Energy & Power Quality Meters Market worth US$ 1.2 Bn in 2029

Industry 4.0 Offering Tailwinds to Energy & Power Quality Meters Market, Finds FMI
A new market research report by Future Market Insights on the energy & power quality meters market investigates and provides critical insights on energy & power quality meters market for the forecast period of 2019-2029. As per the findings of the report, the worldwide sales of energy & power quality meters reached ~US$ 2 Bn in 2018. Moreover, the global energy & power quality meters market is projected to experience significant growth over the forecast period, due to multiple driving factors, such as growth in Industrial IoT, increasing rate of electrification, and rising demand for next-generation power quality meters.
According to the report, the industry 4.0 is rapidly changing industrial production capabilities and drastically changing industrial processes. This revolution is generating demand for energy & power quality meters to monitor the distortions in voltage and harmonics, which further is contributing towards the growth of the energy & power quality meters market through 2029. Moreover, the adoption of energy & power quality meters in the industrial sector helps in preventing damages to expensive and critical equipment. It is expected to boost the demand for energy & power quality meters in 2019 and beyond.
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As industrial sector continues to aggressively expand in both developed and developing countries around the globe, it is expected that multiple opportunities will be created for key players in energy & power quality meters market in the near future.