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The global Power Factor Correction Market is growing at a CAGR of 5.5% and is expected to reach USD 3.3 billion by 2030, up from USD 2.4 billion in 2024. The demand for power factor is on the rise due to various factors such as the globally increasing level of energy consumption, fostered by the rapid process of industrialization as well as urbanization, is additionally pressuring the power grids. This makes PFC a very important system for industries, where optimization of energy use, reduction in power losses, and decrease in electricity cost are of paramount importance. In addition, with more stringent regulations governing energy efficiency, the rapid global push for sustainability is forcing companies to invest in PFC technologies that would enhance their energy management practices and meet the environmental standards.

Government subsidies and fuel cell programs, increasing demand for efficient power generation, and stringent emission norms in the US and Europe are the major factors driving the growth of solid oxide fuel cell market.