Rise in economic development after the recession has led to the growth in power infrastructure development activities. Supportive nature of the government policies, concerns related to energy security, growth in population are some of the major factors which have fuelled the power generation requirement. Many developing countries are coming up with new thermal, hydro, solar and wind related power generation projects have to boost their generation capacities in order to fulfil their energy demand. Decline in per watt cost of generation coupled with the provision of the bonuses and subsidies for the use of renewable energy have played a significant role in power generation and the infrastructure development market. In order to increase the reliability of the electricity and determining the quality and measurement of the power delivered end consumer, power meters and sensors are the important devices.

The new plant additions and their types divided into either renewable energy based and nonrenewable energy based power projects. Renewable power projects utilize solar, wind, tidal, wave and geothermal energy to generate power. Power meters and sensors helps in analyzing the generation capacity, type of faults, consumption analysis. Increasing population and growing power demand, supportive government policies, concerns related to energy security are the major drivers for the electric power meters and sensors devices market.

Power sensors and meters avoids the grid failures, high installation and operating risk and requirement of the new grid infrastructure. Increasing population along with the rapid industrialization act as the opportunity for the implementation of power sensors and meters. Some of the important factors for determining use and type of installations are sophistication and the customer’s expectations, budget setup requirement, cost allocation, power source, needs of the project and desires of the owner. Most of the meters now days monitor and display range of voltage, current, and power source. These are also able to display other parameters, which include a selection of min/max, line-to-line, line-to-neutral, demand and power factor values. The power sensors and meters are also designed for the advanced requirements such as power quality, sensors are also incorporated the memory and high speed monitoring capability to capture, sense and analyze unusual system irregularities such as harmonics and current values.

Most of the meters are installed for the stand-alone applications for local access of the data only. There is a growing trend to monitor this information remotely. Analog inputs are used to monitor external parameters by the meter, such as a temperature and transducer. The high-end meters which communicate on an Ethernet network technology act as centers for other meters which transfer on the Modbus.

Based on applications the power meters and sensors market can be classified into industrial, commercial and residential. There is a significant upsurge in the power and sensors demand in the industrial and residential segment due to implementation of smart grid infrastructures to reduce power demand at peak hours.

Based on region, power meters and sensors market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to lead the market in the forecast period due high demand of power from the industrial applications.

Key companies operating in the power meters and sensors market include ABB, MHI, Siemens, General Electric, Honeywell International, Schneider Electric, Smart Sensors, Rohde & Schwarz GmbH, Sensata Technologies, Yokogawa Electric Corporation. 

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
  • Europe
  • 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.

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