Power Quality Monitors Market was valued at USD 1.50 Billion in 2022 and is projected to reach USD 2.90 Billion by 2030, growing at a CAGR of 8.80% from 2024 to 2030.
The Power Quality Monitors Market has witnessed significant evolution from 2018 to 2022, driven by a growing demand for accurate monitoring of power systems in various industries. From industrial plants to residential buildings, the need for ensuring high-quality power without interruptions has surged. This growing demand can be attributed to factors like increased industrialization, the expansion of renewable energy sources, and the rise in the number of electric vehicles, all of which require stable and reliable power. Power quality monitors are essential in detecting anomalies like voltage sags, surges, and harmonics that may impact machinery performance and energy efficiency.
Throughout 2018 to 2022, the market has steadily grown, with key regions such as North America, Europe, and Asia-Pacific driving the demand. The market growth was primarily fueled by the rising adoption of smart grid technologies, the increasing integration of renewable energy sources, and the demand for uninterrupted power supply systems across industries. For example, the industrial sector saw a surge in the usage of these monitors due to its need to avoid costly downtimes caused by power disturbances. Additionally, significant investments were made in the development of advanced monitoring systems, with more precise measurements of power quality metrics and better diagnostic capabilities.
Looking ahead, the Power Quality Monitors Market is expected to continue its upward trajectory, but the demand from 2023 to 2033 will be shaped by different factors. The integration of advanced technologies such as artificial intelligence (AI) and machine learning is set to revolutionize the way power quality is monitored. These innovations promise enhanced predictive maintenance capabilities and real-time data analytics, allowing industries to proactively manage power quality. Moreover, the rapid adoption of electric vehicles, growing smart cities, and the rising implementation of renewable energy sources are anticipated to further escalate the demand for more sophisticated power quality monitoring systems.
With industries focusing on sustainability and energy efficiency, the Power Quality Monitors Market is also expected to see increased investments in these sectors. The increasing push for net-zero carbon emissions, along with stringent environmental regulations, will fuel the adoption of systems that ensure optimal power quality. Furthermore, as industries shift to automated processes, ensuring that electrical equipment functions smoothly without power disturbances will be crucial, contributing to the market's growth during this decade.
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Fluke Corporation (Fortive)
Hioki
Yokogawa
Chauvin Arnoux
UNI-T
Kyoritsu
Dranetz
Sonel S.A.
Ideal
HT Instruments
Megger
Extech
ZLG
Elspec
Metrel d.d.
Satec
XiTRON Technologies
Ponovo
Janitza Electronics
CANDURA Instruments
Reinhausen Group
DEWETRON GmbH
Ceiec-Electric
Huasheng
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Power Quality Monitors Market
Electric Power Enterprise
Industry Enterprise
Others
Based on Types the Market is categorized into Below types that held the largest Power Quality Monitors market share In 2023.
On-line Type
Portable Type
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Power Quality Monitors Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Power Quality Monitors Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Power Quality Monitors Market, By Type
6. Global Power Quality Monitors Market, By Application
7. Global Power Quality Monitors Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Power Quality Monitors Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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