Future Market Insights
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.
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.
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.
Power Factor Correction Devices Market:Market Segmentation
Segmentation of power factor correction devices market can be doneon the basis of end-use as follows;
Segmentation of power factor correction devices market can be doneon the basis of application as follows;
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.
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
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