Power Quality Meter Market Powering Up due to the Increased Demand for Quality Power and Growing Industrialization
Power quality can be defined as the consistency of the interaction of power with the electrical devices. In general terms, power quality is measured on the basis of parameters such as measurement of voltage, current, reactive power, harmonics, and others. Any deviations or fluctuations from the normal curve can be called as poor quality of power. Power quality problems can be defined as surges, spikes, transients, blackouts, and noises.
A power quality meter is a crucial element of the electric utility infrastructure. It not only keeps a track of various power-related parameters at a particular point in the power system, but also ensures efficient and robust data monitoring. Therefore, the need to protect electrical devices and network components is expected to drive the demand for power quality meters during the forecast period. Urbanization, coupled with industrial growth, is set to drive the demand for high power consumption, which would further increase the demand for power quality infrastructure. Despite increasing urbanization and commercialization across the globe, the commercial hubs such as IT centers, super markets, banking institutions, and other data centers face frequent power outages. Approximately 70% of these outages result from end-user premises and 30% are from utilities side. These outages result in the loss of billions of money to the companies. Government policies for the installation of technologically advanced power quality meters are further pushing the power quality meter market. The global power quality meter market is projected to reach USD 1,252.0 Million by 2021, from an estimated USD 870.5 Million in 2016, growing at a CAGR of 7.5% during the forecast period.
Leading companies in the power quality meter market are focusing on new product launches, contracts & agreements, mergers & acquisitions, and expansions to broaden their revenue and geographic reach. Contracts & agreements and new product launches were the most widely adopted growth strategies in the market from 2012 to 2016. Industry players that adopted this strategy include ABB Ltd. (Switzerland), General Electric (U.S.), Schneider Electric SE (France), Eaton Corporation Plc (Ireland), and Siemens AG (Switzerland).
Schneider Electric is one of the major competitors in the power quality meter industry. The company operates through four segments: buildings & partner, industry, infrastructure, and IT. Power quality meters are traded under its building & partner segment. The company continuously focuses on improving its performance and position in the industry by innovating and upgrading the existing products according to the changing needs of the customers which forms one of the major strategy of the company to expand and grow. In the financial year 2015, the company invested approximately 2.12% of its total revenue earned, into the research & developmental activities.
Siemens AG (Germany) is a market leader in the electrical engineering and electronics business, and has a global presence. In the past few years, the company has launched numerous products and signed various contracts & agreements to develop a product strategy and enter into the developing markets. The company operates through the following segments: power and gas; wind power and renewables; energy management; building technologies; mobility; digital factory; process industries; and drives, healthcare, and financial services. The energy management segment offers power quality meters. The company follows the strategy of acquisitions to grow and expand its regional presence. For instance, in 2015, the company acquired Dresser Rand (U.S.), to strengthen its product portfolio and increase its customer base in the distributed power segment.
Related Reports:
Power Quality Meter Market by application (Distribution Panels, Substation Monitoring, Equipment, and others), by End-User (Industrial, Commercial, Utility, Transportation and Others), by Phase and by Region - Global trends & forecasts to 2021
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