Power
Metering System Market Scenario
Power
metering is an equipment that is employed for measuring as well as monitoring
the electrical consumption in industrial and household areas. These meters
provide precise statistics or measurements of the power or energy consumed as
compared to the conventional electric meters. Add to this, it also provides
relevant data metrics unlike the former. These meters are quickly seen
replacing the digital meters across the world due to its level of efficiency
and other key advantages. In order to know the consumption, the power meter is
needed to be placed inside the house or other major places. It is emerging into
the global landscape as a highly reliable and effective distribution setup
system and are being increasingly installed across various industrial verticals
for varied purposes.
It
was reported that various favorable government initiatives and regulations
passed by legislative bodies for installing more power grids is expected to
drive the growth of the global Power
Metering System Market. Also, technological upgradation and booming
concerns related to the environment in conventional infrastructure has opened
the gates of opportunities for the global power metering market. The equipment
holds various key advantages like pre-payment facilities, fraud detection, information
on peak consumption hours, and energy savings. The adoption of power meters is
increasing so as to gain control over electricity consumption during the peak
hours. Additionally, various key strategies are being adopted and implemented
to curb down the operating costs and enhance the efficiency level through data
monitoring, which is pushing the growth of the global market. However, issues
concerning privacy and power meter standardization can deter the growth of the
market in the coming years.
Power
Metering System Market
Segmentation
The
global power metering market has been segmented on the basis of the following
dynamics: phase, application, and type.
By
type, the market includes digital, smart, and analog.
By
phase, the market segments into three phase and single phase.
By
application, the market includes commercial, residential, and industrial.
Regional Analysis
The
global power metering market covers the following geographies in its regional
segmentation: Asia Pacific, North America, Europe, and the Rest of the World
(RoW).
Asia
Pacific stands tall in the global power metering market with a massive share
percentage to its name. The regional market is projected to grow during the
forecast period at a notable pace to cement itself as one of the key regions
the global landscape. The growth of the regional market can be attributed to
the various government projects initiated like the smart city project in India,
which contributes majorly to the growth of the power metering market in Asia
Pacific. Factors like increasing construction spending, enhancement of the grid
infrastructure, and rising industrial activities in the region are all expected
drive considerable demand towards the market. Also, emerging economies like
China and Japan are trying to grab a hold over the market with their
strategical implementations.
The
North American market is another leading market in the global power metering
market. The market is experiencing considerable growth due to the growing
infrastructure and the various government projects
Competitive Landscape
The
various key players reported in the global power metering market are as
follows: Melrose Industries Plc. (U.K.), General Electric (U.S.), Wasion Group
Holdings Ltd. (China), Toshiba Corporation (Japan), Siemens AG (Germany), Itron
(U.S.), Eaton Corporation Plc (Dublin), ABB (Switzerland), and Holley
Metering (China).
June
2019, Schneider Electric, a global leader in digital transformation of automation
and energy management, announced its plans of expanding its line of PowerLogic
EM4200 series Enercept energy as well as power meters in order include five new
models.
Related
Reports: https://www.feedsfloor.com/energy/high-voltage-insulator-market-segmentation-market-players-trends-and-forecast-2025
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