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ELECTRONICS & SMART DEVICES

Power Factor Corrector (PFC) Market Segmentation by Material (Silicon-based, Silicon Carbide-based, and Gallium Nitride-based PFC Devices); by Type (Active, Passive, and Dynamic PFC); by Approach (Distributed, Group, Centralized, Combined, and Automatic PFC); by End User – Global Demand Analysis & Opportunity Outlook 2019-2028

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Extensive insights into the Growth of Power Factor Corrector Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • Mach 5, 2020: STMicroelectronics announced that it would increase its stake in Exagan, the French Gallium Nitride (GaN) innovator. With this deal, STMicroelectronics will be able to address a wide variety of applications of GaN, such as DC/DC converters, power factor correction, and others.

Global Power Factor Corrector (PFC) Market Highlights Over 2019 - 2028

The global power factor corrector (PFC) market garnered a revenue of USD 1152000 Thousand in 2019 and is further expected to reach USD 1685429.9 Thousand by the end of 2028 by growing with a CAGR of 4.37% during the forecast period, i.e., 2020-2028. The growth of the market can be attributed to the growing need for correct power supply amongst the end users, such as data centers, manufacturing and other industries, followed by the increasing focus of the government of nations to enhance energy-efficiency in electrical systems. Backed by the growing adoption of IoT in the recent years, and the increase in spending in IoT, the number of connected devices and other computer-based systems has grown significantly. The projected spending on IoT by the end of 2024 is expected to reach around USD 1 Trillion. Moreover, in the year 2021, the spending on IT data centers were estimated to be close to USD 240 Billion. This, as a result, has significantly raised the need for data centers for storage of enormous amount of data. The equipment used in the data centers are highly susceptible to power fluctuations and hence require power factor correction devices to ensure a lag-free electrical supply. This is expected to drive the demand for PFCs, and in turn drive the market growth. Moreover, in the end user industries, there has been a surge in demand for power factor correctors as these devices improve the reactive power and reduce harmonics in the equipment. Besides this, with the introduction of PFC integrated circuits (ICs), these correctors are now being utilized widely in commercial, enterprises, and for military purposes, due to the lack of reliable power management systems.

Power Factor Corrector (PFC) MarketPFCs are also predominantly used in the plant distribution systems as they act as reactive current generators. Furthermore, the utilization of PFCs also ensures increase in the lifespan of the electrical equipment, which ultimately lowers the cost of operations amongst the end users. This is also expected to drive the growth of the global power factor corrector market in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT

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Global Power Factor Corrector (PFC) Market Regional Synopsis

Regionally, the global power factor corrector (PFC) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific 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. The market in the region is also anticipated to grow with the highest CAGR of 4.89% during the forecast period. The growth of the market in the region can be attributed to the growing demand for electricity in the region, followed by the increasing industrialization, and rapid urbanization in several countries, such as China, India, Malaysia, and others. According to the statistics by the International Energy Agency (IEA), electricity consumption in the Asia Pacific grew from 3842.1 TWh in 2000 to 11614.4 TWh in 2018.

Electricity Consumption

Moreover, the growing awareness amongst the end users for the losses caused due to fluctuating power supply, such as breakdowns or malfunctions of machines, interruption in production, and others, is anticipated to drive the demand for PFCs, and in turn accelerate the market growth in the region.

The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Growth Drivers and Challenges Impacting the Growth of the Global Power Factor Corrector (PFC) Market

Growth Drivers

  • Increasing Need for Efficient Power Systems in End User Industries
  • Rise in Awareness Amongst the End Users for the Benefits Associated with Quality Power Supply

Challenges

  • High Initial Investment Required for Manufacturing PFCs
  • Stringent Government Regulations for Designing Complex Circuits

Global Power Factor Corrector (PFC) Market Segmentation Synopsis

The global power factor corrector market is segmented on the basis of material into silicon-based, silicon carbide-based, and gallium-nitride based PFC devices, out of which, the silicon carbide-based (SiC) PFC devices segment is expected to hold the largest market share and further attain a revenue of USD 1291380.7 Thousand by the end of 2028. The segment is also expected to witness growth by growing with the highest CAGR of 4.58% during the forecast period. Silicon carbide has a wider bandgap and can provide greater efficient power. As a result, it is an ideal material for PFCs, and is used widely for heavy industrial machinery. SiC-based PFC devices are primarily deployed in electric vehicles owing to their small size as compared to other materials. The market is further segmented on the basis of type into active, passive, and dynamic PFCs. Amongst these segments, the active PFC segment is expected to garner the largest market revenue of USD 1105434.2 Thousand in 2028, up from USD 716417.3 Thousand in 2019. Further, based on approach, the market is segmented into distributed, group, centralized, combined, and automatic, out of which, the combined PFC segment is anticipated to garner the largest market revenue of USD 461271.5 Thousand in 2028. In the year 2021, the segment is expected to reach USD 338513 Thousand. Further, on the basis of end user vertical, the market is segmented into mining industries, automotive industries, consumer electronics, medical & healthcare industries, electric power industries, military & defense, and others. Amongst these segments, the mining industries segment is expected to hold the largest revenue of USD 433326.5 Thousand by the end of 2028, up from USD 290453.8 Thousand in 2019.

Global Power Factor Corrector (PFC) Market

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global power factor corrector (PFC) market that are included in our report are 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.

Key Reasons to Buy Our Report

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
  • The report includes detailed company profiles of the major players dominating the market.
  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
  • We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

FREQUENTLY ASKED QUESTIONS

Global Power Factor Corrector (PFC) Market TOC

  1. Market Definition
    1. Market Definition
    2. Market Segmentation
  2. Research Methodology
    1. Research Objective
    2. Research Process
      1. Secondary Research
      2. Market Size Estimation
      3. Primary Research
    3. Assumption
  3. Executive Summary – Global Power Factor Corrector Market
  4. Regulatory & Standards Landscape
  5. Impact of COVID-19 on the Power Factor Corrector Market
  6. Analysis of Market Dynamics
    1. Drivers
    2. Restrains
    3. Opportunities
    4. Trends
  7. Pricing Analysis
  8. Comparative Analysis
  9. Competitive Outlook, 2018-2021
  10. Global Power Factor Corrector (PFC) Market Outlook
    1. Global Power Factor Corrector (PFC) Market Segmentation Analysis 2019-2028
      1. By Material
      2. By Type
      3. By End-User Vertical
      4. By Approach
      5. By Region
        1. North America
        2. Europe
        3. Asia Pacific
        4. Latin America
        5. Middle East & Africa
  11. Competitive Structure
    1. Market share analysis, 2020
    2. Competitive Benchmarking
    3. ABB Ltd.
    4. Eaton Corporation
    5. Schneider Electric
    6. General Electric
    7. NAAC ENERGY CONTROLS
    8. Texas Instruments Incorporated
    9. TDK Electronics AG
    10. ON Semiconductor Components Industries, LLC
    11. STMicroelectronics
    12. WEG S.A.

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