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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