Future Market Insights recently published a well-curated market study that provides critical insights related to the prospects of the energy and power quality meters market over the forecast period, 2019-2029. The report offers critical insights related to the various parameters that are expected to influence the dynamics of the market including the trends, challenges, opportunities, and more. As per the report, the size of the global energy & power quality meter market in terms of revenue was around US$ 2 billion in 2018 and the market is estimated to witness a steady growth at a compounded annual growth rate (CAGR) of ~7% over the forecast period.
The projected market growth is primarily driven by a range of factors including, growing penetration of the Internet of Things (IoT) in various industries, increase in the rate of electrification, and high demand for cutting-edge & efficient power quality meters. In addition, the swelling popularity of advanced energy management solutions is another factor that is likely to play a key role in the development of the global energy and power quality meters market in the upcoming years. Moreover, as Industry 4.0 has picked up significant momentum in recent years, multiple industries are leaning towards the adoption of energy & power quality meters to minimize emission.
Industry 4.0 to present significant opportunities for market players
In the last few years, the focus on Industry 4.0 has increased at a rapid pace and the trend is set to continue in the years to come as industries continue to enhance their overall output by leveraging the benefits of disruptive technologies such as the Internet of Things (IoT). The noteworthy shift towards Industry 4.0 is likely to play a key role in boosting the demand for energy and power quality meters that are primarily deployed to oversee the distortions in harmonics and voltage. In addition, an exponential growth in the adoption of energy & power quality meters within the industrial sector can be observed as they play an imperative role in minimizing damages to critical and highly expensive equipment.
According to an analyst at Future Market Insights, “The rapid growth of the industrial sector worldwide especially in the developing countries such as India, Indonesia and China, is likely to generate multiple opportunities for players operating in the energy & power quality meters market in the upcoming years.”
Opportunities in Asia-Pacific on the Rise
Several leading companies operating in the energy & power quality meters market are eyeing the untapped opportunities in nations including Indonesia, India, and China to establish their footprint in the market. Further, the economic growth of the mentioned nations along with rampant industrialization is expected to positively impact the demand for energy & power quality meters in the foreseeable future. Moreover, the growth in the number of investments by the government bodies to enhance the technological and industrial infrastructure is estimated to create significant growth opportunities in the coming years.
Energy and Power Meters Market: Vendor Insights The report throws light on the profiles of prominent players operating in the energy and power meters market. The leading market players are, Schneider Electric, ABB, Siemens AG, Selec, Emerson, Iskra, and Rockwell Automation, Inc. among others
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