Energy and Power Quality Meters Market: Introduction
- Electrical systems are becoming more sensitive to even minor voltage variations for the last years, which can cause damage to IT systems and essential enterprise processes. Therefore, the demand for energy and power quality meters is increasing in order to sustain from these kind of damages and to obtain data for voltage regulation.
- An energy and power quality meter is used for continuous monitoring of the three phase system. It provides metering for current, voltage, reactive power, energy use, cost of power, and frequency. This device is used to prevent system outages and damage.
- Energy and power quality meters are extensively utilized for metering of distribution feeders, transformers, generators, capacitor banks and motors, and flexible control for demand load shedding, power factor
Increase in demand from energy management solution
- Changes in electrical power systems such as de-carbonization, decentralization, and digitalization are boosting the energy management sector. This is prompting manufacturers of energy and power quality meters to develop power quality instruments that monitor, record, and analyze critical electrical patterns. This optimizes energy utilization, process performance, and cost.
- Therefore, an increase in the demand for energy management solutions is estimated to fuel the demand for energy and power quality meters at a rapid pace, which in turn is estimated to propel the market during the forecast period
Urbanization and Industrialization are fueling the market
- Rise in urbanization in developing countries is playing an important role in driving the demand for energy and power quality meters. Increase in urbanization is also fueling the demand for generation, transmission, and distribution of electricity for residential and commercial sectors.
- Demand for energy and power quality meters is also increasing in order to improve the quality and performance of distribution system. These factors are fueling the market. However, a lack of awareness regarding testing and quality measurement equipment and high costs associated with installation are anticipated to hamper the market.
Asia Pacific Energy and Power Quality Meters Market to Expand Significantly
- In terms of region, the global energy and power quality meter market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- The energy and power quality meter market in Asia Pacific is anticipated to expand at a notable CAGR during the forecast period
- This expansion is attributed to a wide range of applications, advantages offered by energy and power quality meters, urbanization and industrialization in developing countries, and increasing rate of electrification and applications in various industries. Thus, these factors are expected to propel the demand for energy and power quality meters.
- The energy and power quality meter market in North America and Europe is expected to expand at a high growth rate due to increasing competition among key players. The Middle East & Africa market is likely to expand at a steady pace due to a lack of manufacturers in the region.
Key Players Operating in Global Market
The global energy and power quality meter market is highly fragmented, as a large number of manufacturers are present. Prominent players operating in the global market are focusing on product launch and technological developments to meet the growing demand.
Key players operating in the global energy and power quality meter market include:
- General Electric
- Schneider Electric
Global Energy and Power Quality Meters Market: Research Scope
Global Energy and Power Quality Meters Market, by Phase
- Single Phase
- Three Phase
Global Energy and Power Quality Meters Market, by End-user
- Critical Buildings
- Commercial Buildings
Global Energy and Power Quality Meters Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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?
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.