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.
Power Metering Market Trends:
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.
Key Market Segmentation:
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:
- Analog Meters
- Digital Meters
- Smart Meters
Breakup by End Use:
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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
| Historical Period
||Phase, Technology, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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