The global power quality equipment market revenue was around US$ 28.9 billion in 2021 and is estimated to reach US$ 49.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2022 to 2031.

Power quality equipment serves as an electrical filter by decreasing or eliminating damaging harmonics and reshaping the sinewave to prolong the life of electrical systems. It is used to constant supply of reliable power. It helps to prevent damages and early aging of equipment, data, loss of production, and work. Sudden equipment faults, subpar performance and unplanned shutdowns, and capacitor bank failures, all of which save energy and money.

Factors Influencing Market Growth

The rising growth of building and construction activities and the manufacturing sector is expected to increase demand for machines and a steady supply of electricity, which can be fulfilled with the aid of power quality equipment, which, in turn, is estimated to fuel the market growth.

An increase in investment in the use of electric power consumption for different industrial activities is likely to offer lucrative opportunities in the market during the forecast period.

The demand for equipment to handle various types of factors, such as current, flicker, voltage, harmonics, and transients is expected to drive the market growth.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the market. Due to the lockdown enacted by the government, many industries halted. Decreased demand for electricity has hindered the power quality equipment market expansion. Additionally, scarcity of laborers and an increase in demand-supply gaps halted the development of new electric grid utility infrastructures, grid networks, renewable power plants, and other power plants hindering market growth during the pandemic. Thus, a combination of all these variables would lead to a slow market expansion.

Regional Insights

Asia Pacific dominated the market. This is attributed to the region's abundance of consumers and the presence of important players. It is also projected that the rapidly growing renewable energy industry, an increase in investments in the creation and construction of modern grid infrastructure, and more R&D efforts in the region will drive the growth of the power quality equipment market.

Leading Competitors
The leading competitors in the global power quality equipment market are:
ABB Ltd
AMETEK Inc
Eaton Corporation
Emerson Electric Co
General Electric
Honeywell International Inc
Legrand
Leviton Manufacturing Co
MTE Meter Test Equipment AG
Piller Power Systems
Others
Segmentation Analysis
The global power quality equipment market segmentation focuses on End User, Equipment, Phase and Region.
Segmentation based on End User
Residential
Commercial
Industrial
Segmentation based on Equipment
Harmonic Filters
Surge Protection Devices
Voltage Regulators
Static VAR Compensators
UPS
Others
Segmentation based on Phase
Single Phase
Three Phase
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America