The market for energy and power quality meters is expected to grow at an impressive 7.5% CAGR from 2022 to 2029, from US$ 2.65 billion to US$ 4.41 billion. Furthermore, the demand for next-generation power quality meters is expected to rise, contributing to the worldwide energy & power quality meters market experiencing considerable growth over the forecast period. Other driving factors include the expansion of the Industrial IoT, a faster electrification rate, and the growth of the Industrial IoT.
The paper claims that Industry 4.0 is radically altering industrial procedures as well as industrial production capacities. Through 2029, the energy & power quality meters market is expected to rise due to the need this transformation is creating for energy & power quality meters to track voltage and harmonic distortions.
Additionally, the industrial sector benefits from using energy and power quality meters by avoiding damage to expensive and essential machinery. In 2019 and beyond, it is anticipated to increase demand for energy and power quality meters.
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In addition, the industrial sector’s energy and power segment is anticipated to experience rapid expansion over the projected year due to the rising need for electrification in the residential and commercial sectors. Additionally, there are significant chances for market expansion in the energy & power quality meters due to the world’s rapid increase in energy generation, transmission, and distribution.
Manufacturers Focusing on Expanding their Operations in Asia Pacific
Manufacturers of energy & power quality meters are focusing on expanding their businesses across countries in Asia Pacific such as China and India. The increasing investment by governments of these countries in industrial and digital infrastructure is attracting various manufacturers to expand their operations in these countries.
Furthermore, the strong economic growth of countries in this region along with the continuous industrialization and increasing rate of urbanization and electrification is creating potential growth opportunities for the energy & power quality meters market players.
For instance, according to IEA (International Energy Agency), in 2000, more than 40% of global energy demand was in Europe & North America and some 20% in developing economies in Asia. However, by 2040, this situation will be completely reversed.
Increasing Competitive Product Profile Playing a Crucial Role in Market Growth
The increasing scope of applications related to power quality equipment and a competitive market has, in turn, resulted in product differentiation and expansion strategy by the advanced power quality meter manufacturers to provide a competitive edge and strengthen their market presence specifically to the desired end-use industry market.
For this, advanced power quality meter manufacturers are continuously increasing research & development and product development activities to improve their product awareness levels to the end-consumers and minimize the hazardous effects associated with surpassing the environmental regulations and norms in end-user industries.
According to FMI Analysis, during 2015-2018, the average spending by major manufacturers in R&D and new product development has been accounted for 3% – 3.5% of overall sales. Also, the average rate of product launches made by major advanced power quality meter manufacturers has been in the range of 2-3 products per year.
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Energy & Power Quality Meters Market By Category
By Topology:
- Standalone
- Embedded in Controller/PLC
- Multi-Circuit
- Portable Units
By Application:
- Network & Branch Circuit Monitoring
- Power Quality Compliance Monitoring
- Energy Cost Management
- Others
By End-Use Industry:
- Critical Buildings
- Data Centers
- Water Treatment Networks
- Airports & Railways
- Hospitals
- Commercial Buildings
- Hotels
- Government Organizations
- Retail & Supermarkets
- Education Campuses
- Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Excluding Japan
- Japan
- Middle East & Africa
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 7-years
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