The global power quality meter market is projected to grow from an estimated USD 870.5 Million in 2016 to USD 1,252.0 Million by 2021, registering a CAGR of 7.5% from 2016 to 2021. Factors such as growing investments in transmission & distribution infrastructure and increasing industrialization & infrastructural activities are driving the global power quality meter market. The power quality meter market is segmented by phase, application, end-user, and region.
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Power quality meters primarily find major application in industries & manufacturing facilities. In 2015, industrial and manufacturing was the largest segment of the power quality meter market, and accounted for the largest share of the total market. 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 for 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.
North America is expected to dominate the power quality meter market
In this report, the power quality meter market has been analyzed with respect to five regions, namely, Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. North America is estimated to dominate the market, owing to factors such as industrialization, effective smart grid initiatives, high investments in the upgradation of transmission & distribution infrastructure, energy-efficiency measures, and renewable projects.
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Some of the leading players in the power quality meter market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE (France), and Siemens AG (Germany).