Power Quality Meter Market Size, Share & Industry Analysis, By Phase (Single-phase, Three-phase), By End-user (Industrial & Manufacturing, Commercial, Utilities, Transportation, Others), By Application (Distribution Panels, Substation Monitoring, Equipment, Others) And Regional Forecast, 2024-2032

A power quality meter is considered an ideal choice when continuous monitoring of a three-phase system is required.  It provides metering for current, voltage, real and reactive power energy use, cost of power, power factor, and frequency. Power quality alludes to the ability of electrical equipment to consume the energy being supplied to it. Several power quality issues including electrical harmonics, poor power factor, voltage instability, and imbalance impact the efficiency of electrical equipment. Power quality meters primarily find major applications in industries & manufacturing facilities.

The meters are installed at the incoming of the power source to monitor the distortions in voltage and harmonics. Any distortions and fluctuations are harmful to the equipment such as motors, servers, and others. Power quality meters are used extensively to prevent damages to expensive and critical equipment. The increasing industrial growth across the developed and developing regions would in turn raise the demand for power quality meters.

By phase, the market is segregated into single-phase and three phases. The three-phase segment is expected to dominate the market owing to its extensive use in commercial and industrial facilities to accommodate higher loads and it delivers power at a steady & constant rate. However, the demand for single-phase power quality meters is also set to increase as these are handheld and are portable, which gives them the edge over the three-phase meters and as such are extensively used by electricians.

By application, the market is classified into distribution panels, substation monitoring, equipment, and others. The growing demand for primary protection of critical equipment from voltage interruption is driving the market. By end-user, the market is segmented into industrial & manufacturing, commercial, utilities, transportation, and others. The industrial & manufacturing segment recorded the largest market size. Globally, industrial and manufacturing activities contribute to the economy. Consequently, reliable, efficient, and uninterrupted power supply becomes the inevitable requirement for industrial facilities, nowadays.

The increase of power consumption is considered as a core driving factor with that industrial manufacturing & processing sector worldwide also act as a key driver in the market. It is the largest consumer of electricity, followed by transportation, residential and commercial sectors.  The need for high capacity and efficient electric power supply systems to servers, data centers, and other power-related infrastructure helps in boosting the segment growth.

Any kind of power interruption or outages can affect crucial industrial operations and can result in huge losses. The resistance of end-users toward the installation of new technologies is a major concern for utilities. Irrespective of the type of power quality meters, gaining customer’s confidence is very important. The prime reason behind such reluctance is the lack of awareness on the importance of quality measurement and testing equipment among consumers, which is the biggest barrier hindering the growth of the market.

Key Market Driver -

Continuous Increase of power consumption

Key Market Restraint -

Lack of awareness regarding power quality meter

Key Players Covered:

The major players operating in the power quality meter market are ABB Ltd., Siemens AG, Schneider Electric SE, Emerson Electric Company, Eaton Corporation, Plc, General Electric Company, Active Power, Inc., MTE Corporation, Smith’s Group plc., Toshiba Corporation, and others.

Regional Analysis:

The global power quality meter market has been segregated into five key regions including North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America is expected to dominate the overall power quality equipment market owing to the increasing digitization of the telecommunication industry. Additionally, increasing awareness pertaining to environmental safety and sustainability is further expected to drive market growth.

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Segmentation

INDUSTRY DEVELOPMENTS:

• In December 2020, ABB launched low-voltage products that provide the next level safety and quality for optimized energy.


• In October 2018, Portland General Electric Co. built smart meters in three Oregon towns to carry out advanced automation distribution technologies to upgrade service quality.


• In August 2017, Aclara Technologies LLC, who is a provider of smart infrastructure solutions acquired the equity interest in General Electric Philippines Meter so as to develop a joint venture to expand electric distribution.