Energy and Power Quality Meters Market: Introduction
- Electrical systems are becoming more sensitive to even minor voltage variations for the last years, which can cause damage to IT systems and essential enterprise processes. Therefore, the demand for energy and power quality meters is increasing in order to sustain from these kind of damages and to obtain data for voltage regulation.
- An energy and power quality meter is used for continuous monitoring of the three phase system. It provides metering for current, voltage, reactive power, energy use, cost of power, and frequency. This device is used to prevent system outages and damage.
- Energy and power quality meters are extensively utilized for metering of distribution feeders, transformers, generators, capacitor banks and motors, and flexible control for demand load shedding, power factor
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Increase in demand from energy management solution
- Changes in electrical power systems such as de-carbonization, decentralization, and digitalization are boosting the energy management sector. This is prompting manufacturers of energy and power quality meters to develop power quality instruments that monitor, record, and analyze critical electrical patterns. This optimizes energy utilization, process performance, and cost.
- Therefore, an increase in the demand for energy management solutions is estimated to fuel the demand for energy and power quality meters at a rapid pace, which in turn is estimated to propel the market during the forecast period
Urbanization and Industrialization are fueling the market
- Rise in urbanization in developing countries is playing an important role in driving the demand for energy and power quality meters. Increase in urbanization is also fueling the demand for generation, transmission, and distribution of electricity for residential and commercial sectors.
- Demand for energy and power quality meters is also increasing in order to improve the quality and performance of distribution system. These factors are fueling the market. However, a lack of awareness regarding testing and quality measurement equipment and high costs associated with installation are anticipated to hamper the market.
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Asia Pacific Energy and Power Quality Meters Market to Expand Significantly
- In terms of region, the global energy and power quality meter market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- The energy and power quality meter market in Asia Pacific is anticipated to expand at a notable CAGR during the forecast period
- This expansion is attributed to a wide range of applications, advantages offered by energy and power quality meters, urbanization and industrialization in developing countries, and increasing rate of electrification and applications in various industries. Thus, these factors are expected to propel the demand for energy and power quality meters.
- The energy and power quality meter market in North America and Europe is expected to expand at a high growth rate due to increasing competition among key players. The Middle East & Africa market is likely to expand at a steady pace due to a lack of manufacturers in the region.
Key Players Operating in Global Market
The global energy and power quality meter market is highly fragmented, as a large number of manufacturers are present. Prominent players operating in the global market are focusing on product launch and technological developments to meet the growing demand.
Key players operating in the global energy and power quality meter market include:
- Eaton
- Danaher
- General Electric
- Schneider Electric
- ABB
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