Integrating Fluctuating Renewable Energy with Electrical Grids Is Driving Demand for Power Quality Equipment
Power quality is a crucial part in integrating renewable energy. Renewables are expected to account for about 95% of the increase in global electricity capacity by 2026, according to the IEA. The amount of renewable capacity added between 2021-2026 is estimated to be 50%. Voltage and frequency variations, which are generated by uncontrollable variability in renewable energy supplies, are one of the major power quality issues. Wind and solar power generation are inherently intermittent due to the fluctuation of energy generating sources, which necessitates extra activities to balance the system. Harmonics, which are created by power electronic equipment used for renewable energy generation, are another power quality issue encountered as a result of renewable energy integration.
Harmonics are likely to have a substantial impact when renewable energy adoption is high. As a result, load balancing to avoid electrical equipment from tripping presents a profitable development opportunity for the power quality equipment market. However, the uninterruptible power supply segment is anticipated to have the largest share of the market throughout the forecast period. These supplies offer constant and reliable power to vital safety-related loads such as emergency lighting and medical equipment, as well as reducing or avoiding production losses, minimising or eliminating production damage, avoiding product or facility damages, and reducing or avoiding damage to electricity-using equipment.
Harmonics are likely to have a substantial impact when renewable energy adoption is high. As a result, load balancing to avoid electrical equipment from tripping presents a profitable development opportunity for the power quality equipment market. However, the uninterruptible power supply segment is anticipated to have the largest share of the market throughout the forecast period. These supplies offer constant and reliable power to vital safety-related loads such as emergency lighting and medical equipment, as well as reducing or avoiding production losses, minimising or eliminating production damage, avoiding product or facility damages, and reducing or avoiding damage to electricity-using equipment.
Industrial and Manufacturing Segments Provide Lucrative Prospects to Market Participants
The industrial and manufacturing segment dominated the power quality equipment market. Furthermore, the rising application of industry 4.0 in different industrial equipment is projected to assist market growth. Various government organisations, including those in China and India, have developed a number of supporting policies to further expand their industrial and manufacturing sectors, which is expected to enhance demand for power quality equipment.
According to the IEA, China, India, and Southeast Asia will account for more than 70% of the increase in global power consumption over the next three years. Furthermore, the food and beverage business has grown significantly in recent years. The growing urban population, increasing health concerns, and globally government initiatives have raised demand for packaged foods and processed dairy products. As a result of the aforementioned factors, the industrial and manufacturing segment is likely to dominate the power quality equipment market during the forecast period.
According to the IEA, China, India, and Southeast Asia will account for more than 70% of the increase in global power consumption over the next three years. Furthermore, the food and beverage business has grown significantly in recent years. The growing urban population, increasing health concerns, and globally government initiatives have raised demand for packaged foods and processed dairy products. As a result of the aforementioned factors, the industrial and manufacturing segment is likely to dominate the power quality equipment market during the forecast period.
Recent Trends in the Power Quality Equipment Industry:
- Power quality equipment is now incorporating smart grid features for real-time monitoring and control.
- The industry is focusing on energy efficiency, developing equipment to reduce consumption and losses.
- The integration of IoT and advanced connectivity enables remote monitoring, diagnostics, and management.
- As renewable sources like solar and wind grow, power quality equipment addresses unique challenges.
- With greater connectivity in power quality gear, cybersecurity now prioritizes safeguarding against threats.
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High Cost of High-End Power Quality Equipment Is Likely to Be A Challenge
Disturbance detection and localization, harmonic distortion analysis, automated alarm setup, high-speed transient detection, flicker detection and location, and antialiasing are all features of high-end power quality equipment. As a result, this technology is costly and difficult to deploy. The market for power quality equipment is anticipated to grow slowly due to the high cost of high-end equipment. However, the initial capital needed for this equipment is very high, creating a major barrier for SMEs and budget-limited organizations. Furthermore, the significant ongoing expenses for maintaining and operating power quality equipment may discourage investment if the expected benefits do not outweigh the costs. Integrating these systems into existing infrastructure can be intricate and may necessitate substantial modifications, creating compatibility and integration issues. Moreover, the effective deployment and upkeep of power quality solutions demand specialized skills, and a shortage of qualified professionals can hamper adoption and optimal utilization of these technologies.
