Global Energy and Power Quality Meters Market: Overview
As industrial activity increases, need for energy would rise and the market would note an increase in overall growth. This is particularly the case where players are trying to figure out a smart way of achieving zero net emissions in operations. Therefore, it should come as no surprise that in the forecast period of 2019- 2027, the Compound Annual Growth Rate (CAGR) for the global energy and power quality meters market would be steady. And, this would generate plenty of growth opportunities, ready to be tapped by market players.
What’s fuelling the said growth in the energy and power quality meters market is the rapid adoption of digitalization across all industry verticals.
Global Energy and Power Quality Meters Market: Competitive Landscape
The global energy and power quality meters market is rife with developments that are not just crucial for players to take note of but also to understand how the market would operate over the coming years. An in-depth dive in can be had in our upcoming report.
The global energy and power quality meters market is slightly fragmented and prominent players in the market include ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE (France), and Eaton Corporation (Ireland). Players are focusing on improving their products to make them suitable for a wide applicability. And, in order to stay ahead of their competitors, they resort to mergers and acquisitions. Also, strategic collaborations and partnerships are often witnessed.
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Global Energy and Power Quality Meters Market: Key Trends and Drivers
Certain factors are shaping the growth curve for global energy and power quality meters market. They are paving the way for how market would operate over the coming years. A glimpse is shared below.
- The rise of Internet of Things (IoT) is defining the future of energy and power quality metres like it is defining the future of the other market spaces and industry verticals. The rapid adoption and steady consumption of technology as seen in the last few years will determine how connected devices will help businesses grow. So, does not come as a surprise that manufacturers of these metres are taking note and integrating them with wireless technology and the like to ensure accuracy and better monitoring abilities.
- When combined with ANM, the energy and power quality metres hold the ability to manage sources of connected renewable energy generation from afar, using a dashboard. These help in time-series assessment and negotiating unstable generation. As the world looks up to renewable energy sources as the future of energy landscape, owing to environmental awareness and constraints of non-renewable sources of energy generation, such capacities will be crucial and thus market will witness high growth trajectory.
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Global Energy and Power Quality Meters Market: Geographical Analysis
North America holds the lion’s share of market growth as of now but over the forecast period, Asia Pacific excluding Japan will be the region that will hold market players interest as it will create new opportunities for players to expand footprint as well as grasp over the market.
It is primarily attributable to demand for electricity arising from the region owing rapid industrialization, especially from countries such as India and China. The region will see about 20% growth in terms of energy demand. It is also noteworthy here that India already ranks 3rd in terms of consumption of energy and is set to see a x3 demand over the coming twenty years. This will pull up the demand for these meters significantly.
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