Top Companies in Power Factor Correction Industry - GE Vernova (US), ABB (Switzerland), Hitachi Energy Ltd (Switzerland), Schneider Electric (France) and Eaton (Ireland)
The Power Factor Correction market is expected to reach USD 3.3 billion by 2030, up from an anticipated USD 2.4 billion in 2024, at a CAGR of 5.5% over the forecast period. Power Factor Correction market is expected to grow at a very high pace as the industries and utilities have realized the need for efficient energy usage. The growth in demand is primarily driven by the pressure of urbanization and an increasing industrial sector on energy infrastructures across the world. As the requirement of energy increases, the pressure to use it better brings us the solutions of PFC more than ever.
The key players in this very competitive market are Eaton, Schneider Electric, Hitachi Energy Ltd, ABB, and GE Vernova, and they are not sitting pretty with what they have but looking for new ways to develop themselves. They are inducting new products, forming strategic partnerships, and acquiring other businesses to enhance the technological front. Their efforts are also directed to expand their global footprint into investing innovation to offer PFC solutions that will be more potent to the demands of the times for cost-effective and sustainable energy management from industries.
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Schneider Electric, is one of the leading company in the global energy management and automation solutions. The strong brand recognition the company owns represents their competitive advantage in a crowded marketplace. Through their sizeable research and development interests, the company develops a vast range of innovative products and solutions to respond to the evolving challenges of energy. With a proven business model in over 115 countries, Schneider Electric has economy of scale advantages and the ability to service customers with entirely different needs, A basis for Schneider Electric’s business strategies are the business underpinnings of sustainability, digital transformation, and operational efficiency. The purpose of the group is to become the leader in energy management and automation by linking electrification and digitization to support all types of industryal sustainability. Schneider deploys digital innovation, and its solutions are based on the cloud, AI, and IoT for enhanced collaboration and efficiency. It is also active in terms of expansions, increasing its technological capacity and market presence. For example, the company has recently announced a major USD 140 million investment in 2024 for the expansion of its U.S. manufacturing presence, with primary objectives to support critical infrastructure, industries, and datacenter demand, thereby strengthening its automation and energy management portfolio.
EATON, is an intelligent power management company dedicated to preserving the environment and improving citizens' life quality globally. It serves the residential, commercial, institutional, industrial, utilities, data-centres, oil & gas, mining, forestry, automotive, moulding, primary metals, power generation, and aerospace industries. It operates through five business segments: Electrical Americas, Electrical Global, Aerospace, Vehicle, and mobility. Under Electrical Americas and Electrical Global, the company offers power factor correction systems, which together are considered a single Electrical segment. Geographically, the company operates in more than 175 countries and has manufacturing facilities and offices worldwide spread across Africa, Asia, Central America and the Caribbean, Europe, the Middle East, North America, Oceania, and South America. It has the broadest services portfolio in electrical, civil, and mechanical services, making it number one in providing power management solutions globally.
ABB, is a technological leader in electrification products, power ends, commercial and industrial automation, and robotics for the infrastructure, utilities, and transportation sectors. The company operates through four segments: Motion, Process Automation, Robotics & Discrete Automation, and Electrification. Through its Electrification Products segment, ABB provides numerous varieties of power factor correction systems to suit different types of voltage and power requirements. These PFCS are known for reliability, efficiency, and state of the art technology. ABB has 507 offices in 26 countries, production and R&D centers worldwide. It has manufacturing units in Europe, Middle East & Africa and North America.
Hitachi Energy Ltd, is an international leader in sustainable energy solutions, delivering a broad portfolio of technologies and services in the power grid, including power factor correction solutions. The Group is one of the major companies in the power factor correction market. The Company operates through three business segments: Green Energy and Mobility; Digital Systems and Services; and Connective Industries. The capacitor bank, which is the solution to power factor correction, lies within Green Energy and Mobility. Other products that are also offered by this segment include transmission & distribution systems, energy power generation systems, railway systems, escalators, elevators, and energy-saving solutions that will help lower environmental impact while promoting urban development. Hitachi energy Ltd has a global presence that covers about 100 countries in the Americas, Asia, Europe, the Middle East, and Africa.
GE Vernova, is the world leader in electrification and decarbonization, created as a spinoff of General Electric in April 2024. Following the spinoff, GE Aerospace was formed as a separate independent company. Energizing a relentless pursuit in electrification and decarbonization solutions, the company offers a wide range of energy transition solutions from digital grid software, power factor correction equipment, to advanced gas turbine technologies. GE Vernova is structured as a purpose-built global energy company with segments in Power, Wind, and Electrification. In this category, the company offers power factor correction solutions in the market. Again, GE Vernova serves a variety of other industries with its right energy solutions that need help such as cement, metalling, mining, oil and gas, hospitals, infrastructure, data centers, and so on. GE Vernova is present across the globe with over 100 countries and major manufacturing sites in all parts of the United States.
Related Reports:
Power Factor Correction Market by Reactive Power (0-200 KVAR, 200-500 KVAR, 500 – 1500 KVAR, Above 1500 KVAR), Type (Fixed, Automatic), Sales Channel (Distributors, OEM Direct), Application, & Region - Global Forecast to 2030
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