Power Quality Meter Market: Overview
Power quality meters are used across all industrial verticals for the analysis of electrical parameters that are related to the flow of electricity. These meters enable engineers and electricians to gather real-time readings and data for a thorough analysis of the quality of power. Today, power quality meters are used in areas such as manufacturing, industrial sectors, and in commercial hubs. These meters play an important role in ascertaining the problem areas when an electrical system fails. Consequently, several end users are using power quality meters to troubleshoot by finding the root cause and design a solution to fix the issue.
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The research report on the global power quality meter market investigates the market drivers and restraints. It provides an exact and accurate understanding of the trajectory of the overall market using Porter’s Five Forces analysis and SWOT analysis. Furthermore the document, compiled using primary and secondary research methodologies, aims to answer important questions about the global power quality meter market. It comprises aspects such as the scope of the market, its valuation at the end of the forecast period, the segment-specific drivers and restraints, and the volatility of economic forces impacting the overall market.
Power Quality Meter Market: Key Trends and Opportunities
The primary growth drivers for the global power quality meter market are the increasing importance of these meters in safeguarding electrical components and the networks, hefty investments in the setting up of renewable power plants, and the growing upgrades of electrical networks in emerging economies. An increase in industrial activity and infrastructural investments across the globe due to the rising demand for energy are also expected to boost this market in the coming years.
Popularly, the transportation sector, industrial and manufacturing sector, utilities, and research and development centers extensively use power quality meters. The report suggests that utility will be the fastest-growing end user of these meters due to the ongoing investments made in developing transmission and distribution lines. This trend is especially dominant in Europe and North America, both of which are upgrading their infrastructure.
Furthermore, the industrial and manufacturing sector is also expected to make a significant contribution to the growth of the global power quality meters market. This growth will be driven by the increasing need to create an uninterrupted supply of power to achieve the desired output in the most efficient manner. These meters are especially deployed to prevent power outages that can severely impact operations, thereby generating huge losses.
The only drawback in the overall power quality meter market is the lack of confidence end users have in the troubleshooting abilities of power quality meters. The reluctance stems from poor knowledge about the benefits of these meters. However, players are working toward creating impactful papers, brochures, and others forms of educational material to help potential consumers understand the importance of investing in power quality meters.
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Power Quality Meter Market: Region-wise Outlook
Geographically, the global power quality meter market is segmented into Asia Pacific, North America, Europe, the Middle East and Africa. Research analysts state that Asia Pacific will lead the global power quality meter market in the near future. This region’s growth will be attributable to the rapid pace of industrialization and urbanization in this region. The study indicates that China will dominate this region’s growth, as the country is in the process of a major electrical infrastructure upgrade and of setting up new distribution and transmission lines. Europe and North America will follow this lead in the forecast period but at a remarkably slow pace.
The chief players in the global power quality meter market are Itron Inc., ABB Ltd., Schneider Electric SE, Honeywell International Inc., General Electric, Siemens AG, and Eaton Corporation. The report profiles the recent developments of these players, their important activities, and the nature of the vendor landscape.