Newark, May 21, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global power conditioning services market will grow from USD 17.40 Billion in 2023 to USD 26.26 Billion by 2033. Alongside voltage regulation, harmonic reduction, power factor improvement and surge prevention measures, power conditioning solutions offer a variety of supplementary features customized to meet the specific application needs and operational limits. These may involve tasks like balancing voltages for equal distribution across multi-phase systems, isolating input/output circuits by providing galvanic separation to prevent current leakages, converting frequencies in electricity supply chains or loads as per varying grid requirements, and storing energy to streamline renewable energy generation fluctuations while also offering backup during outages.
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Scope of Power Conditioning Services Market
| Report Coverage | Details |
| CAGR | 4.2% from 2024 to 2033 |
| Market Size in 2023 | USD 17.4 Billion |
| Market Size by 2033 | USD 26.26 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Service Type, Distribution Load |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Insight of the Power Conditioning Services Market
Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, North America is expected to grow at the highest CAGR within the global heavy duty telehandler market. The Asia Pacific region will significantly expand. Notably, the Asia Pacific area has become a highly dynamic and swiftly expanding market for power conditioning services. This aspect can be attributed to population expansion, urban development, industrial growth, infrastructure advancements, and energy demands. With its position among the world's rapidly developing economies, there are numerous prospects for providers of power conditioning solutions to meet varied customer requirements and dominate market segments within countries like India, China, Japan, South Korea, Australia, and Southeast Asia located across this region.
The demand for power conditioning services in China, the region's biggest market, is propelled by swift industrialization and infrastructure investments supporting manufacturing, construction, transportation, telecommunications and IT sectors. Manufacturing companies, alongside service providers, can capitalize on opportunities to stabilize grids while contributing to clean energy integration and environmental sustainability due to the country's sustainable renewable energy deployment objectives and the implementation of smart grid technologies.
The three-phase segment is expected to grow at the highest CAGR during the forecast period.
The distribution load segment includes three-phase and single-phase. The three-phase segment is expected to grow at the highest CAGR during the forecast period. Numerous types of equipment, machinery, processes and establishments in commercial and industrial environments necessitate elevated levels of electrical power that a three-phase distribution load can provide. These include manufacturing plants, data centers, warehouses, hospitals, educational institutions and commercial complexes. Three-phase loads comprise large-scale lighting systems alongside electric motors, pumps, HVAC systems, compressors, and process equipment, among other entities. Since these require consistent operation, not to mention optimal performance while upholding regulatory compliance standards, the need for robust solutions on power conditioning capabilities is crucially important. The emphasis of power conditioning services for distributing three-phase loads is on addressing various key factors, such as voltage regulation, harmonic filtration, surge shielding and isolation, to meet the unique demands and limitations associated with industrial or commercial end-use sectors.
The monitoring & testing segment is expected to grow at the highest CAGR during the forecast period.
The service type segment includes installation & commissioning services, maintenance & repair services, monitoring & testing services, and consultancy & advisory services. The monitoring & testing services segment is expected to grow at the highest CAGR during the forecast period. In the global power conditioning services market, monitoring and testing facilities are very important as they allow for early detection of potential issues in power conditioning equipment and systems. This enables proactive measures such as diagnostics, optimization or preventive maintenance to prevent costly downtime that can arise from failures. These services include real-time monitoring, remote diagnostic support, and performance analytics generation based on current value measurement parameters like voltage, frequency, harmonics, power factor, and temperature. These activities leverage advanced technology components, including sensors, data acquisition platforms, and communications networks, which ultimately deliver pertinent insights into optimal operating performance recommendations towards ensuring enhanced reliability levels within the system.
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Recent Developments:
• In February 2023: Servokon, a producer and provider of power conditioning equipment and transformers, announced its entry into the solar energy market. With its introduction into the solar energy industry, Servokon has also become an EPC firm, offering a range of off-grid and on-grid solar power generation systems, panels, and inverters.
Market Dynamics
Driver: Rising Incidences of Power Outages
The increasing frequency of power outages, grid disturbances and natural disasters has increased due to old technology, extreme weather conditions and cyber-attacks. This aspect highlights the significance of robust energy conditioning solutions that adapt to evolving requirements. Implementing microgrids, UPS systems and advanced energy storage devices equipped with cutting-edge power conditioning features are pivotal in sustaining essential services operations while minimizing damage caused by unprecedented interruptions for organizations or public sectors alike.
Restraint: Lack of Skilled Workforce
Insufficient knowledge and education regarding power conditioning services hinder market expansion and acceptance among end-users, stakeholders, and decision-makers. Numerous business enterprises, utilities, and consumers remain unaware of the significance of managing power quality or the potential advantages of utilizing power conditioning solutions to enhance operational stability while reducing energy consumption costs through efficient performance in light of unpredictable outages caused by disturbances during transmission line operations. This factor is anticipated to hamper the market growth and development.
Opportunity: Growing Emphasis on Sustainability
Integrating solar power and wind power, among other renewable energy sources, into the electricity grid has opened up fresh opportunities for power conditioning services. Although these green technologies have substantial economic and environmental advantages, they also introduce variability & intermittency in generation processes. Consequently, advanced solutions are necessary to preserve efficiency by regulating frequency control and voltage while maintaining stability within the network. As an increasing number of governments & utility companies push low-carbon emissions globally through incentives towards renewables adoption, demand is poised to spike tremendously.
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Some of the major players operating in the Power conditioning services Market are:
• Rockwell Automation
• Acromag
• ABB
• Echelon
• Interoll
• Servomax
• Emerson Industrial
• Honeywell
• Fuji Electric
• Schenider Electric
• Eaton Corporation
• Piller Corporation
Key Segments Cover in the Market:
By Distribution Load:
• Single-Phase
• Three-Phase
By Service Type:
• Installation & Commissioning Services
• Maintenance & Repair Services
• Monitoring & Testing Services
• Consultancy & Advisory Services
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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