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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
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.
Looking for Regional Analysis or Competitive Landscape , ask for a customized report
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
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.