Power Quality Equipment Market Size

Q: What is the key market trend for Power Quality Equipment Market?

Expansion of Renewable Energy Sources: The global shift towards renewable energy sources, such as solar and wind power, is another key factor contributing to the power quality equipment market growth. According to the International Energy Agency (IEA), the world is on course to add more renewable capacity in the next 5 years than all that has been built in the last 100 years. Around 3700 GW of new renewable capacity will come online between 2023 and 2028. Renewable energy integration into the power grid introduces variability and intermittency in power supply, as these sources are inherently dependent on environmental conditions.

Power Quality Equipment Market Insights

Global Power Quality Equipment Market size was valued at USD 33.4 billion in 2023 and is poised to grow from USD 35.57 billion in 2024 to USD 58.87 billion by 2032, growing at a CAGR of 6.5% during the forecast period (2025-2032).

The demand for power quality measurement equipment is experiencing significant growth due to increasing reliance on complex electrical systems and the need for reliable, uninterrupted power supplies across various industries. In the past few decades, the telecommunications sector has experienced significant growth and expansion. In addition to voice communication systems, concepts like IoT have increased the need for data transmission in the telecom sector. The emergence of data centers and their huge consumption of power has paved the way for the power quality equipment market to serve the rising needs of the sector. To ensure the efficient functioning of the data centers, the companies are making extensive use of power quality equipment and systems increasing their demand significantly. For instance, on July 6, 2023, Center3, a company managing data centers in the Kingdom of Saudi Arabia announced the expansion of Khurais Riyadh data center to drive the growth of innovation in the region. Such, expansions in data centers would increase the demand for power quality equipment and lead to the growth of global power quality equipment market during the forecast period.

The growth in the market is also governed by the rise in the number of technological advancements for power quality equipment in the last few years. In addition, the market is expected to be further driven by strict smart government regulations on reactive power and penalties implied on end-users coupled with energy efficiency policies in different nations around the globe.

FAQs

Global Power Quality Equipment Market size was valued at USD 35.60 billion in 2023 and is poised to grow from USD 36.85 billion in 2024 to USD 48.52 billion by 2032, growing at a CAGR of 3.5% in the forecast period (2025-2032).

The global power quality equipment industry is characterized by the presence of several key players striving for innovation and market leadership. Prominent companies in this sector include ABB Ltd., Eaton Corporation PLC, Siemens AG, Schneider Electric SE, and General Electric Company. These industry leaders are focusing on developing advanced solutions to enhance power quality and reliability across various applications. 'ABB Ltd.', 'General Electric Company', 'Schneider Electric', 'Siemens AG', 'Emerson Electric Company', 'Eaton Corporation Plc', 'Active Power Inc.', 'MTE Corporation', 'Smith’s Group plc.', 'Toshiba Corporation', 'Fluke Corporation', 'A. Eberle GmbH & Co. KG', 'MachineSense'

The modern industrial and commercial landscape is relying heavily on continuous and reliable power to maintain productivity and operational efficiency, which is driving the global power quality equipment market growth. Manufacturing, healthcare, information technology (IT), and telecommunications industries all have strict requirements for uninterrupted power supplies. Furthermore, healthcare institutions rely on consistent power to keep life-saving equipment operational and vital systems such as patient monitoring devices and diagnostic gear running.

Expansion of Renewable Energy Sources: The global shift towards renewable energy sources, such as solar and wind power, is another key factor contributing to the power quality equipment market growth. According to the International Energy Agency (IEA), the world is on course to add more renewable capacity in the next 5 years than all that has been built in the last 100 years. Around 3700 GW of new renewable capacity will come online between 2023 and 2028. Renewable energy integration into the power grid introduces variability and intermittency in power supply, as these sources are inherently dependent on environmental conditions.

North America dominated the power quality equipment market due to ongoing investments in infrastructure modernization, the expansion of renewable energy, and increasing regulatory requirements. The region's focus on enhancing energy efficiency, integrating advanced technologies into power grids, and maintaining high standards of power quality drives the adoption of sophisticated measurement tools. The need to manage complex electrical systems, prevent disruptions, and comply with stringent standards across industrial, commercial, and residential sectors supports North America's robust demand for power quality measurement solutions. The U.S. and Canada are heavily investing in upgrading aging power grids to improve reliability and efficiency.