Pune, India, March 04, 2022 (GLOBE NEWSWIRE) -- The power quality meter market size is anticipated to flourish due to the increasing consumption of power. Fortune Business InsightsTM has presented this information in its upcoming report titled, “Power Quality Meter Market, 2022-2029”. A power quality meter is an excellent solution when continuous monitoring of a three-phase system is necessary. Voltage, current, cost of power, authentic and reactive intensity, energy use, power factor, and frequency are all measured with the help of the meter. The ability of electrical equipment to use the energy provided to it is referred to as power quality.
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Prominent Players in the Market:
- ABB Ltd
- Siemens AG
- Schneider Electric SE
- Emerson Electric Company
- Eaton Corporation
- Plc
- General Electric Company
- Active Power Inc.
- MTE Corporation
- Smith’s Group plc.
- Toshiba Corporation
COVID-19 Impact -
The COVID-19 outbreak wreaked havoc on practically every business on the planet, including the power quality meter market. The current scenario has affected the industry's supply chain, particularly renewable energy technology and battery energy storage systems. Furthermore, strict government regulations and rules such as social distance and reducing personnel by a set proportion at workplaces disrupted production and supply chains, resulting in a detrimental impact on the industry.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Competitive Landscape -
Key Players to Aim in Regional Expansion
Prominent key players in the market such as ABB Ltd, Schneider Electric SE, and Siemens AG are launching new products and regional expansion to gain the leading edge in the market. Furthermore, these key players are additionally working on several organic growth strategies.
Report Coverage –
The report contains information on the power quality meter industry. The report assesses the market's size and growth potential in various areas, including application and geography. It also includes information on the COVID-19 impact, company profiles of leading market competitors, significant observations about product and business offerings, latest breakthroughs, and critical industry strategies to satisfy rising market demand during the present pandemic.
Drivers & Restraints –
Increased Power Consumption to Drive the Market
Increased power consumption is a crucial driving element in the market, with the industrial manufacturing and processing sector being a key driver globally. The transportation, residential, and business sectors are the primary electricity consumers. The demand for data centers, high-efficiency electric power supply systems for servers, high-capacity, and other power-related infrastructure is helping to propel the industry forward.
However, the main reason for reluctance is a lack of consumer understanding of the need for quality measuring and testing equipment, which is the major roadblock to the power quality meter market growth.
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Segmentation -
On the basis of phase, the market is fragmented into three-phase and single-phase. The three-phase segment is likely to dominate the market because of its widespread use in commercial and industrial facilities to support higher loads and deliver electricity at a stable and constant rate. On the other hand, single-phase power quality meters are expected to grow in popularity because they are handheld and portable, giving them an advantage over three-phase meters and are widely used by electricians.
On the basis of end-user, the power quality meter industry is divided into transportation, commercial, industrial and manufacturing, commercial, utilities, and others. The industrial & manufacturing category accounted for the most significant market share. Industrial and manufacturing activities contribute to the economy on a global scale. As a result, reliable, efficient, and uninterruptible power supply has become an unavoidable need for industrial facilities in recent years.
On the basis of application, the market is segmented into substation monitoring, equipment, distribution panels, and others. The market is driven by the increased demand for primary voltage interruption protection for essential equipment. Geographically, the market is classified into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
Regional Insights –
North America to Lead the Global Market Owing to Increasing Digitization
North America is likely to hold the most prominent global power quality meter market share because of the increasing digitization of the telecommunications industry. Furthermore, rising public awareness of environmental safety and sustainability will likely fuel market expansion. Other regions are witnessing steady growth due to constant urbanization and industrialization.
Industry Developments
December 2020: ABB has introduced low-voltage products that offer the highest level of safety and quality for energy optimization.
Continue…
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