DUBLIN, June 9, 2016 /PRNewswire/ —
Research and Markets has announced the addition of the “Power Quality Meter Market by application, by End-User, by Phase and by Region – Global trends & forecasts to 2021” report to their offering.
The global power quality meter market is projected to reach USD 1,252.0 Million by 2021, growing at a CAGR of 7.5% from 2016 to 2021. This growth can be attributed to the rising industrial & infrastructural activities and increasing upgradation of transmission & distribution infrastructure, triggered by the rising energy demand.
The report segments the power quality meter market on the basis of phase into single and three phase. The three phase power quality meter segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing investments in transmission & distribution infrastructure, renewable power plants, and industrial & infrastructural activities. However, the demand for single phase power quality meters is also set to increase as these are handheld and are portable, which gives them the edge over the three phase meters and as such are extensively used by electricians.
The Asia-Pacific power quality meter market is estimated to have the highest growth rate, owing to the increased urbanization & industrialization, which propel the demand for power quality meters. China dominated the global power quality meter market in 2015, on the account of extensive upgradation of electrical infrastructure and installation of new transmission & distribution lines. China and India are estimated to be the fastest growing markets for power quality meters in the region from 2016 to 2021.
The resistance of end-users toward the installation of new technologies is a major concern for utilities. Irrespective of the type of power quality meters, gaining customer’s confidence is very important. The prime reason behind such reluctance is lack of awareness on the importance of the quality measurement and testing equipment among consumers, which is the biggest barrier hindering the growth of the power quality meter market.
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For more information visit http://www.researchandmarkets.com/research/vqxqgf/power_quality
Research and Markets
Laura Wood, Senior Manager
SOURCE Research and Markets