The sales of power quality equipment are expected to significantly grow in the near future. This owes to the rising proliferation of digitization trends across the globe. Also, the augmentation in transients and losses associated with the power transmission since the past few years have encouraged the market players to think progressively. Thus, the necessity of the power quality equipment is rising rapidly. According to the report, the adoption of the power quality equipment essentially to maintain the efficiency of power distribution channels is said to expand in the coming years. This owes to the huge amount of power expected to be consumed across the globe in future. The experts say, that the expanding demand will aid the market to consume revenues of more than US$ 68,752 million by the end of the predictable period (2016-2026). The market is currently valued at US$ 44,162 million.
Telecommunication sector is said to be the major boon for the power quality equipment market
Rapid deployment of the novel and advanced technologies in the telecommunication market is expected to substantially contribute towards the growth of power quality equipment. In addition, the continuously growing demand for high-capacity supply systems in order to power the data centers is chiefly attributing to the growth of power quality equipment market. The telecommunication sector is said to grow lucratively and is likely to display the maximum demand during the predictable period. It will expand at the CAGR of 4.8%.
In order to provide more innovative and advanced services to the customers, the telecom market players are focusing towards modernizing their core business systems. Several manufacturers are also coming up with the value added offers to attract the interest of current and novel customers. Along with this, mass digitization in telecommunication sector will lucratively attribute towards the rising industry demand. This will significantly help the market players to surge their market shares and expand their customer base. Therefore, digitization is said to be the key fueling factor in the power quality equipment market.
The convergence of massive data explosion coupled with information technology equipment has compelled the market players to offer equipment that help in overcoming the frequency variations and the power grid.
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Other Growth Drivers
Regionally, the telecommunication sector in North America will significantly benefit the power quality equipment market. Its values are expanding at the CAGR of 4.5% throughout the predictable period. On the other hand, Asia Pacific will rise at the lucrative CAGR of 6.5%. Also, amplifying data centers is said to be the major growth driver for the market. Data center companies are increasingly focusing on manufacturing physical data center infrastructure supported by miscellaneous devices that produce harmonics. This will offer major growth avenues for the market players. The lucrative sales of power conditioning products are expected to considerably contribute to power quality equipment industry growth. Some of the leading manufacturers operating in the global power quality equipment market consist of Mitsubishi Electric Corporation, Hubbell Incorporated, Toshiba International Corporation, and ABB Ltd. Other companies are Hubbell Incorporated, Unipower Cyber Power Systems, Inc., Celestica Inc., Delta Electronics., and Fluke Corporation.