The latest report by IMARC Group, titled “Power Metering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global power metering market size reached a value of US$ 20.63 Billion in 2021. Power metering is a device installed to measure electricity consumption in household and industrial areas. It provides accurate reading and relevant data metrics compared to electric meters. The system reports energy consumption, enabling utilities and energy distributors to manage their supply and demand in real-time. A power metering system offers low maintenance costs and high operating efficiency. It also results in less tampering and low carbon emissions. In recent years, power metering is replacing conventional digital meters as an efficient and reliable power distribution setup system across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Power Metering Market Trends:
The market is primarily driven by the rising electricity consumption and dependence on electronic appliances. In addition, with the growing population, there has been an increase in the demand for energy in both commercial and industrial sectors, which is fueling the market growth. Nowadays, energy distributors are also using power metering systems to minimize wastage, resulting in low costs, high reliability, less tampering, and low carbon emissions. Besides this, governments in different countries are focusing on developing grid infrastructure by installing towers and enabling people access to electricity. This is encouraging the installation of power metering systems across the globe. Furthermore, technological advancements, such as the introduction of smart meters, that can be connected via web applications to laptops or smartphones to simplify the operations and enable remote monitoring are creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 29.59 Billion by 2027, exhibiting a CAGR of 5.8% during the forecast period (2022-2027).
- Based on the phase, the market has been segmented into single and three phases.
- On the basis of technology, the market has been classified into analog, digital, and smart meters.
- The market has been categorized based on the end use into residential, commercial, and industrial.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being ABB Limited, Eaton Corporation PLC, The General Electric Company, Holley Technology Limited, Honeywell International Inc., Itron Inc., Jiangsu Linyang Energy Corporation Limited, Ningbo Sanxing Medical Electric Corporation Limited, Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Siemens AG, and Toshiba Corporation.
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