Others Segment has the Largest Share of Equipment in the Asia Pacific Power Quality Equipment Market during 2021–2028

According to a new market research study on “Asia Pacific Power Quality Equipment Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Equipment, Phase, and End User” is expected to reach US$ 13,422.9 million by 2028 from US$ 7,988.6 million in 2021. The market is estimated to grow at a CAGR of 7.7% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific Power quality equipment market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the growing industrial manufacturing and processing sector are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the high cost of deployment and installation.

India is the worst-affected country in APAC, considering the outbreak of COVID-19. APAC witnessed a notable decline in numerous economic activities as the government-imposed travel bans, strict lockdowns, and business shutdown. In many Asian countries, buying capacity of consumers reduced drastically due to the disruption of trade operations. Expenditure, especially on nonessentials, was also avoided. Fitness centers, spas, parlors, mining, oil & gas, glass, and cement are among the worst-hit industries. As swimming pools, gyms, parlors, and salons were closed as per the orders from the concerned authorities, the demand for various power quality equipment that ensure uninterrupted power went down terrifically. Due to less demand, the production of power quality equipment dropped significantly. However, new healthcare facilities and oxygen plants being set up in India to handle the rising cases of COVID-19 are propelling the demand for power quality equipment such as UPS systems, power quality meters, and static VAR compensators. Additionally, with respect to international trade, China, Hong Kong, South Korea, and Japan are the top Asian exporting countries that observed a decline in their exports. Thus, with a disrupted supply chain coupled with weak demand, an overall negative impact was observed on the growth of the power quality equipment market in 2020.

The market for Asia Pacific power quality equipment market is segmented into equipment, phase, and end user. Based on equipment, the power quality equipment market is segmented into uninterruptable power supply (UPS), static VAR compensator, harmonic filters, power quality meters, and others. In 2021, the others segment is estimated to account for the largest market share in the power quality equipment market. Portable power equipment, power conditioners, surge protective devices, power and energy meters, solid oxide fuel cell, static transfer switch, line voltage regulators, power distribution units, reactors & inductors, and frequency converter are other types of power quality equipment available in the market. Based on the requirement of the application, market players offer this equipment in various features, shape, sizes, efficiency, and accuracy all over the world. Client can also ask for customized power quality equipment.

Acumentrics., Emerson Electric Co., AMETEK Inc., Eaton., General Electric Company, Schneider Electric SE, Siemens AG, Toshiba Energy Systems & Solutions Corporation, Hitachi ABB Power Grids Group, and Piller Group GmbH are among the leading companies in the Asia Pacific Power quality equipment market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in March 2021, Acumentrics introduces SmartPDU, a new power distribution system which offers an unprecedented combination of convenience, flexibility, secure control, and system data. Such benefits ensure optimal operation of shipboard electronic systems along with the ability to accommodate changes and upgrades. 

The market for Power quality equipment market is segmented into equipment, phase, and end user. Based on equipment, the Power quality equipment market is segmented into uninterruptable power supply (UPS), harmonic filters, static VAR compensator, power quality meters, and others. Based on phase, the Power quality equipment market is segmented into single phase, and three phase. Based on end user, the Power quality equipment market is segmented into industrial and manufacturing, commercial, and others. Geographically, the Power quality equipment market is segmented into Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of APAC).

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