|Market Size in 2019||Market Forecast in 2026||CAGR (in %)||Base Year|
|USD 16.4 Billion||USD 29.98 Billion||9%||2019|
Power Metering Market
According to the report published by Zion Market Research, the global demand for power metering market size was valued at approximately USD 16.4 Billion in 2019. This market is expected to generate revenue of around USD 29.98 Billion by the end of 2026, growing at a CAGR of around 9% between 2020 and 2026.
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Power metering equipment is employed to measure and monitor electricity consumption in household and industrial areas. Power meters provide accurate statics of power consumption compared to electric meters; relevant data metrics are also provided by them. These power metering equipment are replacing conventional digital meters. The power meter is required in the house and other major places to know power consumption. Hence, it is emerging as an efficient and reliable power distribution setup system across the world. These meters are extensively installed in many industrial verticals for varied purposes.
Government initiation and other legislative bodies for power access by installing more power grids, and other initiatives taken in various regions may propel the global power metering market. Technological up gradation and increasing environmental concerns in the conventional infrastructure have opened up new growth opportunities in the global market. The demand for power metering is expected to spur in the next few years. Power meter holds numerous advantages such as fraud detection, energy savings, pre-payment facilities, and information on peak consumption hours.
Hence, the adoption of power meters in order to control electricity consumption during peak hours is increasing globally. This is expected to foster the global power metering market in the future. Furthermore, various new strategies are adopted to reduce operating costs and improve efficiency via the monitoring of data, which may enhance the growth of the global power metering market. Conversely, the issues related to privacy and standardization of the power meter may deter market growth over the next few years.
|Report Attributes||Report Details|
|Report Name||Power Metering Market Size Research Report|
|Market Size in 2019||USD 16.4 Billion|
|Market Forecast in 2026||USD 29.98 Billion|
|Compound Annual Growth Rate||CAGR of 9%|
|Number of Pages||110|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Melrose Industries, Siemens, Itron, Holley Metering, General Electric, ABB, Jiangsu Linyang Electronics Co.Ltd., Toshiba, Melrose Industries, Sensus USA., Eaton, Toshiba, Landis+Gyr, Wasison Group Holdings|
|Segments Covered||By Phase, By Applications, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
The global power metering market is segregated based on applications such as commercial, residential, and industrial. Based on the phase, the global market is further divided into three phases, and a single phase. North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa give the geographical segmentation of the global market.
Increasing demand in the countries such as India, South Africa, and Brazil is expected to drive the global power metering market. North America is one of the leading markets for power meters in the global market. Growing infrastructure and government projects boost the global power metering market. In addition, government support for building and construction activities is projected to fuel global market growth. Moreover, Asia-Pacific is the major emerging market for power metering. Government project such as 'smart city' in India contributes to the growth of the global power metering market. Whereas, emerging economies such as China and Japan are focusing on grabbing major markets in this region.
Some of the major companies in the power metering market
Other players influencing the global market are
Power Metering Market: Regional Segment Analysis
Government initiation and other legislative bodies for power access by installing more power grids, and other initiatives taken in various regions may propel the global power metering market.
According to Zion Market Research, global demand for power metering market is expected to generate revenue of around USD 29.98 Billion by end of 2026, growing at a CAGR of around 9 % between 2020 and 2026.
Increasing demand in the countries such as India, South Africa, and Brazil is expected to drive the global power metering market.
Some of the major companies in the power metering market are Melrose Industries, Siemens, Itron, Holley Metering, General Electric, ABB, Jiangsu Linyang Electronics Co., Ltd., Toshiba, Melrose Industries, and Sensus USA. Other players influencing the global market are Eaton, Toshiba, Landis+Gyr, and Wasison Group Holdings.
The process of measuring and monitoring the amount of electrical power that is utilized by a device, system, or facility is referred to as power metering. Electrical energy consumption, power quality, and a variety of other electrical factors can all be measured with the use of power meters. The use of a power meter is a crucial component of effective energy management, as well as energy efficiency and cost optimization. There is a wide selection of metering technology on the market, including digital meters, analog meters, and smart meters. These three categories are all available to consumers.
Digital meters are increasingly being installed in residential and commercial properties because of their ability to offer accurate readings. The design of analog meters is more straightforward, and they supply fundamental data on energy use. Smart meters are a type of modern digital meter that can broadcast data regarding an individual's energy consumption in real-time to both utilities and individual consumers. Smart meters are equipped with wireless communication capabilities.