In any electrical installation power meters are required to monitor voltage, current and power range which is offered by a digital powered meter. The key function of a digital power meter is to measure power quality parameters such as harmony, current/voltage unbalances as well as electrical energy. Digital power meters are also designed to identify energy leakage/waste, equipment malfunctions and other power quality issues i.e., managing energy use and analyzing energy consumptions.
Industrial and commercial operations are dependent on digital power metering solutions owing to their use in monitoring and reporting accurate power quality. This enables the reliable and efficient use of energy within their operations. Several factors such as flexible installation options, advanced communications and logging capabilities make the digital power meter a significant device for grid automation, commercial spaces such as data centers etc. Owing to the above mentioned factors, in the coming years, the digital power meter market is anticipated to witness significant growth.
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Digital Power Meter Market: Dynamics
The increasing growth of smart grid projects has significantly driven the global digital power meter market. Smart grids include application such as supervisory control & data acquisition systems, digital power meters and other systems for communication. With the advantages of digital power meter such as energy saving, light weight nature, the adoption is increasing in commercial, industrial and utility sectors. Thus growing demand from power generation sector as well as residential sector is anticipated to reflect in optimistic market growth during forecast period.
Digital power meter are expensive due to their high manufacturing cost. Also Ensuring the security and privacy of metering data is a key challenge faced by digital power meter consumer. This factors are likely to curtail the global digital power meter growth.
Currently the digital power meter market is largely driven by growth strategies such as product launches. For instance, Yokogawa a leading manufacturer of digital power meters, added WT300 series of digital power meters as the latest addition to its product range, delivering power accuracy from the compact WT300 to the highest precision WT3000.
The Corona Virus pandemic is currently impacting the global economy at countless levels and no industry sector has been saved. This has reflected in a substantial slowdown in spending in the year 2020 as it resonates through every sector of the economy. The outlook remains indeterminate for the coming year as the scope of the virus and its impact on production, demand and supply chains which is anticipated to hinder the overall digital power meter market growth.
Digital Power Meter Market: Regional Outlook
North America is expected is anticipated to account for prominent share in the global digital power meter market by virtue of growing industrial and commercial spaces. In addition, prevalence of large number of manufacturers in the region provides positive prospects for the market growth. Emerging countries in Asia Pacific region such as India, China are witnessing substantial growth in residential and commercial construction activities owing to increasing population, demographic changes, urbanization and industrialization. This, in turn, is expected to positively impact the digital power meter market growth in the region.
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Digital Power Meter Market: Key Participants
Some of the market participants in the global digital power meter market, identified across the value chain include:
- Advanced Electronics Company
- EKM Metering Inc.
- Elster Group GmbH
- Holley Metering, Ltd.
- Itron, Inc.
- Jiangsu Linyang Energy Co. Ltd.
- JiaxingEastron Electronic Instruments Co. Ltd.
- Kamstrup A/S
- Landis+Gyr AG
- Murata Power Solutions
- Schneider Electric SA
- Sensus USA
- Simpson Electric
- HPL Electric and Power Limited
The research report on the digital power meter market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The digital power meter market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, end use, and product type.
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Digital Power Meter Market: Segmentation
The global digital power meter market can be segmented on the basis of phase type and end use.
On the Basis of Phase:
- Single Phase Power Meters
- Three Phase Power Meters
On the Basis of End Use:
- Industrial
- Commercial
- Utility Scale