The Power Factor Correction market is expected to reach USD 3.3 billion by 2030, up from an anticipated USD 2.4 billion in 2024, at a CAGR of 5.5% over the forecast period.
One major trend is the increasing awareness of energy efficiency and the financial benefits associated with improved power factor. As businesses strive to reduce energy costs and enhance operational efficiency, the adoption of PFC systems is becoming more prevalent.
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Key Market Players
Prominent companies in this market include Eaton (Ireland), ABB (Switzerland), GE Vernova (US), Schneider Electric (France), and Hitachi Energy Ltd (Switzerland).
This report segments the power factor correction market based on the reactive power into 0-200 KVAR, 200-500 KVAR, 500-1500 KVAR and Above 1500 KVAR. 0-200 KVAR includes systems that are having reactive power from 0 to 200 KVAR. The 0-200 KVAR reactive power is primarily used in small commercial applications. Devices like motors, air conditioners and small motors typically generate reactive power. 200-500 KVAR primarily serve the purpose of providing electrical protection against overload reactive power fluctuations. primarily used in medium-sized commercial and industrial facilities.
This report segments the power factor correction based on type, the market is segmented into, Fixed (which includes a constant-value capacitor bank to improve power factor by providing a set amount of reactive power compensation that provides a fixed amount of power factor correction to the electrical system), and Automatic(which includes variable capacitor banks that adjust in real-time based on changing load conditions).
This report segments the power factor correction market based on sales channel into 2 categories: Distributors (which includes intermediaries between manufacturers and end-users, who purchase products in bulk from manufacturers and sell or distributes them to various end users) and OEM Direct ( which includes Original Equipment Manufacturer who directly sells to the end consumers without involving the intermediaries in between).
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This report segments the power factor correction market based on application into 5 categories: EV Charging (which includes EV Charging facilities utilizing power factor correction), Datacenters (which includes Datacenter facilities utilizing power factor correction), Commercial (which includes facilities like hospitals, offices, institutional facilities, and warehouses utilizing power factor correction), Renewables (which includes facilities like solar, wind, BESS (battery energy storage system), and other renewables using power factor correction), and Industrial ( which includes mining, oil & gas, automotive, metals & minerals, and other manufacturing plants using power factor correction).
