DELRAY BEACH, Fla., Sept. 11, 2024 /PRNewswire/ -- The global Power Factor Correction Market is growing at a CAGR of 5.5% and is expected to reach USD 3.3 billion by 2030, up from USD 2.4 billion in 2024. The demand for power factor is on the rise due to various factors such as the globally increasing level of energy consumption, fostered by the rapid process of industrialization as well as urbanization, is additionally pressuring the power grids. This makes PFC a very important system for industries, where optimization of energy use, reduction in power losses, and decrease in electricity cost are of paramount importance. In addition, with more stringent regulations governing energy efficiency, the rapid global push for sustainability is forcing companies to invest in PFC technologies that would enhance their energy management practices and meet the environmental standards.
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By Sales Channel Segmentation
Demand for customized solutions across multiple industries contributes to the growth registered in this distributors segment within the Power Factor Correction (PFC) sales channel. In this regard, more and more businesses seek effective energy management in conjunction with cost-saving strategies, the playing of a crucial role by the distributor in the provision of PFC products that will be tailored to meet the specific requirements. Their ability to offer localized support, technical expertise, and other products is driving them up. Furthermore, the increase in industrial and commercial activities is propelling the demand for efficient distribution channels that are further augmenting growth in the PFC market segment of distributors.
By reactive power Segmentation
The 0-200 KVAR segment, by reactive power, is expected to lead the Power Factor Correction (PFC) Market since it can be broadly used in nearly all low-medium level industrial, commercial, and residential segments. In particular, the facilities that have lower to midterm power requirements ranges can be perfect for the firms to adopt and increase their energy efficiency levels without resorting to basic changes in the setup. Additionally, PFC systems within this range will continue to experience an increase in demand due to conjunction factors involving energy cost reduction and adherence to stipulated regulations in raising concern within these industries for the energy-efficient systems.
By Automatic Segmentation
By type, the automatic segment is projected to dominate the Power Factor Correction (PFC) Market, as it enables real-time, effective, and accurate management of power quality. In this case, the automatic PFC system adjusts to different load conditions independently without an operator's involvement, so it will work well for industries and commercial facilities with periodically changing power demands. This technology not only optimizes energy usage but also reduces operational costs and minimizes the risk of penalties associated with poor power factor. Thus, this demand is boosted because business operators increasingly pay attention to the reliability and efficiency of energy use.
Regional Analysis
Power Factor Correction is expected to grow at the highest CAGR in the Asia Pacific region during this period. Rapid industrialization and urbanization in countries such as China, India, and Southeast Asian nations further add to huge energy consumption, thus driving efficient energy management solutions. Also, different initiatives and regulations taken by the government to enhance energy efficiency and reduce carbon emissions are also encouraging the application of PFC systems in the region. In addition, the infrastructure expansion and increasing investment for grid modernization are also providing opportunities for the growth of the PFC technologies market in the region, thereby allowing Asia Pacific to be at the forefront of the market growth.
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Key Players
Major players in the Power Factor Correction Market are GE Vernova (US), ABB (Switzerland), Hitachi Energy Ltd (Switzerland), Schneider Electric (France), and Eaton (Ireland) among others. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.
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