Download Sample, Rising Demand for Portable Power Quality Equipment is Stimulating the Market Growth for Energy & Power Quality Meters Market
In the past, basic power monitors were employed to assess former power issues or to ascertain the state of an electrical distribution system. Fast voltage transients required the use of expensive, portable power quality monitors in order to be located. However, recent developments in technology have changed the potential for power quality monitoring. Leading market companies are being encouraged to create innovative and miniaturized devices owing to the soaring demand for high-performance portable power-quality instruments. As a result, they are placing more and more emphasis on releasing innovative portable devices that can not only monitor but also record and analyze crucial electrical patterns in order to improve energy utilization, cost, and performance.
This is one of the primary factors influencing the sales of energy and power quality meters. For instance, Schneider Electric’s ION7400 series and the PowerLogic PM8000 series concentrate on streamlining power quality and maximizing adaptability. These high-performance, small-footprint meters are made for critical loads and cost and network management applications on feeders. Additionally, the PowerLogic ION9000T expands the company's offering with new features like cybersecurity compliance, extended waveform capture, smart power event analysis, etc.
This is one of the primary factors influencing the sales of energy and power quality meters. For instance, Schneider Electric’s ION7400 series and the PowerLogic PM8000 series concentrate on streamlining power quality and maximizing adaptability. These high-performance, small-footprint meters are made for critical loads and cost and network management applications on feeders. Additionally, the PowerLogic ION9000T expands the company's offering with new features like cybersecurity compliance, extended waveform capture, smart power event analysis, etc.
Energy & Power Quality Market is Gaining Traction Owing to the Increasing Demand for Energy Management Solutions
The increased usage of Energy and Power quality meters across a number of industries, including the commercial, industrial, and manufacturing sectors, is one of the key factors driving the market expansion. The market is anticipated to grow over the forecast period due to the rising demand for Energy and Power meters to improve the standard and performance of the distribution system as well as the growing significance of Energy and Power quality meters in applications like power factor, load shedding, low and medium voltage systems, and in the metering of transformers, distribution feeders, capacitor banks, generators, and motors.
Furthermore, the energy management industry is growing as a result of the decarbonization, decentralization, and digitization of electrical power networks. This has prompted manufacturers of energy and power quality meters to develop power quality equipment that tracks, documents, and examines important electrical patterns. This enhances cost effectiveness, process performance, and energy efficiency. As a result, it is anticipated that a sharp increase in demand for energy management solutions is going to rapidly fuel demand for energy and power quality meters, boosting the market throughout the forecast period.
Furthermore, the energy management industry is growing as a result of the decarbonization, decentralization, and digitization of electrical power networks. This has prompted manufacturers of energy and power quality meters to develop power quality equipment that tracks, documents, and examines important electrical patterns. This enhances cost effectiveness, process performance, and energy efficiency. As a result, it is anticipated that a sharp increase in demand for energy management solutions is going to rapidly fuel demand for energy and power quality meters, boosting the market throughout the forecast period.
Recent Trends in the Energy & Power Quality Meters Industry
- Integration of energy & power quality meters with IoT and Smart Grid Technologies.
- Utilization of AI and machine learning algorithms for predictive analytics and fault detection in power meters.
- Integration of renewable energy sources into the grid, to manage the variability and ensure grid stability.
- Use of digital meters to enhance data security to protect against cyber threats.
Explore Our Breakthrough Market Segmentation and Personalize it to Meet Your Business Needs…!
Acquisitions and New Product Developments are Driving the Energy & Power Quality Meters Market
The majority of the major players in the highly competitive global market for energy and power quality meters are prioritizing strategic activities like product improvements and collaborations in order to develop a stronger global presence. For instance, in May 2018, the French multinational company Schneider Electric, which specializes in energy and automation digital solutions, declared that it had reached an agreement to acquire the electrical and automation businesses of Larsen and Toubro Ltd. and combine them with its low-voltage and industrial automation product business Schneider Electric India. Additionally, ABB introduced low-voltage products in December 2020 that offer the highest degree of safety and quality for maximized energy.
Furthermore, three cities in Oregon received smart meters in October 2018 as a result of advanced automation distribution technology being implemented by Portland General Electric Co. Also, three contracts for Siemens Energy's Static Compensator technology (SVC Plus) to control grid stability at three substations in South-West Ireland were granted by ESB in May 2021. Earlier, the Schaffner firm introduced its Ecosine Max line of passive harmonic filters in March 2020. These harmonic filters adhere to the IEEE-519 and other international power quality standards.