Latest Motor Protection Filter from Industry Leader Enhances VFD Performance and Motor Safety
Major industry leaders utilize strategies that focus on launching new products, merging with competitors, and purchasing companies to grow their customer base and enhance their range of products. In April 2023, Schneider Electric unveiled the Easy UPS 3-Phase Modular, a cutting-edge solution in the power quality equipment market. This UPS provides a capacity of 50-250 kW with N+1 scalability and includes Live Swap feature, which has been confirmed by third-party testing. The system integrates with EcoStruxure™ for remote monitoring and is part of Schneider Electric's Green Premium lineup, emphasizing energy efficiency and sustainability. Advanced features include high-efficiency design, intelligent battery management, and real-time monitoring, making it a leading choice for cost-effective, eco-friendly power protection.
MTE Corporation, a well-known provider of electrical power quality solutions for commercial and industrial automation worldwide, unveiled its highly anticipated microNexusTM Motor Protection Filter on May 24, 2023. This innovative device is the most recent advancement in MTE's remarkable range of motor protection filters, ensuring total removal of hazardous electrical harmonics from Variable Frequency Drives (VFDs) and protecting motor bearings from electrical damage.
In addition, in May 2023, GE and RWE unveiled the Biblis power plant in Germany, a cutting-edge facility designed to enhance grid stability. Equipped with 11 of GE's LM2500XPRESS aeroderivative gas turbines and advanced gas-insulated-substation (GIS) technology, the 300 MW plant will operate flexibly, providing power within 30 minutes of request to maintain grid balance. This initiative aligns with Germany's goal of reaching 80% renewable electricity by 2030 and demonstrates a commitment to integrating dispatchable gas power with future decarbonization technologies.
MTE Corporation, a well-known provider of electrical power quality solutions for commercial and industrial automation worldwide, unveiled its highly anticipated microNexusTM Motor Protection Filter on May 24, 2023. This innovative device is the most recent advancement in MTE's remarkable range of motor protection filters, ensuring total removal of hazardous electrical harmonics from Variable Frequency Drives (VFDs) and protecting motor bearings from electrical damage.
In addition, in May 2023, GE and RWE unveiled the Biblis power plant in Germany, a cutting-edge facility designed to enhance grid stability. Equipped with 11 of GE's LM2500XPRESS aeroderivative gas turbines and advanced gas-insulated-substation (GIS) technology, the 300 MW plant will operate flexibly, providing power within 30 minutes of request to maintain grid balance. This initiative aligns with Germany's goal of reaching 80% renewable electricity by 2030 and demonstrates a commitment to integrating dispatchable gas power with future decarbonization technologies.
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Asia-Pacific Region Provides Lucrative Opportunities for The Market
The Asia-Pacific region is still under development, with frequent blackouts and unstable power supplies in several countries, including Cambodia, Malaysia, and the Philippines. The region's fast increasing industrial and manufacturing sectors, telecom industry, and commercial sector are major end-users of power quality equipment. The manufacturing industry is a key contributor to the economies of several nations in the Asia-Pacific region, with China being the greatest contributor to global manufacturing production. Japan, India, South Korea, and Indonesia are among the top Asia-Pacific contributors, with nations such as Vietnam, Malaysia, and Singapore likely to expand their participation throughout the forecast period. Several countries in this region, including India and South Korea, are pushing the manufacturing industry forward through a variety of programmes. In India, the 'Make in India' and 'Production Linked Incentive (PLI)' schemes have given the manufacturing industry a significant boost in various verticals. The demand for power quality equipment is anticipated to be driven throughout the duration of the forecast period by favourable government initiatives and rising investment in the region's power industry.
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The report provides a detailed overview of the power quality equipment market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for power quality equipment market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the power quality equipment market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the power quality equipment market. Some key country and region included in the power quality equipment market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Thailand, Vietnam, Philippines, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Kenya, Rest of MEA |
Power Quality Equipment Market Research Report Covers In-depth Analysis on:
- Power quality equipment market detailed segments and segment-wise market breakdown
- Power quality equipment market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in power quality equipment industry)
- Current, historical and forthcoming 10 years market valuation in terms of power quality equipment market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Power quality equipment market demand analysis
- Power quality equipment market pricing analysis over forecast period (by key segment and by region)
- Power quality equipment market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in power quality equipment market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in power quality equipment market
- Power quality equipment market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on power quality equipment market forecast by countries
- Mergers and acquisitions in power quality equipment market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key trends in the power quality equipment market?
Key trends include the growing adoption of smart grid technologies, increased demand for energy-efficient solutions and advancements in power conditioning and monitoring systems.
How is the market for power quality equipment expected to grow in the next decade?
The market is expected to experience significant growth due to rising energy consumption, advancements in technology and increasing awareness of the benefits of power quality management.
How can businesses choose the right power quality equipment?
Businesses should assess their specific power needs, consider the type and size of their electrical load, and evaluate equipment features such as reliability, efficiency and support services.
