A
power meter is an electric device which measures energy consumption and enables
communication between the meter and the central system. The device reads and
stores data of the number of units of electricity consumed and communicates
that information back to the utility for billing and monitoring purposes. In
addition, numerous government regulations to replace aging digital meters with
smart meters are expected to push the sales in the market. Rising environmental
concerns and introducing smart meters for residential and non-residential
sector as well as high operating efficiency helps to boost the power metering
market.
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the replacement market of old and technologically outdated meters is the key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.
Regional Analysis of Global Power
Metering Market
Asia-Pacific is projected as the emerging market for
power metering. Government project such as ‘smart city’ in India contributes to
the growth of the global power metering market. Major factors such as increase
in construction spending, rise in industrial activities, and enhancement of the
grid infrastructure of the region give new ways for the growth of the region.
Whereas, North America is one of the leading markets
for power meter in the global market. Growing infrastructure and government
projects boost the global power
metering market size.
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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