Multifunction Meter Market: Poised To Expand At A Robust Pace Over  2019 - 2027

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Multifunction Meter Introduction

  • Multifunction meters are a hand-held device specially designed to monitor electrical installations. A multifunction meter measures and monitors all the electrical parameters such as active power, power factor, voltage, current, apparent power, reactive power, phase angle, and active energy.
  • Multifunction meters are mainly used where reliable, accurate, and exact measurements are required.
  • A multifunctional meter is used in the industrial sector for control panels, motor control centers, power distribution panels, etc.
  • Multifunction meters are mainly of two types: three-phase multifunction meters and one-phase multifunction meters.
  • The global multifunction meter market is anticipated to expand at a rapid pace over the forecast period due to their increased demand from the industrial sector.

Key Drivers of the Multifunction Meter Market

  • A rise in demand to reduce energy cost across the globe is expected to create demand for multifunction meters in the upcoming years. This is primarily because multifunction meters reduce energy cost by continuously tracking and monitoring energy consumption. Additionally, it also takes the backup of other integrated parameters.
  • Multifunction meters easily recognize the basic faults in the electrical system and also provides high degree of accuracy in calculation. This is anticipated to drive the multifunction meter market in the near future.
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  • Multifunction meters are also used in troubleshooting a wide range of electrical problems in wiring systems, electronic equipment used in industry, motor controls, domestic appliances, and power supplies, which is estimated to boost the market.
  • Rising demand to monitor power consumption on a daily basis and reduce it accordingly is estimated to drive the multifunction meter market.
  • Increasing shift toward comfort and better standard of living has led to the expansion of the smart homes concept, where automatic control of electricity, light, and energy is required. This indirectly drives the growth of the multifunction meter market.

Multifunction Meter Market- Competitive Landscape

Key Players Operating in the Global Multifunction Meter Market

Several local, regional, and international players in the market manufacture multifunction meters. Hence, the market is rather fragmented; intensity of competition is also high among players. Rapid technological advancements have led to a threat of substitution in the multifunction meter market. Key players operating in the global multifunction meter market include:
  • C&S Electric Limited
  • M B Control & Systems Pvt Ltd.
  • Minilec Group
  • Meco Instruments Pvt. Ltd.
  • Larsen & Toubro Limited
  • Selec Controls Pvt Ltd.
  • Schneider Electric
  • MINSUN Technology Co., LTD.

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