Power Factor Corrector Market to Grow by CAGR of 4.37% During 2020-2028 Globally; Rising Need to Reduce Energy Consumption to Drive the Market Growth

New York, Sept. 28, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the International Energy Agency (IEA), the sales of electric cars in the year 2019 reached 2.1 Million, representing a share of 2.6% of global car sales. In addition, the fleet of electric cars in the same year added to 7.2 Million. Additionally, consumption of electricity around the world increased from 14157.1 TWh in the year 2000 to 24738.9 TWh in the year 2018. Furthermore, electricity consumption in industries, grew from 464.5 Mtoe in the year 2000 to 805 Mtoe in the year 2018.

Research Nester has recently released a market research report on Global Power Factor Corrector Market which focuses on the latest developments, the key strategies adopted by the key players operating in the market, along with the growth factors, opportunities, and challenges that are associated with the growth of the market during the forecast period 2020-2028.

The sales of electric vehicles are growing at a momentous pace. Backed by the increasing sales of EVs, the demand for power factor correctors, which are widely used in electric vehicles, is expected to increase significantly. Moreover, with the growing consumption of electricity worldwide, especially in industries, the demand for power factor correctors for quality electrical power, is also anticipated to increase, and in turn, drive the market growth. The global power factor corrector market is anticipated to garner a revenue of USD 1,685,429.9 Thousand by the end of 2028, up from a revenue of USD 1,152,000 Thousand in 2019. The market is further projected to grow with a CAGR of 4.37% during the forecast period. The market is also anticipated to grow on account of the growing spending on the internet of things (IoT), which is expected to reach around USD 1 Trillion by the end of 2023, and for the growing number of data centers to support the IT infrastructure. Data centers require a constant power supply for uninterrupted operations and they also consume huge electrical power. Increasing need for power efficient systems for data centers to increase the service life of the equipment in data centers is anticipated to drive the growth of the global power factor corrector market during the forecast period.

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The market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst these regions, the market in the Asia Pacific is expected to hold the highest share and further attain a market revenue of USD 793,264 Thousand by the end of 2028, up from a revenue of USD 518,400 Thousand in the year 2019. The market in the region is further projected to grow with the highest CAGR of 4.89% during the forecast period. Alternatively, the market in North America is anticipated to hold the second-largest share and further reach market revenue of USD 406,327.1 Thousand by the end of 2028, up from a revenue of USD 2764,80 Thousand in 2019. The market in the region is further expected to reach USD 299,339.6 Thousand by the end of 2021.

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

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The market is segmented by material into gallium nitride based PFC devices, silicon carbide based PFC devices, and silicon based PFC devices. Out of these, the silicon carbide based PFC devices segment garnered the largest market share and is further estimated to achieve a market revenue of USD 1,291,380.7 Thousand by the end of 2028, up from a revenue of USD 866,954.9 Thousand in 2019. Moreover, the market is also segmented by type into active PFC, Passive PFC, and Dynamic PFC. Amongst these segments, the active PFC segment is expected to hold the largest market share throughout the forecast period. The segment garnered a market revenue of USD 716,417.3 Thousand in the year 2019 and is further projected to reach USD 1,105,434.2 Thousand by the end of 2028. The segment is also anticipated to grow with the highest CAGR of 4.99% during the forecast period.

The global power factor corrector market is also segmented by approach, and by end user vertical.

Global Power Factor Corrector Market, Segmentation by Approach

• Distributed PFC
• Group PFC
• Centralized PFC
• Combined PFC
• Automatic PFC

Global Power Factor Corrector Market, Segmentation by End User Vertical

• Mining Industries
• Automotive Industries
• Consumer Electronics
• Medical & Healthcare Industries
• Electric Power Industries
• Military & Defense
• Others

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Some of the leading players in the global power factor corrector market are ABB Ltd., Eaton Corporation, Schneider Electric, General Electric, NAAC ENERGY CONTROLS, WEG S.A., Texas Instruments Incorporated, TDK Electronics AG, ON Semiconductor Components Industries, LLC, STMicroelectronics, and others.

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