Market Research Of Global Automatic Power Factor Controller Market By Knowledge Sourcing Intelligence
Introduction
The automatic power factor
controller market was valued at US$3.773 billion in 2018 and is
projected to grow at a CAGR of 5.15% over the forecast period to reach US$5.101
billion by 2024. The automatic power factor controller is basically used
to automatically improve the power factor whenever it falls below a
certain level. Burgeoning need for power factor correction in electrical
distribution systems on account of the growing consumption of electricity is
playing a crucial role in the increased demand for automatic power factor
controllers.
Rising usage of consumer appliances and devices and automotive
devices are putting a significant amount of inductive load on the electrical
distribution system, thus driving the need to maintain the power factor at any
time. Also, the growing demand for electric vehicles across the globe is leading to
an increased number of charging stations that require automatic power factor
correction (PFC) controllers.
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| sample view of global automatic power factor controller market shares |
Thus, investments in electric
charging stations are expected to bolster the automatic power factor controller
market growth. For instance, in November 2018, EV Motors has invested $200
Million to set up 6,500 charging stations in India in the next five years.
Geographically, Asia Pacific holds a significant share in the market and is
expected to grow at a good rate on account of growing electrical power
consumption due to increased manufacturing activities in the country such as
China, and India.
Automatic Power Factor
Controller Market By Type
By type, the automatic
power factor controller market is segmented as active automatic power
factor controller and passive automatic factor controller. The active automatic
power factor controller is estimated to hold a substantial share in the market
and provide multiple growth opportunities owing to their increasing application
and utility in complex and integrated circuits while the demand for passive
automatic power controller is also expected to grow owing to their lower
costs.
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sample view of global
automatic power factor controller market share by type
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Active Automatic Power
Factor Controller
The active automatic power
factor controller market is projected to grow at a CAGR of XX%, rising
from US$XX.XX billion in 2018 to reach US$XX.XX billion in 2024. The
growing automation and increasing complexities pertaining to the power
management of equipment is one of the major driving forces for this a segment of the market due to the multiple advantages such as the ability to
operate in the universal input range and comply ability with standards such as
IEC61000-3-2. Furthermore, the dynamic nature of industrial and domestic power
consumption is further expected to upscale the demand for active
controllers in order to actively maintain the power factor.
Moreover, the demand for these components is
also growing on account of growing focus on maintaining operational efficiency
and minimize losses due to higher power consumption and damages to equipment
owing to the improper voltage waveform. In addition to this, the growing demand
for energy efficiency and power management across various domains coupled with
a decline in the prices for the components used in active controllers is
further projected to drive growth opportunities. The growing development of
electric vehicles and their increasing popularity have resulted in an increase
in the setup EV charging stations around the world. According to the joint data
by the Organization for Economic Co-operation and Development (OECD) and the
International Energy Agency (IEA), the publicly available slow chargers rose
from 11 thousand outlets in 2011 to 318 thousand outlets in 2017. The number of
These charging stations utilize multiple active power factor controllers,
resulting in a further increase in the demand for these devices during the
coming years.
Automatic Power Factor
Controller Market By Geography
By geography, automatic power
factor controller market is segmented as North America, South America, Europe,
the Middle East, and Africa and the Asia Pacific. Asia Pacific region is
expected to hold a significant share in the market and is expected to grow at the progressive rate during the forecast period on account of increasing the manufacturing sector and growing development of infrastructures such as power
plants and commercial buildings in the region. In addition, rapid
industrialization and growing adoption of automatic power factor
controller among various industry verticals in the developing countries like
China, India, and Indonesia is further expected to boost up the demand for
automatic power factor controllers in the coming years. Furthermore, Europe and
North America region is expected to grow at a similar rate in the coming years
on account of growing focus on utilizing electrical equipment and components
that lead to efficient energy utilization.
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sample view of global
automatic power factor controller market share by geography
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China
The automatic power factor
controller market for China is projected to grow at a CAGR of XX.XX%,
rising from US$XX.XX billion in 2018 to US$XX.XX billion in 2024. China
is one of the world’s fastest-growing economy on account of the
availability of skilled labors and policies that supports domestic
manufacturing. In fact, many foreign firms are shifting their manufacturing
facilities from the developed countries to China. The growing the manufacturing industry is expected to be one of the prime factors driving the
growth of the China automatic power factor controller market during the
forecast period. Automatic power factor controller can effectively manage
quickly changing and scattered electricity loads along with the retention of
high power; a dip in power factor can attract operational losses which
therefore makes these controllers an utmost important factor for reducing
expenditure by the firms and organizations. In addition, expanding power and
utility industry in the country coupled with increasing investment by both the public and private sector is further expected to boost the adoption of
automatic power factor controller in the coming years. In fact, according to
China Electricity Council (CEC), the country is expected to put another 110 gig
watts (GW) of new power generation into operation with half consisting of clean
energy sources like solar by the end of this year.
Burgeoning Electric
Power Consumption
Since more and more inductive loads
are being utilized in industry and domestic applications, growing usage of
consumer appliances and devices are leading to an increased level of electrical
consumption across the globe, thus driving the need for accurate power factor
correction measures. This is driving the demand for automatic power factor a controller that maintains the power factor at a certain level so as to lessen
the burden on power systems and transmission lines. According to the World Bank
Group, the global electric power consumption has increased from
2,954.882 KWh per capita in 2010 to 3,127.48 kWh per capita in
2014.
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