Power factor denotes the ratio between actual load power and apparent load power. This power factor helps to show how effectively current is being converted to output and how much efficiency can be achieved with certain amount of power supply. An electrical system may consist of different load power and there automatic power factor controller (APFC) is used for centralized power compensation at the point of electrical power distribution. Global market for APFC is likely to grow at a steep rate during the forecast period.
One of the major driving forces for the market of APFC is the growing demand for power management in certain industries such as manufacturing, defense, commercial, utility and enterprise among others. Power management are utilized in computers, graphics power units (GPU), computer peripherals where turning off switches reduces power supplies thereby leading to efficient power supply to this devices. APFC once installed in these industries reduces power requirement and low level of power consumption finally decrease electricity costs also. Most of the utility industries such as power plants and transformers require reactive power factor and reduction in power losses is one of the foremost requirements. This would save electrical equipment from damaging and APFC is expected to attain growing demand during the forecast period.
This kind of APFC have short life time and they are of their best performance within the range of 8 to 10 years. As APFC is required in case of voltage or power level fluctuation, however certain APFC are not suitable to compensate of adjust power load for extreme volatility. Due to their high maintenance cost it is uneconomic to repair the old one. This kind of high maintenance cost and technological restraint to be suited for extreme power volatility obstructs the growth prospect for global APFC market.
Emerging economies of Asia Pacific such as Japan, South Korea, China, and India among others are experiencing larger percentage of urbanization. Growing urbanization along with industrialization based economic growth is expected to thrive demand for power management equipment. With the rise in industrial investment, there is growing demand for controlling power factor. This acts as an opportunity factor and this is expected to increase demand for APFC during the forecast period.
APFC is segmented on the basis of components and the segments are relays, microcontroller, potential transformer, switches and zero crossing circuit. In the age of industrialization, there is growing need for inductive load and power system losses is a frequent phenomenon. Hence, this would increase the demand for APFC microcontroller and it is likely to increase demand for APFC microcontrollers over the forecast period. APFC switch is another major segment that is likely to experience growing demand over the forecast period.
APFC is segmented on the basis of application also and the application segments are manufacturing, commercial, utility, enterprise and others. Manufacturing sector have growing share in economic growth overtime and this is expected to increase demand for APFC in this segment. Crunch in power supply is a present problem and this rises application of APFC in utility sector.
The market for APFC is segmented into five regions such as North America, Europe, Asia Pacific, Middle East and Africa (MEA) and Latin America. Asia Pacific is the largest and fastest growing regional segment in global APFC market. As Asia Pacific economies such as Japan, India, China have larger industrial base and utility sector and this would increase demand for APFC in this region. North America has also growing market share in global APFC market.
Some of the key market players of global APFC market are ABB Ltd, On Semiconductor Corporation, General Electric, STMicroelectronics NV among others.
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