Selbyville, Delaware,, Feb. 18, 2024 (GLOBE NEWSWIRE) --
The power quality meter market is expected to reach USD 3.7 billion by 2032, as reported in a research study by Global Market Insights Inc.
The market is growing as industries are under constant pressure to optimize their energy consumption, reduce waste, and minimize their carbon footprint. According to the CSS data, nearly 10-30% of household emissions are typically from food and in 2021 residential use of electricity emitted 578.3 Mt CO2e, which was 91% of the total U.S.
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Power quality meters play a pivotal role in energy saving endeavor by providing real-time data on electrical parameters, enabling businesses to identify inefficiencies and implement targeted measures for improvement. Additionally, the escalating adoption of renewable energy sources has introduced complexities in power grids, making power quality monitoring indispensable for maintaining stability and reliability.
Power quality meter market from the industrial application segment is anticipated to witness substantial growth through 2032 as industries become more digitally driven and automation becomes the norm. Manufacturing facilities, process industries, and critical infrastructure require precise power quality monitoring to ensure uninterrupted operations and prevent costly downtime. These meters tailored for industrial applications offer specialized features such as harmonic analysis, transient detection, and voltage sag mitigation. The stringent regulatory environment, where adherence to power quality standards is imperative for compliance and ensuring the longevity of critical equipment, will augment the segment share.
Power quality meter market share from the panel mounted segment is predicted to record strong CAGR from 2024 to 2032 due to its seamless integration with control systems. Panel-mounted power quality meters offer a compact and efficient solution for monitoring electrical parameters directly at the source. These meters are designed for easy installation on control panels, switchgear, and distribution boards, providing users with real-time insights into power quality without compromising valuable space. The panel-mounted power quality meters are becoming an integral component of modern industrial infrastructure, facilitating swift decision-making and proactive maintenance strategies.
Europe power quality meter market size will expand significantly through 2032, as the governments and industries in the region are at the forefront of adopting innovative technologies for sustainable energy management. Europe's commitment to renewable energy integration, coupled with stringent regulations emphasizing power quality standards, has accelerated the adoption of advanced power quality meters. As businesses in Europe strive to achieve energy efficiency targets and reduce their environmental impact, the industry is set to experience substantial growth.
Some of the key players in the global power quality meter market are General Electric, Eaton, Siemens, Emerson Electric Co., Yokogawa Test & Measurement Corporation, ABB, Mitsubishi Electric Corporation, Schneider Electric, A.F. Smith Electric Inc., Megger, MTE Power Quality, M B Control & Systems Pvt Ltd., Fluke Corporation, Rishabh Instruments Limited, Dranetz Technologies, Algodue Elettronica srl, Vitrek, HIOKI E.E. CORPORATION, LUMEL S.A., Accuenergy Ltd., Delta Electronics, Inc., PCE Holding GmbH, Elspec Ltd., and Eastron Electronic Co., Ltd.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Power quality meter industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Power Quality Meter Market Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor Matrix
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.2 Industry pitfalls & challenges
3.5 Growth potential analysis
3.6 Porter's Analysis
3.6.1 Bargaining power of suppliers
3.6.2 Bargaining power of buyers
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
