Power equipment and devices categorize as power supply equipment and power generation equipment. Examples of power supply equipment are mutual inductance devices, transmission lines of various voltage, contractors, etc.; power generation equipment examples are water turbines, gas turbines, steam turbines, transformers, power station boilers, etc.
Equipment for electric energy conversion and production includes motors, generators, etc. Switching appliances that connect and disconnect circuits are disconnect switches, contractors, circuit breakers, fuses, etc. Gas-insulated equipment and current-carrying conductors include power cables, wall bushings, bus bars, insulators, etc. Devices that limit overvoltage or overcurrent are lighting arresters, current-limiting reactors, etc.
Global Data Power Equipment and Devices Market database provides granular and comprehensive data about equipment utilization within the power sector. In addition, the database offers insights into the equipment market for forecast and historical periods.
Therefore, the global power equipment market will reach US$ 46.7 billion by 2026, with a CAGR of 7.4%, from an estimated US$ 32.3 billion in 2021. The key factors, such as maximizing cost and energy savings and enhancing power quality to reduce the overall carbon footprint from electrical devices, are responsible for the growth of the power quality equipment and Devices market.
Asia Pacific is predicted to grow the highest CAGR during the forecast period. Asia Pacific region has been segmented by the countries such as Japan, China, India, Australia, South Korea, Vietnam, and Malaysia. India and China dominate the Power Equipment and Devices Market in Asia Pacific. The increasing demand for electricity and the emerging requirement to increase renewable power generation capacity embolden the utilities in these countries to invest in distribution and transmission infrastructure. Asia Pacific is counting on investing US$9.8 billion in developing infrastructures from 2018 to 2027. Also, creating smart grids in countries such as Japan, China, India, and South Korea is a regulation to encourage and mandate their development.
In China, power equipment and devices are expected to grow at the highest CAGR of 8.6% from 2021 to 2026. Because of factors such as the growing adoption of renewable energy and increasing investments in distribution infrastructures and transmission, the market’s growth is driven in China.
Based on the end user, the power quality equipment and devices have been classified into commercial, industrial and manufacturing, utilities, residential, and transportation. The industry and manufacturing segment is expected to hold the largest market size from 2021 to 2026. Utilities are the Key customer of power equipment and devices which ow to the fact that the sheer size of the electronic network operated by the utilities is higher than the transportation and industrial electric infrastructure.
The participants in this market have a strong presence in Europe, ASAP, and North America. Therefore, these players are focusing on acquiring strong and mid-sized companies with a strong local presence in the market. The leading Key players apply various strategies to enhance their share in this market.
Some of the key players in power equipment and devices are Eaton (Ireland), Siemens (Germany), ABB (Switzerland), General Electric (US), Schneider Electric (France), and Other Key Players.
Our Energy and Power category segmentation encompasses the:
Green/ Renewable Energy
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Transmission, Storage, and Distribution
Energy Efficiency and Conservation