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Power Quality Meter Market Size
Power Quality Meter Market was valued at USD 1.9 billion in 2023 and is projected to expand at over 7.4% CAGR from 2024 to 2032. Increasing utilization of sensitive electronic equipment in industrial and commercial settings will fuel the product demand. For instance, industrial production went up by over 8% in 2022 when compared to last year.
Power quality meters are becoming more advanced, integrating with the internet of things and data analytics platforms. This allows for real-time monitoring and analysis of power quality data, helping businesses make informed decisions and predict potential issues. Power quality standards and regulations were becoming more stringent, which in turn will positively sway the industry potential.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 1.9 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 7.4% |
| 2032 Value Projection: | USD 3.7 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 225 |
| Tables, Charts & Figures: | 626 |
| Segments covered: | Product, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID– 19 Impact
The power quality market has undergone notable transformations owing to the impact of COVID-19, influenced by various elements including the pandemic's duration, the regional distribution of businesses, and distinct subsectors in the industry. However, the surge in remote work and the ongoing integration of sophisticated electrical devices have been instrumental in driving the progress and expansion of enterprises operating in this field.
Power Quality Meter Market Trends
Power utilities and grid operators are investing in smart grid technologies, including the deployment of advanced power quality monitoring systems. This was aimed at improving grid reliability, reducing losses, and enhancing the overall quality of electricity supply. Growing concern toward cybersecurity, remote monitoring and cloud-based solutions will augment the industry landscape. It allowed users to access power quality data from anywhere, improving real-time decision-making and long-term analysis, accelerating the business potential.
A power quality meter, also known as a power quality analyzer or PQ meter, is an electrical measurement device used to monitor and analyze the quality of electrical power in a distribution system. It is a crucial tool for identifying and diagnosing issues related to the voltage and current in an electrical network. Power quality refers to the reliability and cleanliness of electrical power, and it encompasses various aspects, including voltage stability, harmonics, transients, sags, swells, and other disturbances.
Power Quality Meter Market Analysis
Based on application, the commercial application will witness 7.6% growth rate up to 2032. These meters are becoming more user-friendly with intuitive interfaces, making it easier for operators to configure and access data. Increasing inclination toward mobile apps and web-based interfaces will further propel the business growth. The growing focus on sustainability and energy efficiency has led to the development of power quality meters that help identify areas for improvement, reducing energy waste and carbon footprints.
Based on product, the portable power quality meter market holds a market share of over 50% in 2022. Growing complexity of electrical systems and the increasing use of sensitive electronic equipment will foster the business outlook. This is driven by the need to ensure stable and high-quality power supply to prevent equipment damage, downtime, and operational inefficiencies. These units are used to identify areas where energy waste occurs, helping organizations optimize their energy usage and reduce costs.
- The North America power quality meter industry was valued at over USD 356.7 million in 2022. Increasing awareness of the importance of power quality coupled with stricter regulations and standards related to power quality will foster the industry outlook.
- Industries, businesses, and utilities were recognizing the detrimental effects of poor power quality on equipment, efficiency, and overall operations, stimulating the business potential. These meters play a crucial role in monitoring and managing the grid, which led to increased demand for advanced metering solutions.
Power Quality Meter Market Share
The major corporations are prioritizing marketing tactics, technological innovations, building brand awareness, and achieving economies of scale in order to contend with the competition that exists within their respective industries.
The key industry players are
- General Electric
- Siemens
- ABB
- Eaton
- Schneider Electric
- Emerson Electric Co.
- MTE Power Quality
- A.F. Smith Electric Inc.
- Fluke Corporation
- Yokogawa Test & Measurement Corporation
- Mitsubishi Electric Corporation
- Dranetz Technologies
- Megger
- Vitrek
- Accuenergy Ltd.
- M B Control & Systems Pvt Ltd.
- Algodue Elettronica srl
- Rishabh Instruments Limited
- LUMEL S.A.
- Elspec Ltd.
- PCE Holding GmbH
- HIOKI E.E. CORPORATION
- Delta Electronics, Inc.
- Eastron Electronic Co., Ltd.
Siemens, a global conglomerate, offers a wide range of products and solutions related to power generation, distribution, and management. The company is known for its high-quality and technologically advanced products in the field of electrical and energy management. They have a strong presence in various industries, including industrial, commercial, and utility sectors. Its meters are commonly used in manufacturing facilities, data centers, and other critical infrastructure environments where reliable power supply is essential.
Power Quality Meter Market News:
- In March 2021, Eaton announced the acquisition of Tripp Lite, a Chicago-based power quality and connectivity solutions provider in the Americas. This acquisition expands their portfolio in edge computing and single-phase UPS, enhancing its power management capabilities. Their mission is to improve power management for a sustainable and reliable environment, serving customers worldwide.
- In February 2022, ABB has announced the launch of Metering Solutions for efficient energy management, targeting diverse industries. These meters enable users to make informed decisions about power consumption and offer power quality analysis, suitable for residential, industrial, and commercial buildings. The models include M1M11, M1M DS, M1M 20B, and M1M 30B, addressing submetering and power quality monitoring. They are expanding their energy efficiency device portfolio by introducing a new set of smart metering solutions to enhance energy management.
This power quality meter market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments:
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By Product
- Portable
- Panel Mounted
By Application
- Commercial
- Industrial
- Utility
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Russia
- UK
- Italy
- Spain
- Netherlands
- Austria
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Malaysia
- Indonesia
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- Egypt
- South Africa
- Nigeria
- Kuwait
- Oman
- Latin America
- Brazil
- Peru
- Argentina
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