The power metering market is driven by several factors, including:
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Growing demand for energy efficiency: The increasing need for energy efficiency has resulted in the adoption of power metering solutions that help to monitor and manage energy consumption. This demand is expected to grow as governments and businesses around the world strive to reduce their carbon footprints.
Rising electricity prices: The cost of electricity is increasing in many countries, which has led to a greater focus on energy management and the need for accurate power metering systems to monitor energy usage and identify areas where energy can be saved.
Increasing adoption of smart grid technology: Smart grid technology is being adopted by utilities to improve the reliability and efficiency of power distribution networks. This technology requires accurate and reliable power metering systems to monitor energy consumption and ensure that the grid operates at optimal levels.
Government regulations and mandates: Governments around the world are implementing regulations and mandates to reduce energy consumption and promote the use of renewable energy sources. This is driving the adoption of power metering solutions that can help businesses and individuals meet these requirements.
Growing awareness of environmental issues: The growing awareness of environmental issues such as climate change and pollution is driving demand for energy-efficient solutions, including power metering systems. Many consumers are also interested in reducing their energy bills and carbon footprints, which is driving the adoption of these systems in residential buildings.
Increasing demand for real-time data: The need for real-time data on energy usage is increasing as businesses and utilities seek to optimize their operations and reduce costs. Power metering solutions that provide accurate, real-time data are therefore in high demand.
Power Metering Market Analysis
Power Metering Market is projected to be worth USD 35.74 billion, registering a CAGR of 8.51% during the forecast period (2022 - 2030), The market was valued at USD 17.87 billion in 2020.
Power metering, simply put, is an electronic device which measures the consumption of energy and is designed for monitoring and billing purposes. It replaces electric meters while delivering relevant data metrics.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global power metering market based on application, phase, and type.
- By type, the global power metering market is segmented into analog, digital, and smart. Of these, the smart segment will lead the market over the forecast period.
- By phase, the global power metering market is segmented into three-phase and single-phase. Of these, the three-phase segment will dominate the market over the forecast period.
- By application, the global power metering market is segmented into industrial, commercial, and residential. Of these, the residential segment will spearhead the market over the forecast period.
Key Players
The leading players profiled in the global power metering market report include Holley Metering (China), Siemens AG (Germany), Eaton Corporation Plc (Dublin), ABB (Switzerland), Wasion Group Holdings Ltd. (China), Melrose Industries plc. (UK), Toshiba Corporation (Japan), Itron (US), and General Electric (US), among others.
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The global power metering market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
