Power conditioning services provide adequate protection against potential power-quality issues including, waveform distortion, voltage fluctuations, and power impulses. These services help in maintaining the equipment quality, thus, enhancing their efficiency and service life. Power conditioning services curb data corruption problems and hard disk failures by up to 80%. As sustainability trend is raging across continents, about half of the power conditioning service providers are leveraging renewable resources such as wind, and solar energy. Over the forecast period, 2020-2030, the power conditioning services market will grow at a healthy CAGR.
Market Witnessing Demand Upsurge in Automotive Sector
Power conditioning services market is seeing huge demand from the automotive industry. While high-energy transient absorbers absorb high voltage, electro mechanical relays handle DC current. Plug-in hybrid electric vehicles (PHEV) use electric energy stored in the batteries and gasoline stored in the fuel tank. Exchange of energy between vehicles and external sources is performed by vehicular power conditioner.
Power conditioning services help in protecting electromagnetic interferences, fluctuations and electrical surges. Impulse protectors are used to protect audio equipment from damage by large voltage pulses into network. Noise filter removes interference caught on wire. Additionally, isolation transformers are used in audio systems to suppress electrical noise. Further, power conditioning services help in regulating additional heat of electrical transformers in an audio device supply unit.
Power Conditioning Services Market – Growth Restraints
Linear mode power conditioning services have several disadvantages such as high heat loss and varied, low efficiency levels. Moreover, high cost of power conditioning services and lack of trained professionals are a major restraint to the growth of power conditioning services market.
Impact of COVID-19 on Power Conditioning Services Market
Due to nation-wide lockdowns in several countries amid the COVID-19 pandemic, the power conditioning service market is witnessing a huge downfall. Many projects in the US, China, Germany, and South Korea have been delayed, and manufacturers are encountering short-term operational issues due to supply chain disturbances and lack of site access due to the pandemic-induced restrictions.
Governments across the globe have mandated new safety norms - frequent sanitization, wearing of face masks, and temperature checks of employees upon entry to workplace. Although the manufacturing units are coming back on track, the power conditioning services market is expected to suffer from subdued demand.
Regional Analysis of Power Conditioning Services Market
North America and Europe continue to capture prominent share of power conditioning services market, owing to strong foothold of leading service providers and presence of well-established technology space. In addition, growing adoption of smart offices, and electronic devices such as televisions, refrigerators, and air conditioners are propelling the regional market growth.
As the power conditioning services markets in North America and Europe are expected to attain maturity in the near future, market players are turning to Asia Pacific (APAC) for potential lucrative prospects. Rising investments in infrastructural projects and availability of cheap labor are further promoting market growth in the region.
Power Conditioning Service Market – Competitive Landscape
- ABB Ltd
- Fuji Electric
- Echelon Corporation
- Emerson Industrial automation.
Leading players are focusing on providing wide range of power conditioning services such as reactive power conditioner, voltage conditioner, and static frequency converter. In addition, they are launching MCR Portable Series that offer exceptional noise filtering and CVS Series power conditioners that help in eliminating power quality troubles.
Going forward, key players are forming mergers & acquisitions, for instance, ABB has acquired Spirit IT of Eindhoven to expand its market presence in Netherlands.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Taxonomical Analysis of Power Conditioning Service Market
Power conditioning service market can be segmented on basis of the following,
- Standby power system,
- Harmonic filter,
- Isolation transformer,
- Transient voltage surge suppressor,
- Uninterruptable power supply
- Voltage regulators,
- Surge suppressor,
- Power synthesizer,
- Motor generator,
- Power enhancer
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