The global demand for power metering is anticipated to be valued at US$ 20.5 Billion in 2022. However, with surging adoption of power metering equipment across various industries, the overall market is projected to grow at a CAGR of around 5.8% to 8.3% between 2022 and 2032, totaling approximately US$ 36 Billion by 2032.
Monitoring and measuring power consumption has become a crucial aspect of the power industry. For this purpose, various power metering devices are being increasingly used across commercial, residential, and industrial sectors.
Power metering devices measure energy consumption and enable uni-directional as well as bi-directional communication between the central system and the meter. These devices read and store the amount of electricity consumed during a fixed period of time and communicate it back to the utility for billing and monitoring purposes
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Over the last few years demand for power metering devices has risen substantially as they provide accurate reading of electricity consumption and minimizes the risk errors. They are being permanently installed across residential, commercial and industrial spaces where they work on a 24/7 basis.
Power metering enables customers to control the power usage and significantly reduce the overall energy bills. Thus, rising energy costs coupled with growing focus towards green building is anticipated to boost the growth of power metering market during the forecast period.
Similarly, robust expansion of building and construction industry due to population explosion and rapid urbanizations is expected to generate sales prospects for power metering during the forthcoming years.
Which Factors are Triggering the Growth of Power Metering Market?
The robust expansion of power metering market is attributable to the increasing government investments in power sector, technological upgradation of old grid infrastructures, growing focus towards reducing energy bills, and rising environmental concerns. Moreover, growing popularity of power metering equipment due to their two-way communication, reliable nature, and low maintenance costs is positively impacting the market growth.
Power metering has gained immense traction across the world on account of various attractive features including real time feeds, enhanced accuracy, better transparency, and easy installation nature. Power metering equipment have become essential components of modern electricity infrastructures. They are being increasingly employed by electricity utility companies to measure power consumption.
Adoption of power metering allows electricity utility companies to have better command over the power distribution system. It ensures that accurate numbers related to power consumption are measured and recorded regularly. Growing adoption of power metering devices by electricity utility companies will therefore continue to boost market growth in the upcoming years.
Governments throughout the world are spending large amounts on the installation of power metering devices, especially smart ones, for improving the efficiency of power networks. Various new initiatives and projects are being continuously launched to transform the power industry. This will continue to provide a strong thrust to the growth of power metering market during the assessment period.
Similarly, increasing need for energy efficiency coupled with growing trend of green building is anticipated to further expand the size of power metering market during the assessment period.
Furthermore, increasing investments in digitalizing grid systems and rising penetration of modern technologies like the internet of things are expected to assist market growth in future.
What are the Challenges Faced by the Power Metering Industry?
Although power metering devices are gradually gaining sider popularity, there are several factors that are becoming impediments for market growth. Some of these factors are the issues related to privacy and standardization of power meters and lack of power facilities across some underdeveloped regions of the world.
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Why is Demand for Power Metering Rising Across Asia Pacific?
According to Future Market Insights, the Asia Pacific market is poised to experience strong growth rate during the forecast period, owing to the rising government investments in power sector, rapid industrialization and urbanizations, availability of power metering devices at lower prices, and increasing demand from emerging economies such as China and India.
Among Asia Pacific market, India and China are projected to witness the fastest growth due to introduction of various government projects for developing smart cities, growing popularity of smart meters, and privatization of power sector.
In addition to this, growing consumer awareness about the benefits of using power metering devices is expected to aid market growth during the forecast period.
How will Growth Unfold in the North America Market?
North America is expected to hold a significant share of the global power metering market during the forecast period, owing to the growing popularity of smart grids and smart meters, rising need for reducing bills, growing consumer awareness and presence of leading market players.
Demand for power metering is particularly high across the United States due to integration of smart grids in power industry, increasing government investments in expanding power infrastructure, and rising trend of green building.
Similarly, rising investments by power generation and distribution companies for installing power metering devices across industrial, commercial, and residential sectors is providing a strong thrust to market growth and the trend is likely to continue in the future.
Market Competition
Some of the key participants present in the global power metering market include Toshiba Corporation, Honeywell International Inc., ABB, General Electric, Schneider Electric, Eaton Corporation, Siemens AG, Jiangsu Linyang Electronics Co., Ltd., Melrose Plc., Aclara Technologies LLC, and Holley Metering.
Presence of a large number of regional and domestic players has made the global power metering market highly competitive in nature. Leading players are constantly upgrading their product portfolios to provide end users with more efficient and reliable power metering solutions. Besides this, they have adopted growth strategies such as collaborations, partnerships, acquisitions etc. to gain a competitive edge in the market.
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Key Segments Profiled in the Power Metering Industry Survey
By Type:
- Digital
- Smart
- Analog
By Phase:
- Single Phase
- Three Phase
By Application:
- Commercial
- Industrial
- Residential
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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The post Overall the Power Metering Market is projected to grow at a CAGR of 5.8% to 8.3%, totaling revenue of approx. US$ 36 Bn between forecast period of 2022-32 | FMI appeared first on Future Market Insights.
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