Power Factor Correction Market Hitting US$ 3.38 Billion With a CAGR of 5.3% Projected From 2024 to 2032

Growing energy consumption because of speedy industrialization and urbanization is a prominent factor driving the power factor correction market.

NEW YORK CITY, NY, UNITED STATES, November 7, 2024 /EINPresswire.com/ -- The power factor correction market forecast for 2032 is a specialized study of the industry with a specific concentration on the global market trend analysis.

𝐓𝐡𝐞 𝐫𝐞𝐜𝐞𝐧𝐭𝐥𝐲 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐏𝐨𝐰𝐞𝐫 𝐅𝐚𝐜𝐭𝐨𝐫 𝐂𝐨𝐫𝐫𝐞𝐜𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐬𝐭𝐮𝐝𝐲 𝐫𝐞𝐩𝐨𝐫𝐭 𝐛𝐲 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐯𝐞𝐚𝐥𝐬 𝐭𝐡𝐚𝐭 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐦𝐚𝐫𝐤𝐞𝐭 𝐰𝐚𝐬 𝐔𝐒𝐃 2.12 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 2023, 𝐰𝐢𝐭𝐡 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 5.3% 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐟𝐫𝐨𝐦 2024 𝐭𝐨 2032. 𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐬 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐨𝐟𝐟𝐞𝐫 𝐚𝐧 𝐚𝐛𝐬𝐨𝐥𝐮𝐭𝐞 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐨𝐟 𝐔𝐒𝐃 3.38 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 2032.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐏𝐨𝐰𝐞𝐫 𝐅𝐚𝐜𝐭𝐨𝐫 𝐂𝐨𝐫𝐫𝐞𝐜𝐭𝐢𝐨𝐧?
Power factor correction is a series of apparatus structured into a power supply circuit to alleviate the power factor. PFC is usually embodied into computer power supplies to escalate their PF. A circuit’s PF is the proportion of real power to apparent power. The elevated the PF, the more productively the electric current is being used.

Real power is the aggregate of functional energy that can be passed on to a load. It is normally a percentage of the aggregate amount of obtainable power. If the load is completely resistive, the entire power is contemplated as real power. As constraints on power grids surge, PFC becomes important for industries seeking to maximize energy usage, lessen power losses, and reduce electricity expenses, impacting the power factor correction market growth favorably.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/power-factor-correction-market/request-for-sample

𝐖𝐡𝐨 𝐌𝐚𝐤𝐞𝐬 𝐏𝐨𝐰𝐞𝐫 𝐅𝐚𝐜𝐭𝐨𝐫 𝐂𝐨𝐫𝐫𝐞𝐜𝐭𝐢𝐨𝐧?
• ABB Ltd.
• Schneider Electric SE
• Eaton Corporation
• Siemens AG
• General Electric Company
• Emerson Electric Co.
• Delta Electronics, Inc.
• Rockwell Automation, Inc.
• Crompton Greaves Limited
• L&T Electrical & Automation
• Mitsubishi Electric Corporation
• Larsen & Toubro Limited
• Hillcrest Energy Technologies
• Adpower FZCO
• Arteche
• Avantha Group
• Bharat Heavy Electricals Limited Dynamic Control Systems
• EPCOS AG
• Eggtronic

are some of the leading players in the power factor correction market. The aggressive topography of the market is portrayed by a varied assortment of global and regional players struggling to seize market share through invention, strategic alliances, and geographic augmentation.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐥𝐚𝐭𝐞𝐬𝐭 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞:
• In March 2023, Toshiba Electronic Europe GmbH instigated a contemporary 650V rated outlined for usage in power factor correction circuits for power supplies and home appliances.

• In August 2023, Eaton declared notable funding in North American manufacturing and functions to reinforce the speedily growing demand for its electrical solution.

𝐖𝐡𝐚𝐭’𝐬 𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐅𝐨𝐫𝐰𝐚𝐫𝐝?
Technological Progressions: Continuous progressions in PFC technologies push notable enhancements in energy productivity and system dependability, covering several sectors. Contemporary PFC solutions have developed beyond conventional capacitor banks to involve progressive power electronics such as agile and passive filters that powerfully adapt the power factor in real time.

Growing Funding in Clean Energy Projects: The growing funding in clean energy projects is encouraging progressive technologies that improve energy productivity and grid steadiness. As global thrust for renewable energy acquires speed, combining these energy sources in prevailing electrical grids frequently creates alterations in power standards and steadiness, demanding productive power-handling solutions. This, in turn, is having a favorable impact on power factor correction market sales.

Reducing Carbon Footprint: The growing concentration on decreasing carbon footprint is notably impacting business functioning, rendering power factor correction solutions important for obtaining sustainability objectives.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/power-factor-correction-market/request-for-discount-pricing

𝐖𝐡𝐢𝐜𝐡 𝐑𝐞𝐠𝐢𝐨𝐧 𝐋𝐞𝐚𝐝𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡?
North America: North America accounted for the largest power factor correction market share. The region's robust growth is primarily due to many elements, such as a robust industrial base and notable funding in infrastructure.

Asia Pacific: Asia Pacific is anticipated to witness significant growth from 2024 to 2032. This can be attributed to speedy industrialization and urbanization in nations such as China and India.

𝐇𝐨𝐰 𝐈𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐃𝐨𝐧𝐞?
By Reactive Power Outlook:
• 0–200 KAVR
• 200–500 KAVR
• 500–1500 KAVR
• Above 1500 KAVR

By Type Outlook:
• Automatic
• Fixed

By Sales Channel Outlook:
• Distributors
• OEM Direct

By Application Outlook:
• Industrial
o Mining
o Oil & Gas
o Metals & Minerals
o Automotive
o Other Manufacturing Plants
• Renewables
o Solar
o Wind
o BESS
o Others
• Commercial
• Datacenters
• EV Charging

By Region Outlook:
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Australia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐦𝐨𝐫𝐞 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/power-factor-correction-market/inquire-before-buying

𝐅𝐀𝐐𝐬:
How much is the power factor correction market?
The market size was valued at USD 2.12 billion in 2023 and is projected to grow to USD 3.38 billion by 2032.

What is the growth rate of the power factor correction market?
The global market is projected to register a CAGR of 5.3% during the forecast period.

Which region held the largest market share?
North America is expected to hold the largest share.

Which segment by application led the market?
The industrial sector segment led the market in 2023.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐏𝐌𝐑'𝐬 𝐏𝐨𝐰𝐞𝐫 𝐅𝐚𝐜𝐭𝐨𝐫 𝐂𝐨𝐫𝐫𝐞𝐜𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐟𝐫𝐨𝐦 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐏𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬:

𝐏𝐨𝐰𝐞𝐫 𝐅𝐚𝐜𝐭𝐨𝐫 𝐂𝐨𝐫𝐫𝐞𝐜𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞 𝐢𝐬 𝐏𝐫𝐞𝐝𝐢𝐜𝐭𝐞𝐝 𝐭𝐨 𝐄𝐱𝐩𝐚𝐧𝐝 𝐭𝐨 𝐔𝐒$ 3.38 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 2032, 𝐰𝐢𝐭𝐡 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 5.3% 𝐟𝐫𝐨𝐦 2024 𝐭𝐨 2032

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