Energy & Power Quality Meters Market Forecasted to Reach $4.41 Billion by 2029
The Energy and Power Quality Meters Market is forecasted to reach $4.41 Billion by 2029 and exhibit a 7.5% CAGR between 2022 and 2029, according to a recent report from Future Market Insights. Moreover, the global energy and power quality meters market is projected to experience significant growth over the forecast period, due to multiple driving factors, such as growth in Industrial IoT, increasing rate of electrification, and rising demand for next-generation power quality meters.
Key highlights from the report
- Industry 4.0 is rapidly changing industrial production capabilities and drastically changing industrial processes, increasing demand for energy and power quality meters.
- The industrial sector, the energy and power segment is expected to witness high growth rates during the forecast period.
- The world is witnessing rapid increase in generation, transmission, and distribution of energy, creating potential growth opportunities for the energy and power quality meters market.
- Manufacturers of energy and power quality meters are focusing on expanding their businesses across countries in Asia Pacific such as China and India, creating potential growth opportunities for the energy and power quality meters market players.
- According to IEA (International Energy Agency), in 2000, more than 40% of global energy demand was in Europe and North America and some 20% in developing economies in Asia. However, by 2040, this situation will be completely reversed.
Increasing Competitive Product Profile Playing a Crucial Role in Market Growth
The increasing scope of applications related to power quality equipment and a competitive market has, in turn, resulted in product differentiation and expansion strategy by the advanced power quality meter manufacturers to provide a competitive edge and strengthen their market presence specifically to the desired end-use industry market.
For this, advanced power quality meter manufacturers are continuously increasing research and development and product development activities in order to improve their product awareness levels to the end-consumers and minimize the hazardous effects associated with surpassing the environmental regulations and norms in end-user industries.
These insights are based on a report on Power Quality Equipment Market by Future Market Insights. For More information, visit FMI's website.
