A power quality meter is a machine designed to generate electricity. A power quality convertor is required for generators to adjust the generator frequency and voltage. This energy is also used to work for mill grains, drive machinery, and pump water. A power quality meter can also convert the variable frequency output of an induction generator, driven by the variable speed of turbine. The system is recognized as renewable, eco-friendly, and emits no carbon dioxide. Therefore, these benefits are expected to witness significant growth of the power quality meter market over the forecast timeframe.
COVID-19 scenario analysis:
- 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 meter.
- Decline in the demand resulting from fallen economic activities prompted by this pandemic is expected to lead to lower production rate and high inventory cost.
- 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 for the market.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The need to replace current energy sources, such as fossils fuel, gas, and coal, are the major drivers for the high demand for power quality meter systems. The market is diverting toward the adoption of renewable sources of energy and is considered a safe environment. Therefore, meters have been widely used for generating electricity. This accelerated consumption of electricity in commercial and other industrial processes also boosts the demand for renewable power quality meter. Power meter also adopts the changing speeds continuously with respect to the changing wind velocity, thus they are considered high-efficiency technology for electricity generation.
The global power quality meter trends are as follows:
New product launches to boost the market
The major market players also have taken the necessary steps to improve the accuracy of devices and overall functionality. The increasing installation rate of power quality meter across the globe plays a significant role in the evolution of the market. More focus is given to the design and control of power converters. The new technologies have been used for increasing the overall performance of the power quality meter and build innovative blade manufacturing techniques. The adoption of wind-induced energy harvesting devices and smart rotors is an emerging trend in the power quality meter market.
Surge in usage in commercial and industrial applications
Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on utilization. Leading market players have determined how improved accuracy can be influential in many applications. The need to generate electrical power with a wide range of speeds leads to high usage of power quality meter system. Furthermore, this system has the ability to capture and transfer the energy to the grid or a load.
Key benefits of the report:
- This study presents the analytical depiction of the global power quality meter market along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the power quality meter market share.
- The current market is quantitatively analyzed to highlight the power quality meter market growth scenario.
- The report provides a detailed analysis based on competitive and how the competition will take shape in coming years.
- This report helps users in comprehending the key product segments and their future.
Power Quality Meter Market Report Highlights
By End User
Key Market Players
Emerson Network Power CO, Schneider, ABB, Siemens AG, Alstom, AMSC Windtec USA Suzhou, Sungrow Power supply Co