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The power quality equipment market is expected to grow from an estimated USD 32.4 billion in 2021 to USD 46.1 billion by 2026, at a CAGR of 7.3% during the forecast period. Enhancing power quality to reduce overall carbon footprint from electrical devices and maximizing cost and energy savings are the main drivers for the power quality equipment market. Increasing adoption of smart grid technologies worldwide and integrating variable renewable energy with power grids are expected to offer lucrative opportunities for the power quality equipment market during the forecast period.

A few major players have a wide regional presence and dominate the power quality equipment market. The leading players in the power quality equipment market include ABB, Siemens, Eaton, Schneider Electric, and General Electric.

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The major strategies adopted by these players include new product launches, contracts & agreements, mergers & acquisitions and investments & expansions. New product launches were the most commonly adopted strategy from January 2017 to February 2021.   

Siemens is a leading Germany-based conglomerate that focuses on offering electrification, automation, and digitalization solutions. The company conducts its operations through six business segments, namely Digital Industries, Healthcare, Smart Infrastructure, Mobility, Portfolio Company, and Financial Services. It offers power quality equipment through its Smart Infrastructure business segment that accounted for a share of 24.5% of the total revenue of the company in 2020. Siemens Energy, a part of Siemens group, was founded in 2020 after Siemens spun off its Gas and Power business and combined it with the Siemens Gamesa Renewable Energy business segment, offers a few products related product quality equipment. The new independent company is listed on the Frankfurt Stock Exchange. The Smart Infrastructure segment offers a broad product portfolio comprising power meter devices, transducers, and power quality recorders. Power quality equipment of Siemens is used in industrial and commercial applications. They are also deployed at substations. Siemens has a presence in Europe, North America, the Middle East, and Asia Pacific. It operates in more than 100 countries across the world and has a strong network of regional offices, warehouses, research and development facilities, and sales offices. The company has 16 corporate technology facilities for research and development and production and quality assurance globally that optimize its business processes. In November 2020, Siemens launched Sinamics PCS converter cabinet system for battery storage systems. This converter makes locally generated battery power usable for industrial and public power grids. Sinamics PCS controls the charging and discharging process of the batteries and helps in handling load peaks and grid disturbances through battery storage.

ABB is a leading company in automation and power technologies. It operates through four business segments, namely, Electrification, Motion, Industrial Automation, and Robotics & Discrete Automation. The Electrification business segment offers power quality equipment and accounted for a share of 43.1% of the total revenue of the company in 2020. ABB offers a few of its power quality equipment through Hitachi ABB Power Grids. Hitachi ABB Power Grids was formed after the acquisition of the Power Grids business division of ABB in 2020. The deal was announced in 2018 and completed in mid-2020. Hitachi holds 80.1% of the total stake in Hitachi ABB Power Grids, while the remaining 19.9% is currently owned by ABB. The Electrification segment of the company offers capacitors and filters, shunt reactors, surge arresters, surge capacitors, monitoring, protection, and control solutions, voltage conditioning and regulation devices, etc. Power quality equipment offered by ABB are used in commercial, industrial, distribution, and transmission utility applications. ABB has its corporate research centers in seven countries, namely, China, Germany, India, Poland, Sweden, Switzerland, and the US. It operates its business in more than 100 countries and has more than 300 manufacturing plants located in these countries. The key competitors of ABB in the power quality equipment market are Legrand, Schneider Electric, Siemens, Hubbell, and Eaton. In February 2021, ABB received a contract from state-owned Egyptian Electricity Transmission Company (EETC) to improve power quality and expand transmission capacity for the EETC located in the Owainat development area of southwest Egypt.    

Related Reports:

Power Quality Equipment Market by Equipment (UPS, Harmonic Filters, Surge Protection Devices, Voltage Regulators, Static VAR compensators, Power Quality Meters), Phase (Single and Three Phase), End User, and Region - Global Forecast to 2026

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