Power Factor Correction Devices Market Segments and Key Trends 2017 – 2027

Power Factor Correction Devices Market Segments and
Key Trends 2017 – 2027
May 2017
Report Id : REP-GB-3431
Status : Ongoing
Category : Industrial Automation and Equipment
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Power Factor Correction Devices Market
Power factor correction devices are also known as power saver devices. It is connected to the mains of
the electrical system for improving the power factor measurement taken using an electricity meter.
Power factor correction devices measure how efficiently power is consumed. However, the utility bill
based on real power is not affected by power factor correction devices, but it is useful for industrial users
where the power charges are based on PFC rather than real power.
Ideally, power factor will be unity (1 i.e. 100%), when the current and voltage simultaneously achieves
maxima, but due to highly inductive load/devices in the real world it is reduced to 0.7 or less. The
capacity of a circuit performance at a particular time is real power. It is observed that load/device with a
low power factor takes more current than high-power factor devices in the electrical system for the same
amount of power transferred. However, energy loss is also more in the distribution of higher current in
the system. It also requires higher capacity wires and equipment. And due to the extra expenses and the
wastage of current, power companies charge a higher cost to low power factor users, which are usually
industrial and commercial customers. This is mainly caused by lightly loaded induction equipment; any
device that has a coil of wire will create low power factor, such as Air Conditioners, pumps, fans or
blowers, induction furnaces, weaving machines, standard stamping machines, single-stroke presses and
automated machine tools. So, the power factor correction devices are used to raise the power factor of
the respective devices and reduce the electricity bill.
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Power Factor Correction Devices Market
Power Factor Correction Devices Market:Market Dynamics
Robust growth in HVAC systems across the world and increasing awareness among people to save
electricity by connecting power factor correction devices to the electrical system lead to substantial
increase in demand for power factor correction devices. Also, implementation of energy-efficiency norms
and standards for the development of public lighting and power system is also expected to bolster the
demand for power factor correction devices over the forecast period.
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There are also certain risks associated with the installation of power factor correction devices. When
power factor correction devices are connected to the system, they set up a parallel resonance circuit
between their capacitors and the system network inductance. Sometimes, the wave components that are
close to the parallel resonance are magnified and can cause serious problems such as excessive voltage
distortion, insulation breakdown within motors, transformers and conductors and overvoltage tripping of
drives . These risks can act as restraints to the power factor correction devices market. The presence of
alternatives such as vacuum contactors can also hinder the growth of power factor correction devices
market. Whereas, the growing tendency among people to save electricity by connecting power factor
correction devices covers up these restraints to an extent.
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Power Factor Correction Devices Market
Power Factor Correction Devices Market: Market Segmentation
Segmentation of power factor correction devices market can be doneon the basis of end-use as follows;
•
Automotive industries
•
Consumer electronics
•
Medical and healthcare industries
•
Mining industries
•
Electric Power industry.
Segmentation of power factor correction devices market can be doneon the basis of application as
follows;
•
Distributed power factor correction device
•
Group power factor correction device
•
Centralized power factor correction device
•
Combined power factor correction device
•
Automatic power factor correction device
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Power Factor Correction Devices Market
Power Factor Correction Devices Market: Regional Outlook
Asia Pacific holds the major share of the global power factor correction devices market, followed by
North America and Europe. Asia Pacific accounts for a significant share due to the substantial growth in
electricity consuming sectors in this region. Rapid urbanization and industrialization in many major
countries in the region such as China and India, is also expected to boost the market growth over the
forecast period.
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Power Factor Correction Devices Market: Market Participants
Some of the examples of market participants in the global power factor correction devices market,
identified across the value chain are
• Siemens AG
• ABB
• Toshiba Corporation
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Power Factor Correction Devices Market
• Schneider Electric
• Mitsubishi Electric Corporation
• LARSEN & TOUBRO LIMITED
• Eaton
• Cgglobal
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