Global Power Quality Meter Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Power Quality Meter Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

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. 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 meters primarily find major applications in the industrial sector, commercial sector, utility sector, etc.

Market Overview:

The latest research study on the global Power Quality Meter market finds that the global Power Quality Meter market reached a value of USD 1252.83 million in 2022. It’s expected that the market will achieve USD 1851.88 million by 2028, exhibiting a CAGR of 6.73% during the forecast period.

Influence of COVID-19 Outbreak on Power Quality Meter Industry Development

The decline in the demand resulting from fallen economic activities prompted by this pandemic is expected to lead to lower production rates and high inventory costs. The recent lockdown measures over the past few months have significantly reduced electricity demand in the commercial and industrial sectors. The International Energy Agency (IEA) predicted a demand drop of 5% in the power sector by the end of 2020. This is expected to decline the demand for power quality meters. Companies across the power sector ceased or decreased capital expenditures and non-critical investments have been delayed. This negatively affected the market growth. Moreover, local and international travel restrictions have delayed many new projects in the power sector, which diminished the growth rate of the market.
The distribution channel segment is divided into offline and online, the offline segment is dominating the market currently, and due to emergence of COVID-19, the online market witnessed a significant growth in 2020. The COVID-19 Outbreak has led to a decline in offline passenger flow, and the advantages of e-commerce companies have become prominent. During the epidemic prevention and control period, some power quality meter enterprises did not carry out internet marketing and promotion for their business, so they encountered great resistance in undertaking business. For enterprises that fail to make good use of network promotion means, there is almost no market development during the epidemic period, and the original offline market development plan is disrupted, and the epidemic will face fierce market homogenization competition, which is expected to have a great impact on the company's business throughout the year.

Drivers

Power quality is measured according to the quality with which it is delivered to the end customers; power quality is deemed as high when it has clean sinusoidal waveforms without any spikes, sags, and other electrical disturbances. It should also be free from transients, harmonics, and other such distortions. Over the years, with the advances in technologies and equipment, power quality has become a major issue for power providers and their customers. The nature of the supply voltage determines the electric power quality. Good electric power quality reflects a steady voltage supply within the desired range. Power quality meters are mainly used for the measurement and analysis of three phase or single phase systems. These meters enable discovery and diagnosis of anomalies related to electric supply with greater precision. For this purpose, power quality meters are used in myriads of applications including metering of distribution feeders, generators, transformers, capacitor banks and motors.
The energy management industry is growing as a result of substantial transformations in global electrical power systems, such as decarbonization, decentralization, and digitization. This growth is assisting advanced power quality meter manufacturers in constructing a line of next-generation power quality instruments that monitor, record, and analyze crucial electrical patterns in order to improve energy efficiency, process performance, and cost. As a result of the growing demand for energy management solutions, demand for power quality meters is expected to grow across the globe.

Limitations

There are a large number of power quality meter suppliers around the world with roughly the same level of competitiveness, which will affect the bargaining power of major players in the industry and require more research and development to form a unique competitive advantage. And many suppliers have rich experience in the field of power quality meter and have a strong brand image, which will raise the barriers to entry for the industry and limit the number of new entrants. Moreover, the presence of numerous players that offers power quality meter at lower prices to attract price-sensitive customers poses a significant threat to the market. Despite steady sales, the market for power quality meter has failed to achieve its full potential owing to competitive pricing strategies applied by regional players. This has posed a challenge to revenue growth which in turn is negatively impacting the market.

Region Overview:

Europe had the highest growth rate of all regions.

Company Overview:

Siemens AG is one of the major players operating in the Power Quality Meter market, holding a share of 4.63% in 2022.

Siemens AG is an engineering and manufacturing company. The Company focuses on areas of electrification, automation, and digitalization. Siemens also provides engineering solutions in automation and control, power, transportation, and medical diagnosis.

General Electric Company (GE) is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. Until 2021, the company operated in sectors including GE Healthcare, aviation, power, renewable energy, digital industry, additive manufacturing, locomotives, and venture capital and finance, but has since divested from several areas, now primarily consisting of the first four segments.

Segmentation Overview:

Among different product types, Three Phase segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Industrial sector segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Power Quality Meter market covered in Chapter 3:

Unipower
Dranetz
Yokogawa Test & Measurement
General Electric
Honeywell International Inc.
Elspec
Siemens AG
Accuenergy
SATEC
Electro Industries/GaugeTech
CET
SEL
Schneider Electric
Wasion Group Holding
Eaton
ABB Ltd.
Powerside

In Chapter 4 and Chapter 14.2, on the basis of types, the Power Quality Meter market from 2018 to 2029 is primarily split into:

Single Phase
Three Phase

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Power Quality Meter market from 2018 to 2029 covers:

Industrial sector
Commercial sector
Utility sector
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)