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
Buy NowGlobal Power Factor Corrector (PFC) Market TOC
Growth Drivers
Challenges
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.
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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).
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.
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.
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The increasing need for efficient power systems in end user industries is one of the major factors anticipated to drive the growth of the market in the coming years.
Ans: The market is anticipated to attain a CAGR of 4.37% over the forecast period, i.e., 2020-2028.
Ans: The high initial investment required for manufacturing PFCs are estimated to hamper the market growth.
Ans: The market in North America is expected to display significant growth opportunities in the near future.
Ans: The major players in the market are ABB Ltd., Eaton Corporation, Schneider Electric, General Electric, NAAC ENERGY CONTROLS, WEG S.A., Texas Instruments Incorporated, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by material, type, approach, end user, and by region.
Ans: The active PFC segment is anticipated to hold largest market size in value and is estimated to display significant growth opportunities.
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