Power Quality Meter Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

Power Quality Meter Market Highlights

• Global power quality meter market revenue is poised to garner USD 7.1 billion by 2032 with a CAGR of 8.4% from 2024 to 2032
• Asia-Pacific power quality meter market value occupied around USD 1.3 billion in 2023
• Asia-Pacific power quality meter market growth will record a CAGR of more than 9.1% from 2024 to 2032
• Among phase, the three phase sub-segment generated notable revenue in 2023
• Based on end user, the industrial & manufacturing sub-segment generated around 31% market share in 2023
• Increasing replacement demand due to aging electrical infrastructure is a popular power quality meter market trend that fuels the industry demand

Power quality meters are used in a number of applications which aim at studying electrical parameters pertaining to the flow of electricity. Such meters allow engineers as well as electricians to take real-time readings and data can be gathered for a deep analysis of the quality of power. Power quality meters are now used in industrial, manufacturing and commercial applications. When an electrical system fails to work, such meters play a pivotal role in fixing the problem.

Hence, power quality meters are being used as troubleshooters for searching the root cause and discovering a solution to mend the problem. The report on power quality meter market offers a broader understanding about the overall market applying Porter’s Five Forces analysis. Moreover, this report also includes a thorough primary and secondary research methodologies related to the global power quality meter market. It also comprises facts like the scope of the target market, drivers and restraints specific to the segments of the market and consequences of economic forces influencing the overall power quality meter market.

Global Power Quality Meter Market Dynamics

Market Drivers

• Increasing adoption of renewable energy sources driving demand for power monitoring solutions
• Rising industrial automation requiring precise power quality management
• Growing investments in smart grid infrastructure across developed regions
• Escalating demand for uninterrupted power supply in commercial and industrial sectors

Market Restraints

• High initial installation and maintenance costs of power quality meters
• Limited awareness and adoption in developing regions
• Complex integration with existing electrical systems

Market Opportunities

• Expanding use of IoT and AI in power quality monitoring devices
• Growing demand for portable power quality meters in emerging markets
• Rising focus on energy efficiency regulations across industries

Power Quality Meter Market Report Coverage

Power Quality Meter Market Insights

Some key driving factors for the global power quality meter market are rising importance of such meters to protect electrical components and networks, increasing investments in renewable power plant set up and upgradation of electrical networks in developing countries. Rising demand for energy is leading towards increasing industrial activities and investments in infrastructure worldwide. This is analyzed to fuel the demand for power quality meters market in the near future.

Mostly, industrial, manufacturing and transportation sectors, research and development centers and the energy utilities use power quality meters. Energy utility segment is expected to the fastest growing segment based on end user owing to the ongoing investments which are being made for the development of transmission and distribution lines. This trend is prominently ongoing in North America and Europe, where sophisticated infrastructure is on the peak. Furthermore, the manufacturing and industrial sectors are anticipated to propel significant growth of market over the forecast period. This growth is influenced by rising need to generate an uninterrupted power supply for achieving desired outcome in most effective manner. Such meters are primarily deployed to protect power outages from adversely affecting operations, resulting into huge losses.

Power Quality Meter Market Segmentation

The worldwide market for power quality meter is split based on phase, application, end user, and geography.

Power Quality Meter Phase

• Three Phase
• Single Phase

According to power quality meter industry analysis, the three-phase category is predicted to account for the majority of the market. This is owing to the increased use of three-phase power systems in a variety of industries, including manufacturing, commercial, and utilities. Three-phase power systems are more efficient than single-phase systems and can provide more power. As a result, they are gaining popularity in a wide range of applications.

Power Quality Meter Application

• Substation Monitoring
• Distribution Panels
• Equipment
• Others (e.g., Capacitor Banks and Reactors)

The equipment segment is expected to lead the market. This section covers a wide range of applications, including monitoring essential equipment such as motors, generators, transformers, and sensitive electronics. The growing reliance on complex machinery and sophisticated electronic systems in a variety of industries needs precise power quality monitoring to assure peak performance, prevent equipment damage, and reduce downtime costs. Power quality meters are vital in detecting and managing power disturbances such as voltage sags, swells, harmonics, and transients, which can disrupt the functioning of critical assets.

Power Quality Meter End User

• Commercial
• Industrial & Manufacturing
• Transportation
• Utilities
• Others (e.g., Labs and Research & Development Centers)

The industrial & manufacturing category is growing as the most important end user in the market. Several reasons contribute to the spike in demand. First and foremost, contemporary production processes rely largely on complex and sensitive electrical equipment. These devices are extremely vulnerable to power quality issues such voltage fluctuations, harmonics, and transients, which can cause malfunctions, production disruptions, and expensive equipment damage. Second, the growing automation and integration of Industry 4.0 technologies, such as robotics and IoT devices, increases the demand for dependable and high-quality power. Power quality meters are critical to maintaining the smooth and effective operation of these modern systems, avoiding costly downtime and increasing productivity.

Power Quality Meter Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of LATAM

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Power Quality Meter Market Regional Analysis

Geographically, the global power quality meter market is segmented into Asia-Pacific, North America, Europe, Latin America, and Middle East and Africa (MEA). It is stated that Asia-Pacific will lead the global market of power quality meter in the near future. With the swift rise in industrialization and urbanization, this region’s growth will be remarkable in upcoming years. It is indicated that China will lead the growth, as the country is in process of foremost electrical infrastructure upgrade and setting up new distribution and transmission lines. Europe and North America are the next two regions which will follow this lead during the projection period but at significantly slow pace.

Power Quality Meter Market Players

Some of the top power quality meter companies offered in our report includes Emerson Electric, Eaton, Fluke Corporation, Elspec, General Electric, Algodue Elettronica, Delta Electronics, ABB, Accuenergy, A.F. Smith Electric, and Eastron Electronic.