The Europe Power Quality Equipment Market exhibits a robust landscape characterized by a growing emphasis on energy efficiency and reliability. With increasing industrialization and urbanization, the demand for power quality equipment continues to surge. Stringent regulations pertaining to power quality standards are driving market growth, particularly in key economies like Germany, France, and the UK. Technological advancements, such as the integration of smart grids and IoT-enabled devices, further bolster market expansion. Moreover, the transition towards renewable energy sources necessitates advanced power quality solutions to mitigate grid instability issues. Key players in the region are focusing on product innovation and strategic collaborations to gain a competitive edge in the market. Overall, Europe's power quality equipment market is poised for steady growth in the forecast period.
The Europe Power Quality Equipmentt is growing rapidly. Market growth attributes to the rising demand for power. Besides, the rapid increase in digitization in the telecommunication industry drives the growth of the market. Moreover, the latest developments in the telecommunications industry escalate market growth, enabling the 4.0 industrial revolution.
According to Market Research Future (MRFR), the Europe Power Quality Equipmentt market is forecasted to reach approximately USD 45.77 Billion by 2032, growing at 5.46% CAGR during the assessment period (2024 – 2032). The spurting rise in semiconductors and consumer electronics market acts as a key driving force. Rising penetration of automation and increased budgets in utilities substantiate the market demand.
Europe Power Quality Equipmentt are designed to reduce multiple equipment usage in a system, supporting databases that can collect and analyze data required for a short period (monthly basis). Moreover, augmenting demand for efficient power management, alongside the proliferation of smart and connected devices, increases the market size.
Additionally, continuous upgrades of aging grid infrastructure and rapid urbanization & industrialization create growth opportunities. Rapid industrialization leads to increased demand for Europe Power Quality Equipmentt in various utilities to ensure regular uninterrupted power supply. Advancements in the automation and Internet of Things (IoT) devices foster the growth of the market. Besides, the rising demand for higher energy saving and the low operational cost boost the market growth.
Conversely, high investment costs for the installation of Europe Power Quality Equipmentt and lack of awareness are the key factors estimated to impede market growth. Also, compliance regulations and standards pose challenges to market growth. Nevertheless, substantial R&D investments and the rising prominence of connectivity solutions would support the market growth throughout the review period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the Europe Power Quality Equipmentt market based on end user, phase, and equipment.
By equipment, the Europe Power Quality Equipmentt market is segmented into power quality meters, static var compensator, uninterruptable power supply, and others. Of these, the uninterruptable power supply segment will lead the market over the forecast period. The burgeoning need for primary protection of critical equipment from voltage interruption is adding to the growth of the segment.
By phase, the Europe Power Quality Equipmentt market is segmented into three-phase and single-phase. Of these, the three-phase segment will dominate the market over the forecast period as it is used in industrial and commercial facilities for accommodating higher loads and delivers power at a constant and steady rate.
By end user, the Europe Power Quality Equipmentt market is segmented into utilities, transportation, residential, commercial, industrial, and manufacturing. Of these, the commercial segment will have a major share in the market over the forecast period.
Europe Power Quality Equipmentt Market – Geographical Analysis
North America leads the Europe Power Quality Equipmentt market. The region has many old transmission and distribution infrastructures, which creates a need for installing Europe Power Quality Equipmentt. Besides, the largest market share attributes to technological advancements and increased adoption of automation across end-use industries.
Moreover, the rising adoption of Europe Power Quality Equipmentt in utilities creates substantial market demand. Augmented demand and the availability of high quality & advances in testing devices increase the market size. The North American Europe Power Quality Equipmentt market is poised to retain its dominance throughout the review period.
Europe is another lucrative market for Europe Power Quality Equipmentt globally. The market is driven by the increasing adoption of automation and smart devices across the industrial sector. Additionally, the proliferation of smart & connected devices and the Internet acts as a key driving force for the growth of regional growth. Furthermore, the spurting growth in consumer electronics, automotive, and telecommunication industries stimulates the market growth in the region.
The Europe Power Quality Equipmentt market witnesses rapid expansion in the Asia Pacific region. Factors such as the wide adoption of connected devices and the presence of sensor manufacturers substantiate the Europe Power Quality Equipmentt market size. India, South Korea, China, and Japan are the leading markets in the region. The APAC Europe Power Quality Equipmentt market is expected to grow at an impressive CAGR during the review period.
Europe Power Quality Equipmentt Market – Competitive Analysis
Highly competitive, the Europe Power Quality Equipmentt market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies such as mergers & acquisitions, collaborations, and product/technology development. Substantial investments are transpired to develop products and expand global footprints. Most players adopt organic business strategies, whereas tier I & II companies accentuate the inorganic business strategies to achieve their goals.
Major Players:
- ABB Ltd. (Switzerland)
- General Electric Company (US)
- Schneider Electric (France)
- Siemens AG (Germany)
- Emerson Electric Company (US)
- Eaton Corporation Plc (Ireland)
- Active Power Inc. (US)
- MTE Corporation (US)
- Smiths Group plc. (UK)
- Toshiba Corporation (Japan)
Industry/ Innovation/ Related News
October 05, 2020 ----- AMSC (the US), a leading system provider of megawatt-scale power resiliency solutions AMSC, announced the acquisition of a US-based medium voltage supplier -Northeast Power Systems, Inc. (NEPSI). The acquisition of NEPSI aligns with AMSC's strategic priorities to accelerate profitable growth independent of its wind business, expanding its product offerings, and raise both market reach and market share.
AMSC technologies orchestrate the rhythm and harmony of power on the grid™ and protect and expand the Navy's fleet's capability. NEPSI upstate New York supplies medium-voltage metal-enclosed capacitor banks, harmonic filters, and fast switching reactive power solutions and surge protection products. By leveraging NEPSI's leadership position in the static voltage management market for industrial applications, AMSC expects to expand its grid business offerings and deliver greater value to existing and new customers, business partners, and shareholders.
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