Multifunction Meter Introduction
- Multifunction meters are a hand-held device specially designed to monitor electrical installations. A multifunction meter measures and monitors all the electrical parameters such as active power, power factor, voltage, current, apparent power, reactive power, phase angle, and active energy.
- Multifunction meters are mainly used where reliable, accurate, and exact measurements are required.
- A multifunctional meter is used in the industrial sector for control panels, motor control centers, power distribution panels, etc.
- Multifunction meters are mainly of two types: three-phase multifunction meters and one-phase multifunction meters.
- The global multifunction meter market is anticipated to expand at a rapid pace over the forecast period due to their increased demand from the industrial sector.
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Multifunction Meter Dynamics
Key Drivers of the Multifunction Meter Market
- A rise in demand to reduce energy cost across the globe is expected to create demand for multifunction meters in the upcoming years. This is primarily because multifunction meters reduce energy cost by continuously tracking and monitoring energy consumption. Additionally, it also takes the backup of other integrated parameters.
- Multifunction meters easily recognize the basic faults in the electrical system and also provides high degree of accuracy in calculation. This is anticipated to drive the multifunction meter market in the near future.
- Multifunction meters are also used in troubleshooting a wide range of electrical problems in wiring systems, electronic equipment used in industry, motor controls, domestic appliances, and power supplies, which is estimated to boost the market.
- Rising demand to monitor power consumption on a daily basis and reduce it accordingly is estimated to drive the multifunction meter market.
- Increasing shift toward comfort and better standard of living has led to the expansion of the smart homes concept, where automatic control of electricity, light, and energy is required. This indirectly drives the growth of the multifunction meter market.
High initial investment cost of multifunction meters to hamper the market
- Initial start-up cost (installation and operation) of multifunction meters is very high. This is anticipated to adversely impact the demand for multifunction meters.
- Delay in multifunction meter rollout projects along with integration difficulties with multifunction meters in the last few years is also projected to hamper the market during the forecast period.
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North America to Hold Major Share of the Multifunction Meter Market
- North America dominated the global multifunction meter market and accounted for a notable share due to the presence of well-established, technologically advanced manufacturers and increasing adoption of multifunction meters in the region. The U.S. is the key market in North America due to extensive demand for multifunction meters in the country.
- Europe is anticipated to hold the second largest share of the global multifunction meter market because governments in Europe mandate the European Union 20-20-20 policy, which aims to convert 80% of the installed meter base to smart ones.
- The multifunction meter market in Asia Pacific is projected to expand at a rapid pace. This can be attributed to increasing infrastructure development in the region. Additionally, increasing application areas of multifunction meter installations is projected to boost the market.
Multifunction Meter Market- Competitive Landscape
Key Players Operating in the Global Multifunction Meter Market
Several local, regional, and international players in the market manufacture multifunction meters. Hence, the market is rather fragmented; intensity of competition is also high among players. Rapid technological advancements have led to a threat of substitution in the multifunction meter market. Key players operating in the global multifunction meter market include:
- C&S Electric Limited
- M B Control & Systems Pvt Ltd.
- Minilec Group
- Meco Instruments Pvt. Ltd.
- Larsen & Toubro Limited
- Selec Controls Pvt Ltd.
- Schneider Electric
- MINSUN Technology Co., LTD.
- Rishabh Instruments Pvt. Ltd.
- Veritek Engineering Pvt. Ltd.
Multifunction Meter Market: Research Scope
Multifunction Meter Market Segmentation – by Product Type
- Single-phase Multifunction Meter
- Three-phase Multifunction Meter
Multifunction Meter Market Segmentation – by Application
- Temperature Monitoring
- Current Monitoring
- Pressure Monitoring
- Humidity Measurement
Multifunction Meter Market Segmentation – by End-user
Multifunction Meter Market Segmentation - by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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.