Global Energy and Power Quality Meters Market: Overview
As industrial activity increases, need for energy would rise and the market would note an increase in overall growth. This is particularly the case where players are trying to figure out a smart way of achieving zero net emissions in operations. Therefore, it should come as no surprise that in the forecast period of 2019- 2027, the Compound Annual Growth Rate (CAGR) for the global energy and power quality meters market would be steady. And, this would generate plenty of growth opportunities, ready to be tapped by market players.
What’s fuelling the said growth in the energy and power quality meters market is the rapid adoption of digitalization across all industry verticals.
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Global Energy and Power Quality Meters Market: Competitive Landscape
The global energy and power quality meters market is rife with developments that are not just crucial for players to take note of but also to understand how the market would operate over the coming years. An in-depth dive in can be had in our upcoming report.
The global energy and power quality meters market is slightly fragmented and prominent players in the market include ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE (France), and Eaton Corporation (Ireland). Players are focusing on improving their products to make them suitable for a wide applicability. And, in order to stay ahead of their competitors, they resort to mergers and acquisitions. Also, strategic collaborations and partnerships are often witnessed.
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Global Energy and Power Quality Meters Market: Key Trends and Drivers
Certain factors are shaping the growth curve for global energy and power quality meters market. They are paving the way for how market would operate over the coming years. A glimpse is shared below.
- The rise of Internet of Things (IoT) is defining the future of energy and power quality metres like it is defining the future of the other market spaces and industry verticals. The rapid adoption and steady consumption of technology as seen in the last few years will determine how connected devices will help businesses grow. So, does not come as a surprise that manufacturers of these metres are taking note and integrating them with wireless technology and the like to ensure accuracy and better monitoring abilities.
- When combined with ANM, the energy and power quality metres hold the ability to manage sources of connected renewable energy generation from afar, using a dashboard. These help in time-series assessment and negotiating unstable generation. As the world looks up to renewable energy sources as the future of energy landscape, owing to environmental awareness and constraints of non-renewable sources of energy generation, such capacities will be crucial and thus market will witness high growth trajectory.
Global Energy and Power Quality Meters Market: Geographical Analysis
North America holds the lion’s share of market growth as of now but over the forecast period, Asia Pacific excluding Japan will be the region that will hold market players interest as it will create new opportunities for players to expand footprint as well as grasp over the market. It is primarily attributable to demand for electricity arising from the region owing rapid industrialization, especially from countries such as India and China. The region will see about 20% growth in terms of energy demand. It is also noteworthy here that India already ranks 3rd in terms of consumption of energy and is set to see a x3 demand over the coming twenty years. This will pull up the demand for these meters significantly.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.