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IT and Data Centers to Play a Crucial Role in Market growth of Voltage Sag Protector
According to recent research conducted, the demand for Voltage Sag Protector is anticipated to witness significant growth over the coming assessment period of 2021-2031. The market is expected to develop at CAGR of over 6% in the forecast period owing to its substantial applications in various end use industries across the globe.
Factors such as growing needs amongst the end-users for controlling electrical power quality, along with the increasing concern amongst business organizations for the burden generated due to the increasing average cost of downtime for each voltage sag event, are anticipated to act as vital growth drivers for the growth of the global Voltage Sag Protector market.
The market witnessed significant dip in the year over year growth in 2020 owing to nationwide lockdowns and supply chain disruptions caused by COVID-19 pandemic.
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What is Voltage Sag Protector?
A voltage sag, also known as a voltage dip or voltage drop, is referred to as the phenomenon where a drop in the rms voltage, typically between 10%-90% of nominal voltage, occurs for a momentary period.
There is a significant amount of manufacturing downtime and damaged equipment that can be allocated to momentary outages and voltage sags. They are perfect for manufacturing processes and sensitive electronics that need protection for up to five seconds.
What is Driving the Market Growth of Voltage Sag Protectors?
The global market is thriving on account of the numerous beneficial properties of sag protectors over its alternatives, such as uninterrupted power supply (UPS) systems, coupled with the growing digitization of electrical distribution networks, which raises numerous challenges in terms of delivering enhanced power quality.
Further, the growing focus of governmental bodies for the development of standards for electrical and electronic equipment is additionally anticipated to contribute to the market growth. For instance, the SEMI F47 voltage sag immunity standard was proposed by Semiconductor test equipment and Materials International (SEMI).
This standard requires the tools to be immune to voltage sags. As a result, manufacturers of voltage sag protector are increasingly focused to comply with the standards to deliver enhanced sag protectors, thereby further contributing to the rising demand for sag protectors.
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According to the statistics by the United States Energy Information Administration, the net electricity demand in the manufacturing sector grew from 2437 trillion Btu in the year 2010 to 2591 trillion Btu in the year 2018. The market is segmented by end-user industry into retail, healthcare, commercial, industrial, IT, manufacturing, and others, out of which, the manufacturing segment is projected to hold the largest market share throughout the forecast period.
The growth of the segment can be credited to the significant dependence of manufacturing industries on electrical energy to power the equipment deployed in the factories, along with the increasing concern for power quality issues that significantly hampers their overall productivity.
Rising Investments for Preventing Downtime to Propel the Demand
While running their equipment, owing to the poor power quality transmitted by the grid, business organizations often face numerous challenges. A voltage sag event results in an unscheduled downtime event, thus raising of unplanned repair/maintenance cost of equipment, the cost of labor, and others. The cost of operations further increases when the plant is running at full capacity, leading to lost sales or revenue.
On account of such factors, there is a substantial increase in the need amongst business organizations to utilize voltage sag Protector which can correct the output voltage during a voltage sag event, and further lower the number of unscheduled downtime events. Such a factor is therefore anticipated to drive the growth of the global voltage sag protector market during the forecast period.
Asia Pacific Market Overview
Asia Pacific region is projected to witness highest growth over the forecast period, on the back of large scale manufacturing in China and Japan coupled with substantial investments in new technologies. The shift of manufacturing locations in the emerging countries such as Taiwan, China, etc. is paving the way for voltage sag protector market growth in the region.
Europe Demand Scenario
The developed countries from Western Europe also hold prominent share in the market on the account of increasing electricity demand and technology upgradation. The rapid growth in investments in smart grid technologies with integration of IoT and artificial intelligence is projected to positively influence the growth in demand for voltage sag protector over the forecast period.
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Who are the Key Manufacturers and Suppliers?
The major companies in the voltage sag protector market are
- ABB
- Rockwell Automation Inc.
- Schneider Electric
- Eaton Corporation plc
- General Electric Company
- SMC Electric