Power Factor Correction Devices Market Is Expected To Generate A Revenue Of USD 11.9 billion By 2030
The latest market report published by Credence Research, Inc. “Global Power Factor Correction Devices Market: Growth, Prospects, and Competitive Analysis, 2016–2030”. The global power factor correction devices market generated revenue of around USD 6.9 billion in 2022 and is anticipated to grow a CAGR of over 8.10% during the forecast period from 2018 to 2030 to reach around USD 11.9 billion in 2030.
The desire to reduce energy prices and utilization, as well as the increased emphasis on energy efficiency, are the main factors driving the market for PFC devices. PFC devices can help electrical systems’ power factors, which can reduce energy losses and increase efficiency. The implementation of energy-saving legislation and the rising need for renewable energy sources are also driving the adoption of PFC devices in numerous industries. The increasing demand for renewable energy sources like wind and solar energy, which will improve the efficiency and stability of renewable energy systems, is another factor driving the adoption of PFC devices. Overall, the need for energy efficiency, the implementation of energy-saving regulations, and the rising popularity of renewable energy sources are the main factors driving the market for PFC devices. However, one of the primary challenges facing the PFC devices market is the high initial cost of these devices, which may discourage some organisations and customers from investing in them.
The global power factor correction devices market is bifurcated into type, application and geography. Based on type, the market is categorized into Distributed Power Factor Correction Devices, Centralized Power Factor Correction Devices, Combined Power Factor Correction Devices and Others. Based on application, the global market is segmented into application I, application II and application III. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
In 2022, North America is expected to occupy the largest power factor correction devices market share in revenue and sales owing to significant uses industries like the industrial sector and the automobile industry, both of which are expected to experience rapid growth. Mexico, Canada, and the United States make up the market. One of the key variables influencing the market is the local increase in demand for items that save energy. Due to the rising emphasis on energy efficiency and sustainability, power factor correction devices have gained popularity across a variety of industries, including the manufacturing, commercial, and residential sectors. Another significant market aspect is the region’s growing desire for renewable energy sources.
The Power Factor Correction Devices Market is currently experiencing a period of strong growth. A number of factors are contributing to this market expansion, including the increasing demand for electricity, the need to improve power quality and efficiency, and the rising cost of energy. As a result, power factor correction devices are becoming more widely used in both commercial and industrial applications.
One of the key trends driving market growth is the increasing adoption of advanced technologies. Power factor correction devices are constantly evolving, and new models are being released that offer improved performance and greater efficiency. Manufacturers are also offering devices that can be remotely monitored and controlled, which is enabling customers to save time and money.
Another trend that is driving market expansion is the growing awareness of the benefits of power factor correction. More and more businesses and organizations are realizing that these devices can help them save on their energy bills, improve power quality, and reduce their carbon footprint.
Why to Buy This Report-
· The report provides a qualitative and quantitative analysis of the global power factor correction devices by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018–2021, base year- 2022, and forecast period 2023–2030.
· The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
· In-depth analysis of the global power factor correction devices segmentation based on type, application and regional integration.
· The global power factor correction devices report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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