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 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.
Industry Segmental Analysis
The
report has analyzed the market based on types, phases, applications and the
regions of North America, Europe, APAC and ROW (rest of the world).
On
the basis of types, it includes smart, digital, analog. The smart meter is
gaining popularity and is forecast to hold a higher position in the market.
On
the basis of phases, it is segmented as single phase, triple phase.
On
the basis of applications, it is segmented as residential, commercial and
industrial. The major market is captured by the residential application, which
includes the utilization of meters in urban and rural households. The
commercial sector holding second position, is used for various commercial
places such as hospitals, schools, shopping complexes.
The
major market is captured by residential sector due to utilization of meters in
all households. Increasing construction and industrial activities along with
the replacement market of old and technologically outdated meters is the key
driver of the market. Moreover, numerous government regulations to replace
aging digital meters with smart meters are pushing the market towards growth.
Whereas, issues related to privacy and standardization of the power meter act
as barriers for the residential segment.
Prominent Players
We
recognize the key players in the global Power metering market as General
Electric (U.S.), Itron (U.S.), Toshiba Corporation (Japan), Melrose Industries
plc. (U.K.), Wasion Group Holdings Ltd. (China), ABB(Switzerland), Eaton
Corporation Plc (Dublin), Siemens AG (Germany) and Holley Metering (China)
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