Automatic Power Factor Controller Market worth US$3.871 billion in 2027
Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of the "Automatic Power Factor Controller Market – which is forecasted from 2020 to 2027”.
The prime factor driving the growth of the automatic power factor controller market is the growing need for sustainable energy in industry sectors and home utilities to reduce energy losses and an increasing need to avoid damages to products and equipment caused by overvoltage situations. In addition, there is an increasing demand for power management devices in sectors, which necessitates an automatic power factor controller.
As per the report, the Automatic Power Factor Controller Market is expected to grow at a CAGR of 4.73% to reach US$3.871 billion by 2027, from US$2.801 billion in 2020.
APFC or Automatic Power Factor Controller has been employed to enhance power factor. The power factor is the ratio of active power to apparent power and is important in calculating electricity load. Power management devices are in the growing industrial market, which is expected to drive the future growth of the global automatic power factor controller. Furthermore, recognition of automatic power factor controllers has increased across sectors such as enterprise, industrial, commercial, military, and utility, which may promote global market growth in the foreseen period. Automatic power factor controllers offer benefits such as lower electricity costs, energy savings, and power factor management; thus, they are expected to influence the global automatic power factor controller market. This controller protects electrical equipment from damage and is expected to drive the global automatic power factor controller market in the forecasted period.
The high maintenance expenses involved with the automatic power factor controller are expected to slow down the market growth.
Based on Type automatic power factor controllers is segmented into active automatic power factor controller and passive automatic power factor controller. The active automatic power factor controllers market has the largest market share and is expected to grow at the fastest rate during the forecast period. Furthermore, the Active Automatic Power Factor Controller is composed of active components such as transistors and diodes, allowing for a high-power factor. Most industries prefer the active automatic power factor controller due to its high accuracy of power superiority.
Based On Components the automatic power factor controller market is divided into Capacitors, Microcontrollers, Resistors, Displays, Relays, and Switches. The capacitors are easily available and cost-effective. The capacitor in the segment is expected to boost the market growth of automatic power factor controllers. A capacitor enhances the power factor by removing reactive power from the distribution network. It is accomplished by collecting the magnetic reversal energy in the capacitor. Hence, it is predicted to dominate the segment of components of the automatic power factor controller.
Based on End-User Industry the automatic power factor controller market is segmented into utility, manufacturing, commercial, defence, and others. The Utility Industry is expected to dominate the global market and is expected to grow at the fastest rate during the forecast period. Factors that are expected to propel the growth of this sector include reduced energy loss in the distribution network, the dominance of reactive power, and the protection of electronic devices from obliteration. Furthermore, the utility industry is ascertained to improve the power factor.
Based on Geography the automatic power factor controller market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America is expected to dominate the global market for automatic power factor controllers. The region's large proportion can be attributed to prominent automatic power factor controller players. The Asia Pacific region, on the other hand, is anticipated to witness the fastest growing market in automatic power factor controller. Rapid industrialization, urbanization, and improved infrastructure are expected to contribute to the Asia Pacific region's rapid development.
As the part of the report, the major players operating in the automatic power factor controller market, that have been covered are Schneider Electric SE, ABB Ltd., Eaton Corporation Inc., General Electric Company, Texas Instruments, ON Semiconductor, STMicroelectronics, Shreem Electric Ltd, Larsen & Toubro Limited, TDK Corporation.
View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/automatic-power-factor-controller-market
This analytic report segments the automatic power factor controller market on the following basis
- By Type
- Active Automatic Power Factor Controller
- Passive Automatic Power Factor Controller
- By Components
- By End-User Industry
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- North America
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