In 2022, it is projected that the market for electricity metering would be worth US$20.5 billion. However, due to the rapid uptake of power metering equipment across numerous industries, it is anticipated that the market as a whole would develop at a CAGR of between 5.8% to 8.3% between 2022 and 2032, reaching a value of about US$ 36 billion by that time. The electricity industry now places a high priority on measuring and monitoring power use. Different power metering tools are increasingly used in the commercial, residential, and industrial sectors for this purpose.
Energy consumption is measured using power metering devices, which also allow for unidirectional and bidirectional communication between the central system and the metre. These gadgets scan and record the quantity of electricity used over a predetermined amount of time, then transmit that information back.
Market Competition
Some of the key participants present in the global power metering market include
- Toshiba Corporation,
- Honeywell International Inc.,
- ABB,
- General Electric,
- Schneider Electric,
- Eaton Corporation,
- Siemens AG,
- Jiangsu Linyang Electronics Co., Ltd.,
- Melrose Plc.,
- Aclara Technologies LLC, and
- Holley Metering.
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Presence of a large number of regional and domestic players has made the global power metering market highly competitive in nature. Leading players are constantly upgrading their product portfolios to provide end users with more efficient and reliable power metering solutions. Besides this, they have adopted growth strategies such as collaborations, partnerships, acquisitions etc. to gain a competitive edge in the market.
The power metering market refers to the industry that produces and sells devices used for measuring and monitoring electricity consumption, such as smart meters and other types of meters. Power metering is used to accurately measure and record electricity consumption for billing and other purposes, and it is an important tool for energy management, demand response, and other energy-related applications.
The market for power metering is expected to grow significantly in the coming years, driven by a variety of factors such as increasing adoption of renewable energy, growing demand for energy efficiency, and government policies promoting the deployment of smart grid technologies. The increasing trend of smart cities also expected to drive the market growth.
The power metering market can be segmented on the basis of type, application, and region. On the basis of type, the market is segmented into smart meters, digital meters, electromechanical meters, and others. On the basis of application, the market is segmented into residential, commercial, and industrial. On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Which Factors are Triggering the Growth of Power Metering Market?
The robust expansion of power metering market is attributable to the increasing government investments in power sector, technological upgradation of old grid infrastructures, growing focus towards reducing energy bills, and rising environmental concerns. Moreover, growing popularity of power metering equipment due to their two-way communication, reliable nature, and low maintenance costs is positively impacting the market growth.
Power metering has gained immense traction across the world on account of various attractive features including real time feeds, enhanced accuracy, better transparency, and easy installation nature. Power metering equipment have become essential components of modern electricity infrastructures. They are being increasingly employed by electricity utility companies to measure power consumption.
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Key Segments Profiled in the Power Metering Industry Survey
By Type:
- Digital
- Smart
- Analog
By Phase:
- Single Phase
- Three Phase
By Application:
- Commercial
- Industrial
- Residential
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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