This research study involves the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg L.P., Factiva, and ICIS, to identify and collect information useful for this technical, market-oriented, and commercial study of the North America power factor correction market. Primary sources are mainly industry experts from core and related industries, preferred suppliers, manufacturers, distributors, service providers, and organizations related to all segments of the value chain of this industry. In-depth interviews were conducted with various primary respondents, including key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as assess growth prospects of the market.
Secondary Research
Secondary sources include annual reports, press releases, and investor presentations of companies; directories and databases, which include D&B, Bloomberg, and Factiva; white papers and articles from recognized authors, and publications and databases from associations, such as the International Energy Agency (IEA), the US Energy Information Administration (EIA), the International Renewable Energy Agency (IRENA), and the National Electrical Manufacturers Association (NEMA). Secondary research has been used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level and key developments related to market and technology-oriented perspectives. A database of the key industry leaders has also been prepared using secondary research.
Primary Research
In the primary research process, various sources from both the supply and demand sides have been interviewed to obtain and verify qualitative and quantitative information for this report and analyze prospects. Primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing directors, technology and innovation directors, and related executives from various leading companies and organizations operating in the power factor correction market. Primary sources from the demand side include experts and key persons.
After the complete market engineering process (which includes calculations of market statistics, market breakdown, market size estimations, market forecasts, and data triangulation), extensive primary research has been conducted to gather information and verify and validate the critical numbers arrived at. Primary research has also been conducted to identify the segmentation, applications, Porter’s Five Forces, key players, competitive landscape, and key market dynamics such as drivers, opportunities, challenges, industry trends, and strategies adopted by key players.
Note 1: Others include sales managers, marketing managers, and product managers.
Note 2: Tier 1 companies’ revenues are more than USD 10 billion; tier 2 companies’ revenues range between USD 1 and 10 billion; and tier 3 companies’ revenues range between USD 500 million and USD 1 billion.
Source: Industry Experts
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In the complete market engineering process, both the top-down and bottom-up approaches have been extensively used along with several data triangulation methods to estimate and forecast the overall market segments listed in this report.
The key players in the market have been identified through secondary research, and their market share in respective regions has been determined through primary and secondary research. This entire procedure includes the study of annual and financial reports of the key market players and extensive interviews for insights from industry leaders such as CEOs, vice presidents, directors, and marketing executives. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
North America Power Factor Correction Market : Top-Down and Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and sub-segments. Data triangulation and market breakdown procedures have been used wherever applicable to complete the overall market engineering process and to arrive at the exact statistics for all segments and sub-segments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has been validated using both the top-down and bottom-up approaches. Then, it was verified through primary interviews. Hence, for every data segment, there are three sources—the top-down approach, the bottom-up approach, and expert interviews. When the values arrived at from the three points matched, the data was assumed to be correct.
Market Definition
The power factor correction refers to the utilization of capacitor banks that are designed to improve the efficiency of an electrical power system by compensating for the lagging power factor caused by inductive loads such as motors, transformers, and other inductive devices. Capacitor banks are strategically installed to supply reactive power (kVArs) to the system, which reduces the amount of reactive power that needs to be supplied by the utility, thereby improving the power factor. These solutions improve the power factor in electrical systems, reducing energy losses, enhancing efficiency, and minimizing penalties from utilities.
Stakeholders
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Suppliers of raw materials
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Technology investors
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Manufacturers of a wide variety of power factor correction systems
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Integrator and service providers of power factor correction systems
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Component providers
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System integrators
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Consulting service providers
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Distributors, resellers, and traders
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Organizations, forums, alliances, and associations
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State and national regulatory authorities
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Venture capital firms
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Financial organizations
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Healthcare organizations
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Research institutes and organizations
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Energy associations
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Environment associations
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Energy efficiency consultants
Report Objectives
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To describe and forecast the North America power factor correction market in terms of value and volume based on reactive power, type, sales channel, application, and region
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To describe and forecast the North America power factor correction market in terms of volume based on region
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To provide detailed information about the key factors such as drivers, restraints, opportunities, and challenges influencing the growth of the North America power factor correction market
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To strategically analyze the subsegments with respect to individual growth trends, prospects, and contributions of each segment to the overall market size
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To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total North America power factor correction market
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To study the complete supply chain and allied industry segments and perform a supply chain analysis of the North America power factor correction market landscape
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To study market trends, patent analysis, trade analysis, tariff and regulatory landscape, Porter’s Five Forces analysis, ecosystem mapping, technologies, investment and funding scenario, key stakeholders & buying criteria, the impact of Gen AI/AI, and case studies pertaining to North America power factor correction market
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To analyze the opportunities for various stakeholders by identifying the high-growth segments of the North America power factor correction market
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To profile the key players and comprehensively analyze their market positions in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
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To analyze competitive developments, such as contracts, collaborations, expansions, product launches, investments, and acquisitions, in the North America power factor correction market
Available Customizations
MarketsandMarkets offers customizations according to the specific needs of the companies with the given market data.
The following customization options are available for the report:
Product Analysis
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Product matrix, which gives a detailed comparison of the product portfolio of each company
Geographic Analysis as per Feasibility
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Further breakdown of the PFC market, by country
Company Information
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Detailed analysis and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in North America Power Factor Correction Market