About the PowerQuery Editor Replace value feature in Power BI

Hi BIuser45,

Your Question is will PowerQuery will replace the values Automatically for future Data, 

So the Ans is YES, it will automatically update the Data, make sure when you publish the data you have applied scheduled refresh.

I begin working on Power BI since a year, what I found is, if you have a large amount of data like Millions of Rows then I think you might face a little bit of issue, otherwise it fine if you don't have that big data.

Hello BIuser45,

So what happens in Power Query when you makee a step like replacing a value, every time you refresh the data it goes through every step so if you have new rows that should be replaced with the same concept it will replace them.

Mostly you don't need to have many many steps for the refresh performance, and if the transformation can be done in the datasource then do it there.

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I will use the PowerQuery editor Replace Value feature to replace all "Business" value with "Economics". Let's say if I applied this step in PowerQuery now. In the future, if there's new data coming from a server or database after 2023-09-20 with the category Business. Will it still replace the value "Business" with "Economics" for new rows (records)?
Yes

Another question, I have is if I add more steps in PowerQuery editor, would PowerBI take a long time to refresh the tables and update data? 

Yes but it depends on the steps that you will add. 

BIuser45 ,

Yes the Business will be replaced into Economics in the future as well.

The Performance usually depends on the steps applied to the query. Not necessarily every step slows the performance.

Regards,