Global Power Quality Meter Market – Growth Analysis and Forecast | Technavio

November 28, 2017

LONDON–(BUSINESS WIRE)–#HeavyIndustry–According to the latest market study released by Technavio,
the global power quality meter market is expected to grow at a
CAGR of close to 6% during the forecast period.

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.

This report is available at a USD 1,000 discount for a limited time
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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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