Research Nester published a report titled “Power Factor Corrector (PFC) Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global power factor corrector (PFC) market in terms of market segmentation by material, type, approach, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global power factor corrector (PFC) market is anticipated to grow with a CAGR of 4.37% during the forecast period, i.e., 2020-2028. The market is segmented by material into silicon-based, silicon carbide-based, and gallium-nitride based PFC devices. Amongst these segments, the silicon carbide-based (SiC) PFC devices segment is expected to attain the largest revenue of USD 1291380.7 Thousand by the end of 2028 by growing with the highest CAGR of 4.58% during the forecast period. The growth of the segment can be attributed to the its small size and numerous beneficial properties, which makes it useful for electric vehicle and other heavy industrial machinery applications.
The global power factor corrector (PFC) market expected to reach USD 1685429.9 Thousand by the end of 2028, up from USD 1152000 Thousand in 2019. Growing demand for electricity worldwide, increasing adoption of electrical equipment, rise in the number of data centers worldwide, along with the growing focus of the government of nations to enhance energy-efficiency in electrical systems, are some of the major factors anticipated to drive the market growth.
The global power factor corrector (PFC) market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the Asia Pacific power factor corrector (PFC) market is expected to hold the largest market share of 47.07% by the end of 2028 and further attain a market revenue of USD 793264 Thousand in the same year. Rapid urbanization in nations such as India, China, Malaysia, and others, coupled with the increasing demand for electricity from the end users are some of the major factors anticipated to drive the market growth in the region.
Growing Demand for Reliable Power Sources to Boost Market Growth
By the end of 2024, the spending on IoT is anticipated to reach close to USD 1 Trillion. Further, the spending on IT data centers in the year 2021 is anticipated to reach around USD 240 Billion.
Organizations are in the IT industry are increasingly spending on IoT equipment, including data centers, backed by the growing adoption of cloud technologies, and for the rapid advancements in information technology. With the rise in the number of data centers worldwide, there is a growing need for reliable power source, which is expected to drive the demand for power factor correctors in the coming years. Besides this, amongst the other end user industry verticals, there is a growing need amongst organizations to lower their maintenance costs as well as their operational costs, which is lost due to halted operations, and equipment failures caused by electrical fluctuations. Power factor correctors help to control such incidences, which ultimately reduces the probability of an equipment failure. Such factors are anticipated to drive the market growth in the coming years.
However, the high initial investment required for manufacturing PFCs is expected to operate as key restraint to the growth of the global power factor corrector (PFC) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global power factor corrector (PFC) market which includes company profiling of ABB Ltd., Eaton Corporation, Schneider Electric, General Electric, NAAC ENERGY CONTROLS, WEG S.A., Texas Instruments Incorporated, TDK Electronics AG, ON Semiconductor Components Industries, LLC, STMicroelectronics, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global power factor corrector (PFC) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.