Transparency Market Research observes that the leading players are determined to make investments in research and development to improve the efficiency of products in the coming years. Players such as Siemens AG, Voltas Limited, V-Guard Industries, and Get Electronique are focused on enhancing their product portfolio and reaching out to developing regions to tap into their unmet power needs. "Thus, joint ventures, mergers and acquisitions, and strategic collaborations will be the game-changing strategies adopted by key players," states the lead author of this research report.
According to this research report, the global voltage stabilizer systems market was valued at US$14.11 bn in 2015 and is expected to reach US$25.39 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is projected to progress at a CAGR of 6.66%.
North America Leads the Pack as Consumers Show Keen Interest in Building Automation
In terms of application, the global market is segmented into building automation, industrial, HVAC, power transmission and distribution system, communication system, and consumer electronics. Of all the application segments, the building automation segment is anticipated to grow at a remarkable pace in the coming years due to a growing demand for centralized control. The building automation application segment is expected to reach a valuation of US$4.29 bn by the end of 2024.
Geographically, the global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America holds the key share in the global market. This region is anticipated to acquire a share of 35.98% by the end of 2024. The increasing inclination toward automation is expected to drive the growth of this regional market in the coming years.
Untapped Power Distribution and Transmission in Developing Countries Offers Lucrative Opportunities
The primary growth driver for the global voltage stabilizer systems market is the untapped power distribution and transmission needs in emerging economies of Russia, India, China, South Africa, and Brazil. The growing demand for power in these countries and the growing number of distribution networks of power are expected to propel the growth of this market in the coming years. The continuous need to ensure efficient and reliable supply of power is expected to play an important role in defining the trajectory of this market. Furthermore, the ongoing upgradation and replacement of outdated power distribution networks in developed regions of North America and Europe is also expected offer lucrative growth opportunities to the overall market.