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Surge in Demand for Quality Power Continues to Drive Sales of Dynamic Voltage Restorers
In any power supply grid, short-term supply voltage dips generally go unnoticed among residences but the same has a severe impact on industries that deal in highly sensitive equipment such as computer Chip making, textiles and oil refining. Sometimes, adverse weather conditions also completely disrupt electricity supply for several hours. Thus creates the need for Dynamic Voltage Restorers (DVRs), which are used to control power quality related issues including spikes, surges and voltage sags. The segment continues to witness steady growth across the globe given the rapid improvement in the power quality industry. The undeniable importance of power quality systems in growing economies given the glitches in existing regional power scenarios, such as, power grid breakdowns and the resulting lack of continuous power, is expected to further drive DVR sales. Continuous investments in industry and infrastructure by governments in these regions will additionally drive growth.
The DVR market is receiving further impetus from various research and development activities being undertaken by the manufacturers of DVRs to develop more advanced products. Introduction of various voltage-sensitive equipment that needs uninterruptible and superior quality power supply during their manufacturing process are also increasing the demand for DVRs. Industries creating demand for DVRs include process industries such as paper mills, semiconductor plants and plastic manufacturers, chemical plants, mining industry, transmission & distribution and other utilities, automobile manufacturers, and computer and consumer electronics manufacturers. Following technology advancements in industrial control processes, electric utilities continue to face increasing demand for high quality power supply, primarily from large industrial facilities owing to sensitivity of automation devices. Voltage instability caused due to sudden loss of transmission at utilities often results in voltage collapse and loss of load. Since the losses caused due to power quality problems are often significant, there is an increasing demand for DVRs from this sector.
Process industries such as semiconductor facilities, plastic extrusion processes, and paper mills are continually adopting automation and computer-controlled manufacturing processes to improve productivity and survive competition. A major portion of industrial machinery in these sectors involves sophisticated electronics which is sensitive to power disturbances. Temporary sags or other disturbances in power quality often results in blowing out of fuses, halting of adjustable speed drives, dropout of PLCs and other process control equipment and termination of production processes. Hence protection of such sensitive equipment is highly warranted with the installation of DVR systems.
Given its application in various energy dependent markets, growth prospects for power quality equipment such as dynamic voltage resistors are closely tied to the health of the energy generation sector. Though the market growth currently remains sluggish, growth is expected to recover given that the goal towards establishing a comprehensive power infrastructure and preventing losses due to equipment failure will continue to remain vital to most governments and industries across the globe. Apart from developing high-quality products, large-sized manufacturers are beginning to realize the significance of customer education, while smaller sized companies are yet to overcome their apprehensions on making substantial investments in a technology that lacks both proper regulations as well as widespread deployment. In order to gain a wider customer base, the industry ought to continuously bring about product enhancements and innovations, while concurrently providing real time customer support and service.
As stated by the new market research report on Dynamic Voltage Restorer (DVR), North America represents the largest market worldwide. Asia-Pacific represents the fastest growing market witnessing a CAGR of 11% over the analysis period. In the past few years, Asia-Pacific countries such as South Korea, Japan, Taiwan, and China have attracted considerable capital investments due to the cost-efficiency benefits that companies can accrue by establishing manufacturing base in the region. Increased capital investment has led to a greater demand for DVRs among voltage-sensitive manufacturing companies. Rise in industrialization in the region is directing manufacturers to take a more serious look on curbing power quality problems. Moreover, the rapidly growing semiconductor industry, which relies predominantly on countries such as Taiwam and China for semiconductor fabrication, is increasing the demand for DVRs in the region.
Major players profiled in the report include ABB Ltd., American Superconductor Corporation, S&C Electric Company, Inc., and Hykon Power Electronics Private Ltd.
The research report titled "Dynamic Voltage Restorer (DVR): A Global Strategic Business Report" provides a comprehensive review of trends, issues, and profiles of major companies worldwide. The report provides market estimates and projections (US$ Million) for global and regional markets including North America, Europe, Asia-Pacific, and Rest of World.
Details of the new report, table of contents and ordering information can be found on Electronics.ca Publications' website. View the report: Dynamic Voltage Restorer (DVR): A Global Strategic Business Report.