energy sources. As renewable generation introduces more variability into power systems, reliable power quality equipment becomes indispensable for grid stability and operational efficiency.
Segment Insights: Industrial and Telecom Sectors Emerge as Key End-Users
Among various end-use sectors, industrial and manufacturing units are anticipated to maintain their dominance, accounting for the largest market share between 2024 and 2034. However, the telecom sector is expected to emerge as the fastest-growing segment, expanding at a CAGR of 4.5% over the forecast period. The surge in data traffic and the ongoing digitalization of communication networks demand uninterrupted power to maintain seamless connectivity.
In Europe, the industrial and manufacturing sector remains the primary adopter of power quality equipment, followed closely by telecom and commercial establishments. Meanwhile, the United States is projected to lead global market revenues, benefiting from heightened digitalization in telecommunications and advanced manufacturing infrastructure.
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Key Players and Strategic Developments
Prominent companies shaping the power quality equipment landscape include Toshiba Corporation, General Electric Company, ABB Ltd., Schneider Electric, Emerson Electric Company, Siemens AG, Eaton Corporation Plc., MTE Corporation, Active Power Inc., and Smith’s Group plc. These market leaders are actively investing in technological advancements and strategic collaborations to expand their product portfolios.
Recent notable developments include Siemens Energy’s contract win in May 2021 to deliver Static Compensator (SVC Plus) solutions for grid stability in Ireland. Additionally, Schaffner’s launch of the Ecosine Max series of passive harmonic filters in March 2020 addresses global compliance requirements for power quality standards. Furthermore, Eaton’s acquisition of Tripp Lite in January 2021 underpins its commitment to diversifying edge computing and distributed IT solutions.
Future Outlook: A Market Ripe with Opportunities
Looking ahead, the global power quality equipment market is well-positioned for sustained growth, supported by the escalating demand for reliable power in critical sectors such as manufacturing, telecom, and data centers. As industries become increasingly automated and connected, power quality solutions will play a vital role in ensuring operational continuity and safeguarding high-value equipment.
Stakeholders and investors eyeing this market are encouraged to leverage comprehensive market insights to navigate emerging opportunities and drive innovation in power quality technologies.
