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.
The growing demand for energy management is expected to drive the global power metering market. With the increasing cost of energy and the need to reduce carbon emissions, energy management has become a key focus for industries and governments around the world. Power metering systems help in the effective management of energy consumption by providing real-time data on energy usage, allowing consumers to identify areas of high energy consumption and implement measures to reduce energy usage and costs.
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On the contrary, issues related to standardization and privacy and the impact of the COVID-19 pandemic may limit the global power metering market growth over the forecast period.
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.
Regional Analysis
By region, the global power metering market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW).
- The APAC region will rule the market over the forecast period. Government project like smart city in India, increase in construction spending, increase in industrial activities, improvement of the grid infrastructure, the presence of emerging economies like Japan and China and also growing demand from these countries, increasing building and construction activities, rapid urbanization, growing service sector, increasing electricity demand, and increasing need to reduce transmission and distribution losses are adding to the global power metering market growth in the region.
- In Europe, the global power metering market is predicted to have second-largest share over the forecast period for the strict government regulations to replace digital meters by smart meters.
- In North America, the global power metering market is predicted to have admirable growth over the forecast period. Growing infrastructure, government projects, government support for building and construction activities, and emphasis to deploy advanced smart grid solutions are adding to the global power metering market growth in the region.
- In RoW, the global power metering market is predicted to have sound growth 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.
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.
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