Global Power Factor Corrector Market Outlook 2028

The power factor correction (PFC) devices are used to enhance the power factor of a power supply. These devices increase cost effectiveness and are utilized in generators, transformers, cabling and switch gears. PFCs also reduces energy bills significantly. These are usually made from different materials such as silicon, silicon carbide and gallium nitride. The global power factor corrector (PFC) market is anticipated to grow with a CAGR of 4.37% during the forecast period, i.e., 2020-2028. Factors such as the growing adoption of data centers worldwide, rising need for reliable power source, increasing awareness amongst the end user industries to lower operational costs, along with the numerous benefits associated with PFCs are expected to drive the growth of the market in the coming years. The market is expected to reach close to USD 1685000 Thousand by the end of 2028, up from around USD 1152000 Thousand in 2019.

The global power factor corrector (PFC) market is divided into numerous segments which include segmentation by material, type, approach, end user, and by region. On the basis of type, the market is segmented into active, passive, and dynamic PFCs, out of which, the active PFC segment is expected to garner the largest market revenue of over USD 1105000 Thousand in 2028, up from about USD 716000 Thousand in 2019. The market is also segmented by end user vertical into mining industries, automotive industries, consumer electronics, medical & healthcare industries, electric power industries, military & defense, and others, out of which, the mining industries segment is expected to hold the largest revenue of USD 433000 Thousand approximately by the end of 2028, up from around USD 290000 Thousand in 2019.

On the basis of regional analysis, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in the Asia Pacific is expected to hold the largest market share of 47% approximately by the end of 2028. The market in the region is also anticipated to grow with the highest CAGR of 4.89% during the forecast period and further attain a market revenue of USD 793264 Thousand by the end of 2028.

Some of the leading players in the global power factor corrector (PFC) market that are mentioned in our report are ABB Ltd., Eaton Corporation, Schneider Electric, General Electric, NAAC ENERGY CONTROLS, WEG S.A., Texas Instruments Incorporated, TDK Electronics AG, ON Semiconductor Components Industries, LLC, STMicroelectronics, and others.