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The global power metering market reached a value of US$ 20.63 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.59 Billion by 2027, exhibiting at a CAGR of 5.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A power meter is a fast, accurate, and easy-to-use instrument used to measure electrical power cost-effectively. It finds various applications, ranging from testing production line electric devices and evaluating large current equipment to quality assurance and assessing battery and direct current (DC) driven devices. It is also used to efficiently measure power requirements in industrial motors, rotating machinery, and calibration labs. Nowadays, state-of-the-art power metering systems equipped with modern and intuitive user interfaces are gaining traction across the globe.
A significant rise in the consumption of electricity around the world on account of rapid urbanization, the growing global population, and increasing reliance on electrical appliances represents one of the key factors impelling the market growth. Moreover, governing authorities of numerous countries are investing in upgrading the existing grid infrastructure, which is contributing to the use of power metering systems to measure grid power. Apart from this, the escalating demand for energy in both commercial and industrial sectors is driving the market growth. Furthermore, smart metering is gaining widespread adoption on account of its low cost, high reliability, reduced risk of tampering, and lower carbon emissions. It also aids utilities and energy distributors to manage their supply and demand in real-time and minimize wastage. Besides this, major players in the market are introducing advanced power metering systems that can be connected via a web app to laptops or smartphones to simplify the operation and enable remote monitoring. They are also offering ultraportable, Universal Serial Bus (USB) powered solutions that enable frequency-based power measurements. Such innovations are projected to positively influence the demand for power meters worldwide.
IMARC Group provides an analysis of the key trends in each sub-segment of the global power metering market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on phase, technology and end use.
Breakup by Phase:
Breakup by Technology:
Breakup by End Use:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, Eaton Corporation PLC, General Electric Company, Holley Technology Ltd., Honeywell International Inc., Itron Inc., Jiangsu Linyang Energy Co.Ltd., Ningbo Sanxing Medical Electric Co.Ltd., Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Siemens AG, and Toshiba Corporation.
|Base Year of the Analysis||2021|
|Segment Coverage||Phase, Technology, End Use, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||ABB Ltd, Eaton Corporation PLC, General Electric Company, Holley Technology Ltd., Honeywell International Inc., Itron Inc., Jiangsu Linyang Energy Co.Ltd., Ningbo Sanxing Medical Electric Co.Ltd., Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Siemens AG, and Toshiba Corporation.|
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The global power metering market was valued at US$ 20.63 Billion in 2021.
We expect the global power metering market to exhibit a CAGR of 5.8% during 2022-2027.
The development of advanced power metering systems, which are connected via web apps to
laptops or smartphones, to simplify the operation and enable remote monitoring, is currently driving
the global power metering market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent
lockdown regulations across several nations resulting in subsequent effects on energy cost across
residential, commercial, and industrial sectors.
Based on the phase, the global power metering market has been categorized into single phase and
three phase. Currently, single phase power meter represents the majority of the total market share.
Based on the end use, the global power metering market can be bifurcated into residential,
commercial, and industrial. Among these, the residential sector accounts for the largest market
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin
America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global power metering market include ABB Ltd, Eaton Corporation
PLC, General Electric Company, Holley Technology Ltd., Honeywell International Inc., Itron Inc.,
Jiangsu Linyang Energy Co.Ltd., Ningbo Sanxing Medical Electric Co.Ltd., Schneider Electric SE, Sensus
USA Inc. (Xylem Inc.), Siemens AG, and Toshiba Corporation.
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