Insights on the Automatic Power Factor Controller Global Market to 2027 - by Type, Component, End-user Industry and Geography
DUBLIN, June 22, 2022 /PRNewswire/ -- The "Automatic Power Factor Controller Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
An automated power factor controller is a device that is designed to enhance output power automatically when the power factor falls below a specific threshold. Electricity demand is continually increasing. In addition, the demand for a system to automatically enhance the power factor is growing, as low power factor places undue strain on power grids and transmission lines. Automatic power factor controllers can meet this demand.
Automatic power factor controllers are likely to be in high demand in the near future, with existing companies expected to increase market share in the next years. Because of its capacity to drastically minimize energy loss, the automated power factor market is rising as the worldwide focus on minimizing energy usage grows. Furthermore, because it increases the lifespan of electrical equipment by managing electricity more efficiently, the automated power factor controller market is expected to expand at a faster rate throughout the projected period.
On the other hand, in the projected period, the development of upgraded and sophisticated infrastructure will provide sufficient possibilities for the expansion of the automated power factor controller market. The rising need for power management in industries such as manufacturing, defense, commercial, utility, and business is one of the key driving drivers for the automatic power factor controller market.
In computers, graphics processing units (GPUs), and computer peripherals, power management is used to minimize power supplies, resulting in a more efficient power supply to these devices. When APFC is placed in these businesses, it reduces the amount of energy used and, as a result, lowers electricity prices. Reactive power factor is required in most utility sectors, such as power plants and transformers, and power loss minimization is one of the most important needs. This would prevent damage to electrical equipment, and APFC is projected to see increased demand throughout the predicted period.
The Asia Pacific region's increased need for automated power factor controllers is projected to boost the worldwide market. The growth in infrastructure development investment in the Asia Pacific is prjected to keep the region's supremacy in the next few years. The need for power management devices is rising as a result of the use of automatic power factor controllers to help decrease losses in electric systems and maintain the power factor. South Korea, Japan, India, and China are some of the emerging nations in the Asia Pacific that might drive the worldwide automated power factor controller market.
Higher demand across end-user industries will fuel the market growth
One of the major reasons for the growth of the automatic power factor controller market is the growing demand for automatic power factor controllers across various end-user industries. The need for power management devices is strong in the industry, which is expected to drive the worldwide automated power factor controller market. Furthermore, acceptance of the automatic power factor controller has increased across industries such as business, manufacturing, commercial, military, and utilities, which may boost the worldwide market growth in the near future. They provide benefits such as lower electricity costs, power savings, and power factor management, all of which are positively impacting the worldwide automated power factor controller market. This controller protects electrical equipment against harm, which is expected to fuel the global market during the forecast period.
The high cost of maintenance hampers the market growth
A major restraint on the growth of the automatic power factor controller market is the high cost of maintenance of automatic power factor controllers. Repairing the old one is not cost-effective due to its high cost. High maintenance costs and technical limitations adapted to excessive energy fluctuation are impeding the worldwide market for automated power factor controllers from expanding. Due to the inclusion of large-capacity capacitors and inductors for low-frequency filtering, the cost of designing and producing APFC panels is considerable. Equipment for the industrial and commercial sectors is costly and requires a one-time investment.
This is due to severe interruptions in their production and supply-chain activities as a result of different precautionary lockdowns and other restrictions imposed by governments throughout the world. The worldwide automatic power factor controller market is no exception.
Furthermore, consumer demand has decreased as people have been more focused on removing non-essential costs from their budgets since the overall economic situation of most people has been adversely impacted by the epidemic. Over the forecast period, the aforementioned factors are likely to weigh on the worldwide automatic power factor controller market's revenue trajectory. The worldwide automatic power factor controller market is likely to revive as various regulatory bodies begin to abolish these imposed lockdowns.
The market leaders for the automatic power factor controller market are Schneider Electric SE, ABB Ltd., Eaton Corporation Inc., General Electric Company, Texas Instruments, ON Semiconductor, STMicroelectronics, Shreem Electric Ltd, Larsen & Toubro Limited, and TDK Corporation.
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SOURCE Research and Markets