Power Factor Correction Market Share

APAC Market Forecasts

The power factor correction market in the Asia Pacific region is estimated to hold the highest share of 35% by the end of 2037. The growth of the market in the region can be attributed to the growing demand for electricity in the region, followed by the increasing industrialization, and rapid urbanization in several countries, such as China, India, Malaysia, and others. According to the statistics by the International Energy Agency (IEA), electricity consumption in the Asia Pacific grew from 3842.1 TWh in 2000 to 11614.4 TWh in 2028. Many Asia Pacific countries are undergoing significant infrastructure upgrades and modernization initiatives. This includes revamping aging power grids, which demands the integration of energy-efficient solutions such as power factor correction to reduce transmission losses and enhance grid stability. Furthermore, ongoing advancements in power factor correction technologies in the region are making them more efficient, cost-effective, and compact. This opens up new application areas and makes them accessible to a wider user base. This is set to drive the growth in this region during the studied period.

Middle East and Africa Market Statistics

The power factor correction market in the Middle East and Africa region is anticipated to grow significantly by the end of the forecast period. Growth in the region is due to increasing government initiatives to improve electricity infrastructure and energy efficiency, especially in countries such as the United Arab Emirates and Saudi Arabia. Growing demand for electricity due to population growth is also driving the need for power factor correction systems in the region.  Many MEA countries are experiencing rapid economic growth and investing heavily in infrastructure development. This comprises of expanding power grids constructing new industrial facilities, and building modern urban centers. All of these developments require efficient and reliable power supply where power factor correction play a significant role in minimizing energy losses and ensuring grid stability. This is predicted to drive the growth of the power factor correction market in the Middle East and Africa region during the projected period.