Furthermore, three cities in Oregon received smart meters in October 2018 as a result of advanced automation distribution technology being implemented by Portland General Electric Co. Also, three contracts for Siemens Energy's Static Compensator technology (SVC Plus) to control grid stability at three substations in South-West Ireland were granted by ESB in May 2021. Earlier, the Schaffner firm introduced its Ecosine Max line of passive harmonic filters in March 2020. These harmonic filters adhere to the IEEE-519 and other international power quality standards.
High Initial costs and Lack of Awareness & Skilled Labour Pose Threat to the Market Participants
Any type of power outage or interruption can have a negative impact on important industrial processes and cause significant losses. Utilities have serious concerns about end-user resistance to the adoption of new technology. Regardless of the type of power quality meters, gaining the trust of the consumer is crucial. The largest obstacle impeding the market's expansion is the lack of awareness of the significance of quality measuring and testing equipment, which is the primary cause of this hesitation. Moreover, the high installation costs and lack of skilled labor are also anticipated to hamper the market growth. The major market players also have to deal with tough competition from parallel markets supported by low-quality goods. All these elements are anticipated to restrain the market over the forecast period.
Searching for a Country or Region Specific Report?
Unlock industry complexities with reports crafted for selected countries and regions at Reduced Cost
Increase in Government Initiatives and Investments are Encouraging the Expansion of the Energy & Power Quality Meters Market
The market for power quality equipment as a whole is anticipated to be dominated by North America due to the growing digitalization of the telecommunications sector. Furthermore, the government is emphasizing making large investments in order to develop the nation's infrastructure for producing renewable energy in response to growing environmental stability concerns and the country's growing shift towards the production of clean energy. For instance, in March 2023, through the U.S. Department of Energy (DOE), the Biden-Harris administration today announced the allocation of more than $200 million for the enhancement and expansion of hydroelectric power as well as the development of new marine energy technology in the United States.
Due to the rising urbanization and industrialization that drive the demand for power quality meters, the Asia-Pacific power quality meter business is predicted to grow at the fastest rate. China and India are anticipated to be the region's two fastest-growing markets for power quality meters due to massive electrical infrastructure upgrades and the installation of new transmission and distribution lines. Moreover, the growing manufacturing industry in the region is also stimulating the market for energy and power quality meters. For example, in India, government initiatives like ‘Make in India’ are responsible for boosting the manufacturing industry in the country. Thus, it is anticipated that favorable government policies and increased investment in the region's power industry will drive the market for energy and power quality meters during the forecast period.
Due to the rising urbanization and industrialization that drive the demand for power quality meters, the Asia-Pacific power quality meter business is predicted to grow at the fastest rate. China and India are anticipated to be the region's two fastest-growing markets for power quality meters due to massive electrical infrastructure upgrades and the installation of new transmission and distribution lines. Moreover, the growing manufacturing industry in the region is also stimulating the market for energy and power quality meters. For example, in India, government initiatives like ‘Make in India’ are responsible for boosting the manufacturing industry in the country. Thus, it is anticipated that favorable government policies and increased investment in the region's power industry will drive the market for energy and power quality meters during the forecast period.
The report provides a detailed overview of the energy & power quality meters market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the energy & power quality meters market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the energy & power quality meters market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the energy & power quality meters market. Some key countries and region included in the energy & power quality meters market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Central America Countries, Caribbean Countries, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Thailand, Bangladesh, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Iraq, Kenya, Rest of MEA |
Energy & Power Quality Meters Market Research Report Covers In-depth Analysis on:
- Energy & power quality meters market detailed segments and segment-wise market breakdown
- Energy & power quality meters market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in energy & power quality meters industry)
- Current, historical, and forthcoming 10 years market valuation in terms of energy & power quality meters market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Energy & power quality meters market demand analysis
- Energy & power quality meters market pricing analysis over the forecast period (by key segment and by region)
- Energy & power quality meters market regional insights with a region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in energy & power quality meters market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in energy & power quality meters market
- Energy & power quality meters market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on the energy & power quality meters market forecast by countries
- Mergers and acquisitions in energy & power quality meters market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the primary factors driving the demand for energy and power quality meters?
Key factors include the rising need for energy efficiency, stricter government regulations on power consumption, and the growing adoption of smart grids and renewable energy sources worldwide.
Which industries use energy and power quality meters the most?
Industries such as manufacturing, automotive, commercial, and utility companies extensively use energy and power quality meters to monitor and improve power efficiency, reduce costs, and maintain system reliability.
What should manufacturers look for when selecting energy and power quality meters?
Manufacturers should prioritize meters with accurate readings, user-friendly interfaces, compatibility with their systems, and the ability to analyze multiple power quality parameters for comprehensive monitoring.
