In 2022, it is projected that the market for power metering will be worth US$20.5 billion. However, due to the rapid uptake of power metering equipment across numerous industries, it is anticipated that the market as a whole will grow at a CAGR of roughly 5.8% to 8.3% between 2022 and 2032, reaching a value of about US$ 36 billion by that time.
The power industry now places a high priority on measuring and monitoring power consumption. Different power metering tools are increasingly used in the commercial, residential, and industrial sectors for this purpose.
Energy consumption is measured by power metering devices, which also allow for unidirectional and bidirectional communication between the central system and the metre. These gadgets communicate and read the amount of electricity used over a specific time period.
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The power metering market refers to the market for equipment and solutions used to measure and monitor the consumption of electrical energy. Power metering is an essential component of energy management systems, enabling businesses and consumers to monitor their energy usage and identify opportunities for efficiency improvements and cost savings.
The market for power metering is driven by several factors, including increasing demand for energy efficiency, rising electricity prices, and government regulations mandating the use of energy-efficient technologies. Additionally, the growing adoption of renewable energy sources, such as solar and wind, is driving the need for accurate metering and monitoring systems to manage these intermittent sources of power.
How will Growth Unfold in the North America Market?
North America is expected to hold a significant share of the global power metering market during the forecast period, owing to the growing popularity of smart grids and smart meters, rising need for reducing bills, growing consumer awareness and presence of leading market players.
Demand for power metering is particularly high across the United States due to integration of smart grids in power industry, increasing government investments in expanding power infrastructure, and rising trend of green building.
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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.
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 includes several types of meters, such as smart meters, digital meters, and analog meters.
Smart meters, which are equipped with communication capabilities that allow them to send and receive data remotely, are the fastest-growing segment of the market. These meters enable utilities and consumers to monitor energy usage in real-time and can support demand-response programs that incentivize customers to reduce energy consumption during peak periods.
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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