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Power Quality Meter Market Size

Report ID: GMI7124
Published Date: Oct 2023
Report Format: PDF

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Power Quality Meter Market Size

Power Quality Meter Market was valued at USD 1.9 billion in 2023 and is projected to expand at over 7.4% CAGR from 2024 to 2032. Increasing utilization of sensitive electronic equipment in industrial and commercial settings will fuel the product demand. For instance, industrial production went up by over 8% in 2022 when compared to last year.

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Power quality meters are becoming more advanced, integrating with the internet of things and data analytics platforms. This allows for real-time monitoring and analysis of power quality data, helping businesses make informed decisions and predict potential issues. Power quality standards and regulations were becoming more stringent, which in turn will positively sway the industry potential.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of power quality meter was worth USD 1.9 billion in 2023 and is estimated to surpass USD 3.7 billion by 2032, due to the increasing utilization of sensitive electronic equipment in industrial and commercial settings.

The portable product segment held over 50% of the power quality meter market share in 2022, owing to the growing complexity of electrical systems and the increasing use of sensitive electronic equipment worldwide.

North America power quality meter market size exceeded USD 356.7 million in 2022, due to the increasing awareness about the importance of power quality coupled with the influx of stricter regulations and standards related to power quality.

Some of the leading power quality meter companies are General Electric, Siemens, ABB, Eaton, Schneider Electric, and Emerson Electric Co.