Transparency Market Research in its new report titled, “Power Meters and Sensors Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the power sensors and meters market. The TMR report states that the increasing population along with the rapid industrialization will drive the power sensors and meters market during the forecast period i.e, 2018-2026.
According to the report, some of the major factors for determining use and type of installations are sophistication and the customer’s expectations, budget setup requirement, cost allocation, power source, needs of the project and desires of the owner. Most of the meters now days monitor and display range of voltage, current, and power source. These are also able to display other parameters, which include a selection of min/max, line-to-line, line-to-neutral, demand and power factor values. The power sensors and meters are also designed for the advanced requirements such as power quality, sensors are also incorporated the memory and high speed monitoring capability to capture, sense and analyze unusual system irregularities such as harmonics and current values.
The TMR report states that the new plant additions and their types divided into either renewable energy based and nonrenewable energy based power projects. Renewable power projects utilize solar, wind, tidal, wave and geothermal energy to generate power. Power meters and sensors helps in analyzing the generation capacity, type of faults, consumption analysis. Increasing population and growing power demand, supportive government policies, concerns related to energy security are the major drivers for the electric power meters and sensors devices market. Most of the meters are installed for the stand-alone applications for local access of the data only. There is a growing trend to monitor this information remotely. Analog inputs are used to monitor external parameters by the meter, such as a temperature and transducer. The high-end meters which communicate on an Ethernet network technology act as centers for other meters which transfer on the Modbus.
In terms of applications, the power meters and sensors market is classified into industrial, commercial and residential. There is a significant upsurge in the power and sensors demand in the industrial and residential segment due to implementation of smart grid infrastructures to reduce power demand at peak hours. From a regional perspective, power meters and sensors market is segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among these, Asia Pacific is expected to lead the market in the forecast period due high demand of power from the industrial applications. Major companies operating in the power meters and sensors market are profiled in this report to give a better competitive analysis and these include ABB, MHI, Siemens, General Electric, Honeywell International, Schneider Electric, Smart Sensors, Rohde & Schwarz GmbH, Sensata Technologies, Yokogawa Electric Corporation.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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