About Power Factor Correction Devices
Power factor correction (also known as PFC or Power Factor Improvement) is defined as a technique used to improve the power factor of AC circuits by reducing the reactive power present in the circuit. Power factor correction techniques aim to increase the efficiency of the circuit and reduce the current drawn by the load. Power factor correction is obtained via the connection of capacitors which produce reactive energy in opposition to the energy absorbed by loads such as motors, locally close to the load. This improves the power factor from the point where the reactive power source is connected, preventing the unnecessary circulation of current in the network.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.5% |
Competition among existing players is due to the Power Factor Correction Devices market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Power Factor Correction Devices market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Power Factor Correction Devices market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Mitsubishi Electric Corporation (Japan), LARSEN & TOUBRO LIMITED (India), Eaton (Ireland), Texas Instrument Inc. (United States), ABB (Switzerland), Toshiba Corporation (Japan), Siemens AG (Germany), Schneider Electric (France), GE Grid Solutions (France), Nissin Electric (Japan) and Toshiba Corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are TDK Electronics AG (Germany), Cgglobal (India) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Power Factor Correction Devices market by Type (Distributed Power Factor Correction Devices, Centralized Power Factor Correction Devices, Combined Power Factor Correction Devices, Automatic Power Factor Correction Devices and Others), Application (Commercial Utility, Industrial Utility, Public Power Supply and Others) and Region.
On the basis of geography, the market of Power Factor Correction Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Capacitor Banks will boost the Power Factor Correction Devices market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The adoption of PFC devices and the integration of smart technologies.
Market Growth Drivers:
Increased adoption of power factor correction devices in industries such as manufacturing. and Increased emphasis on energy efficiency and power quality optimization in industrial and commercial operations.
Challenges:
High initial investment and installation cost for industries.
Restraints:
The presence of alternatives such as vacuum contactors.
Opportunities:
Expansion in emerging countries. and Technological advancement.
Market Leaders and their expansionary development strategies
In July 2018, ABB announced it has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business. The transaction was announced and is expected to be accretive to operational EPS in the first year.
In March 2023, Toshiba Electronics Europe GmbH has launched a new 650V-rated discrete IGBT intended for use within power factor correction (PFC) circuits within air conditioners, home appliances, and power supplies for industrial equipment, and many other use cases.
Key Target Audience
Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.