Power Metering Market Technology:
Advanced Metering Infrastructure (AMI): AMI is a system that enables two-way communication between the utility and the meter, allowing for real-time monitoring of energy consumption. This technology enables utilities to better manage their power grid and reduce costs associated with meter reading and customer service.
Smart Meters: Smart meters are digital meters that can communicate with other devices, such as smartphones and home automation systems, to provide real-time energy data. They also allow utilities to remotely disconnect and reconnect service, eliminating the need for manual intervention.
Internet of Things (IoT): IoT is a network of interconnected devices that can communicate with each other and the internet. In the power metering market, IoT enables utilities to remotely monitor and control energy usage, optimize energy consumption, and prevent energy waste.
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Cloud Computing: Cloud computing enables utilities to store and analyze large amounts of data generated by smart meters and other devices. This technology provides utilities with valuable insights into customer behavior and energy usage patterns, enabling them to make data-driven decisions.
Artificial Intelligence (AI): AI is being used in the power metering market to develop predictive maintenance models, optimize energy consumption, and detect anomalies in energy usage. AI-powered analytics can also help utilities identify and address issues before they become major problems.
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 (2023 - 2030), The market was valued at USD 17.87 billion in 2020.
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.
