Report : Europe Power Quality Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Equipment (Uninterruptable Power Supply (UPS), Harmonic Filters, Static VAR Compensator, Power Quality Meters, and Others); Phase (Single Phase, and Three Phase); End-Users (Industrial and Manufacturing, Commercial, and Others)
Others Segment has the Largest Share of Equipment in the Europe Power Quality Equipment Market during 2021–2028
According to a new market research study on “Europe 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$ 11,459.0 million by 2028 from US$ 7,051.4 million in 2021. The market is estimated to grow at a CAGR of 7.2% from 2021 to 2028. The report provides trends prevailing in the Europe 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.
In Europe, France, Russia, Italy, the UK, Spain, and Germany are among the worst-affected countries by the COVID-19 pandemic. The region experienced a significant decline in revenue from numerous industries as the government enacted strict containment measures. Several types of power quality equipment, such as UPS systems, are widely used at retail stores, wholesale stores, hotels, restaurants, warehouses, etc. Restaurants witnessed a drastic decline in footfall due to travel limitations and restrictions imposed on people’s movement. This consequently affected the operations at retail stores, wholesale stores, and warehouses. Therefore, the demand for UPS systems dedicated to these fields declined significantly. However, there was some demand for UPS systems in the cloud kitchens that were operational during this period. Europe had large-scale import–export trade operations before the pandemic. Supply of various power quality equipment declined in the entire European region with the drop in import–export activities. As the supply chain of various industries got disrupted, including power quality equipment, the market players witnessed severe hardships in selling their products in 2020. New start-ups and businesses require industrial HVACs, factory equipment, and other power equipment. As no significant new businesses were coming up, the power quality equipment market experienced a decline from the demand side in 2020.
The market for Europe 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 Europe 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 Europe (France, Germany, Italy, the UK, Spain, and Rest of Europe).
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