Power Meters and Sensors Market Trends and Prospects by 2026

Rise in economic development after the recession has led to the growth in power infrastructure development activities. Supportive nature of the government policies, concerns related to energy security, growth in population are some of the major factors which have fuelled the power generation requirement. Many developing countries are coming up with new thermal, hydro, solar and wind related power generation projects have to boost their generation capacities in order to fulfil their energy demand. Decline in per watt cost of generation coupled with the provision of the bonuses and subsidies for the use of renewable energy have played a significant role in power generation and the infrastructure development market. In order to increase the reliability of the electricity and determining the quality and measurement of the power delivered end consumer, power meters and sensors are the important devices.

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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.

Power sensors and meters avoids the grid failures, high installation and operating risk and requirement of the new grid infrastructure. Increasing population along with the rapid industrialization act as the opportunity for the implementation of power sensors and meters. Some of the important 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.

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.

Based on applications the power meters and sensors market can be 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.

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Key companies operating in the power meters and sensors market include ABB, MHI, Siemens, General Electric, Honeywell International, Schneider Electric, Smart Sensors, Rohde & Schwarz GmbH, Sensata Technologies, Yokogawa Electric Corporation.

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