According to the latest market study released by Technavio, the global power quality meter marketis expected to grow at a CAGR of close to 6% during the forecast period.
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Technavio has published a new market research report on the global power quality meter market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Power Quality Meter Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global power quality meter market into the following end-user segments:
- Industrial sector
- Commercial sector
- Utility sector
- Others
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The top three end-user segments are discussed below:
Global power quality meter market in the industrial sector
The power quality meter market in the industrial segment will grow moderately during the forecast period. The major factors contributing to the growth of the industrial sector are increasing investments and demand from the developing countries. Several development programs in developing countries have led to the growth of the industrial sector in the past few years, and this is expected to continue during the forecast period.
According to Neelesh Prakash Singh, a lead analyst at Technavio for test and measurement research, "There is an increase in mobile phone manufacturing, electronic products manufacturing, and other manufacturing units. This will contribute to the increase in the demand for power quality meters that are a significant component in all manufacturing units. In manufacturing units, power quality meters aid in analyzing the input and identifying the noises, sags, transients, and other anomalies. They also trigger alarms if these rise above the pre-set threshold because such an increase may disrupt the production process or lead to errors in the products."
Global power quality meter market in the commercial sector
The commercial sector is predicted to witness the highest CAGR among all the end-users of power quality meters. Offices, malls, hotels, and other commercial facilities use systems such as computing devices, HVAC units, and other electronic devices. These devices and systems are highly vulnerable to power fluctuations. Distortions in power supply can even bring the entire functioning of the office or the hotel to a halt causing financial losses for the company. To prevent such issues and to ensure that all computing and electronic devices work efficiently, power quality meters are used in the commercial sector.
"The growing demand for Internet technologies such as cloud technologies and IoT will lead to more demand for data centers. These data centers need high-quality power to ensure that the servers and cooling units work without any disruptions. Therefore, power qualities meters are used for detecting these anomalies in the power supply," says Neelesh.
Global power quality meter market in the utility sector
The need for energy is increasing because of the ever-increasing population, rapid urbanization, and commercial and industrial development. Owing to the increase in economic growth and higher disposable incomes, people have become accustomed to the use of electrical gadgets and devices in day-to-day life. This has led to an increased consumption of electricity. Apart from this, the increasing number of commercial buildings and industries need huge amounts of electricity. With the depletion of non-renewable energy sources such as coal and oil, consumers are shifting to renewable power sources.
Along with increasing adoption of renewable energy resources, there is a significant increase in the number of smart grid projects worldwide to optimize the maximum capacity in renewable power. All these will increase the demand for power quality meters to analyze the quality of the power and aid in distributing it to the customers.
The top vendors highlighted by Technavio's market research analysts in this report are:
- ABB
- Eaton
- Electro Industries/GaugeTech
- GE
- Schneider Electric
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