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.
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.
The only disadvantage in the general power quality meter market is the lack of self-confidence that end users have in troubleshooting capabilities of power quality meters. The reluctance stems from poor knowledge about the benefits of these meters. However, companies are working towards creating impactful brochures, papers, and others forms of educational material to help probable consumers understand the importance of investing in power quality meters.
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. The key players in global power quality meter market are General Electric, Itron Inc., Schneider Electric SE, ABB Ltd., Siemens AG, Honeywell International Inc., and Eaton Corporation.
Market by End-use Vertical
· Industrial & manufacturing
· Others (Labs and Research & Development Centers)
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA