Power Metering Market Outlook, Business Overview, Industry Insights, Demand and Trends, Future Scope till 2022

Global Power Metering Market Highlights

Power metering is an electronic device that measures energy consumption and is designed for billing and monitoring purposes. The power metering replaces electric meters while offering relevant data metrics. Moreover, features such as environmental concerns, technological upgradation, low maintenance cost, and two-way communication as compared to electric meter as well as very high operating efficiency is a factor driving the power metering market. Increasing demand for power metering as well governments focus towards grid infrastructure are some of the major reasons behind the growing power metering market. However, issues related to privacy and standardization of the power meter act as barriers for the power metering market.

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Key Players:

The key players of global power metering market include 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)

Segmental Analysis:

The global power metering market has been segmented on the basis of type, phase, application and region.

On the basis of type, the market has been segmented as smart, digital and analog.

On the basis of phase, the industry has been further segmented as single phase and three phase.

By application, the market has been further segmented as residential, commercial, and industrial.

By region, the global power metering market covers its growth opportunities and current trends across North America, Europe, Asia-Pacific and Rest of the World.

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Regional Outlook:

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. Emerging economies such as China and Japan are focusing on grabbing major market.

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.

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Power Metering Market Size, Share, Sales Revenue, Quality Analysis and Sustainable Growth Strategy Over 2022 | MRFR

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.

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Industry Highlights

Power metering is a system combining three major metering types, namely smart, digital, & analog. The smart metering depends heavily on the policy and decisiveness of the governmental bodies involved. Energy savings and an increased security of supply will be main drivers and installed in many industrial verticals for varied purposes. Many advantages that attract new customers and helping the easy detection of fraud are attributed to smart metering, including lower metering cost, energy savings for residential customers, more reliability of supply, and variable pricing schemes. Moreover, environmental concerns and technological advancement in countries such as China and India lead to the growth of power metering market.

Industry Segmentation

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.

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Regional Outlook

Asia-Pacific is expected to dominate the market of power metering in the forecast period. High investments and growing demand for technological upgraded items are some of the factors, which drive the demand for power metering market. Moreover, features such as low maintenance cost and high operating efficiency are pushing the market towards growth. Aging digital meters have to be replaced by technologically advanced smart meters and technological up graded grid infrastructure, giving a new way for the growth of power metering market.

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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