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Market Overview of Global Power Quality Meter market:
According to our latest research, the global Power Quality Meter market looks promising in the next 5 years. As of 2022, the global Power Quality Meter market was estimated at USD 1252.83 million, and it's anticipated to reach USD 1851.88 million in 2028, with a CAGR of 6.73% during the forecast years.
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.
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.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Power Quality Meter market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Power Quality Meter Market Report:
Market Size Estimates: Power Quality Meter market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Power Quality Meter market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Power Quality Meter market
Segment Market Analysis: Power Quality Meter market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Power Quality Meter market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Power Quality Meter Market: Revenue and sales volume of major countries in each region
Power Quality Meter Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Power Quality Meter market in major regions.
Power Quality Meter Industry Value Chain: Power Quality Meter market raw materials & suppliers, manufacturing process, distributors, downstream customers
Power Quality Meter Industry News, Policies & Regulations
Key players in the global Power Quality Meter market are covered in Chapter 12:
Schneider Electric
Powerside
Yokogawa Test & Measurement
Accuenergy
Unipower
ABB Ltd.
SATEC
Wasion Group Holding
Electro Industries/GaugeTech
Dranetz
General Electric
CET
Siemens AG
Eaton
Honeywell International Inc.
Elspec
SEL
In Chapter 2 and Chapter 15.1, based on types, the Power Quality Meter market from 2018 to 2028 is primarily split into:
Single Phase
Three Phase
In Chapter 3 and Chapter 15.2, based on applications, the Power Quality Meter market from 2018 to 2028 covers:
Industrial sector
Commercial sector
Utility sector
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Power Quality Meter market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028