The market for energy and power quality meters is expected to grow at an impressive 7.5% CAGR between 2022 and 2029, from USD 2.65 billion in 2022 to USD 4.41 billion by 2029. The need for next-generation power quality meters, the acceleration of electrification, and the rise of the industrial Internet of things are some of the key drivers propelling the worldwide energy and power quality meters market’s expected considerable growth throughout the forecast period.
Rapid industrialization and urbanization worldwide have intensified the need for accurate energy consumption monitoring and power quality management. As industries strive for operational efficiency and sustainability, the adoption of energy and power quality meters has become paramount. These meters play a crucial role in enabling businesses to optimize energy usage, enhance equipment reliability, and mitigate operational risks.
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Furthermore, in the industrial sector, the energy and power segment is expected to witness high growth rates during the forecast period, owing to the growing demand for electrification in residential and commercial sectors. Furthermore, the world is witnessing rapid increase in generation, transmission, and distribution of energy, which, in turn, is creating potential growth opportunities for the energy & power quality meters market.
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 in order 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 have 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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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