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.
Energy & Power Quality Meters Market is forecasted to reach US$ 4.41 Bn by 2029 and exhibit a remarkable 7.5% CAGR between 2022 and 2029. Moreover, the global energy & power quality meters market is projected to experience significant growth over the forecast period, due to multiple driving factors, such as growth in Industrial IoT, increasing rate of electrification, and rising demand for next-generation power quality meters.
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According to the report, industry 4.0 is rapidly changing industrial production capabilities and drastically changing industrial processes. This revolution is generating demand for energy & power quality meters to monitor the distortions in voltage and harmonics, which further is contributing to the growth of the energy & power quality meters market through 2029. Moreover, the adoption of energy & power quality meters in the industrial sector helps in preventing damage to expensive and critical equipment. It is expected to boost the demand for energy & power quality meters in 2019 and beyond.
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
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Future Market Insights (ESOMAR certified 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.
Dec 28, 2022
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