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.
PFCs 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
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.
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.
FREQUENTLY ASKED QUESTIONS
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.
The market is anticipated to attain a CAGR of 4.37% over the forecast period, i.e., 2020-2028.
The high initial investment required for manufacturing PFCs are estimated to hamper the market growth.
The market in North America is expected to display significant growth opportunities in the near future.
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.
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.
The market is segmented by material, type, approach, end user, and by region.
The active PFC segment is anticipated to hold largest market size in value and is estimated to display significant growth opportunities.
Global Power Factor Corrector (PFC) Market TOC
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