Global Power Metering Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Power Metering Market: Overview
According to the report “Emerging Markets Smart Grid: Outlook 2015”, electricity theft was costing approximately US$ 83.9 Bn each year worldwide.
Power meter is a device installed to measure electricity consumption and also supports for accurate reading and relevant data metrics. It allows uni as well as bi-directional communication between meter and the central system and also offers numerous advantages such as energy savings, pre-payment facilities, fraud detection, and information on peak consumption hours.
Global Power Metering Market: Dynamics
Increasing emphasis on technological advancement or upgradation of old grid infrastructure, along with environmental concerns are expected to bolster demand for power meters and projected to drive growth of the target market over the forecast period.
Also, low maintenance cost and two-way communication as compared to traditional meters are some factors projected to boost growth of the target market over the forecast period. Additionally, governments initiatives regarding deployment of smart grid network and installing more power grids across the globe are some major factors projected to drive growth of the target market.
Recent trend observed in the target market is government in various countries are focusing to replace older or aging energy meters with smart meters
However, issues related to privacy and standardization are some factors expected to restrain growth of the global market over the forecast period.
Global Power Metering Market: Segment Analysis
Among the type segments, the smart meter segment is estimated to hold significant share in the market over the forecast period.
Among the phase segment, the three phase segment is projected to dominates the global market and estimated to witness significant growth over the forecast period.
Among the application segments, the residential segment is anticipated to accounts for largest market share during the forecast period.
Global Power Metering Market: Region Analysis
The market in the Asia Pacific is projected to dominates the global power metering market in terms of revenue, owing to increasing building and construction activities, along with growing infrastructure and government projects in countries such as China and India. Government project such as 'smart city' in India also anticipated to propel growth of the market in the region.
Moreover, rapid urbanization and growing service sector are estimated to create greater opportunities in the power metering market. Developing countries such as China and India has introduced smart grid plans to meet the increasing electricity demand and reduce transmission and distribution losses, which is giving a new way for growth of the target market.
The market in North America is expected to accounts for major share in the global power metering market in terms of revenue. Emphasizing on deployment of advanced smart grid solutions in this region is major factors driving growth of the North America power metering market.
According to paper published by US International Trade Commission, in North America smart meters’ deployment reached around 70 Mn in 2016 and is estimated to reach 90 Mn by the end of 2020.
Global Power Metering Market Segmentation:
Segmentation by Type:
- Smart Meter
- Digital Meter
- Analog Meter
Segmentation by Phase:
- Single Phase
- Three Phase
Segmentation by Application:
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- General Electric
- Itron Inc.
- Melrose PLC
- Toshiba Corporation
- Wasion Group Holdings Limited
- ABB Limited
- Eaton Corporation
- Holley Metering Limited
- Honeywell International Inc.
- Jiangsu Linyang Electronics Co., Ltd.
- Schneider Electric
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