Power Factor Correction Market Analysis

Type Segment Analysis

Based on type, the passive segment is estimated to hold 40% share of the global power factor correction market during the forecast period. Passive systems are widely used due to their cost-effectiveness and simple design, making them easy to install and maintain. They are especially suitable for low-power consumption applications, such as residential and small commercial buildings. This is why growing residential and small commercial building construction raises the segment growth in the forecast period. The forecast for new US residential construction occurring in 2023 is USD 817 billion.

Application Segment Analysis

The fastest-growing segment in the application segmentation of the power factor correction market is anticipated to be the commercial sector. Commercial facilities, including offices, retail spaces, hospitals, and educational institutions, are increasingly aware of the importance of power factor correction in their operations. With the increasing use of electrical appliances, lighting systems, and electronics, commercial buildings often have poor power factors and face higher electricity costs.  The commercial sector is witnessing a wave of modernization and automation. This consists of deploying sophisticated lighting systems, HVAC equipment, and electronic devices. While these advancements offer operational benefits, they often have low power utilization, protect equipment from harmonic distortion, and extend lifespans.

Our in-depth analysis of the global power factor correction market includes the following segments: