March 1, 2024
Power Quality Equipment Market

The Growing Demand for Reliable Power Infrastructure Drives the Global Power Quality Equipment Market

Power quality monitoring equipment help ensure the reliable distribution of electric power by commercial and industrial facilities. Power quality monitors detect voltage sags, swells, harmonics, transients and interruptions that can damage sensitive equipment or disrupt operations. They continuously sample voltage and current waveforms and provide real-time alerts when disturbances exceed preset limits. Power quality analyzers, data loggers, protective relays and clamp-on probes are commonly employed to pinpoint issues, identify causes and allow preemptive corrections.

An increasing number of industrial operations and mission critical facilities rely on consistent electricity to function efficiently without downtime. Disruptions from power transmission inconsistencies can damage expensive machinery and force costly shutdowns. The emergence of new loads from data centers, electric vehicles and renewable energy requires advanced filtering technologies.

The global Power Quality Equipment Market is estimated to be valued at US$ 36.1 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Advancements in power quality monitoring technology are enabling real-time data gathering and automated event notifications. Cloud-based software platforms now allow remote access to analyzers from any device. Growth in distributed generation from solar and wind power is causing more harmonic distortions, necessitating specialized filtering equipment. New categories of equipment like all-in-one power quality analyzers are being designed for specific commercial and light industrial use cases requiring easy plug-and-play installation. SaaS subscription models by market leaders are gaining popularity over traditional hardware ownership among small and medium enterprises. These factors are expected to drive continuous demand growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The Power Quality Equipment market requires high R&D investment and established distribution channels, creating barriers for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products. However, compliance with industry standards limits substitutes.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the fragmented nature of components.

Threat of new substitutes: Threat of substitutes is low as Power Quality Equipment offers unique benefits over alternatives in terms of accuracy, efficiency and standards compliance.

Competitive rivalry: The market has the presence of large global players resulting in high competitive rivalry.

Key Takeaways

The Global Power Quality Equipment Market Size is expected to witness high growth. The market size for 2024 is US$ 36.1 Mn and is projected to reach US$ 53.1 Mn by 2031, growing at a CAGR of 5.1% over the forecast period.

Regional analysis: Asia Pacific is expected to dominate the market during the forecast period. Rapid industrialization and infrastructure development in China, India are driving the demand. North America is another major market for Power Quality Equipment due to stringent quality regulations and presence of key players.

Key players: Key players operating in the Power Quality Equipment market are Scientech Technologies Pvt. Ltd., Tektronix Inc., B&K Precision Corporation, Keysight Technologies Inc., Pico Technology Holdings Ltd., Rohde & Schwarz GmbH & Co. KG, Siglent Technologies Co. Ltd., Teledyne LeCroy Inc., Fluke Corporation, Yokogawa Test & Measurement Corporation, Rigol Technologies Inc., and National Instruments Corporation. The players are focusing on new product launch and expansion strategies to gain competitive advantage.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it