Power Metering Market Size, Share, Trends, Growth and Forecast 2034

Power Metering Market Size: Industry Perspective

The global power metering market size was worth around USD 18.18 Billion in 2024 and is predicted to grow to around USD 45.04 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 9.5% between 2025 and 2034. The report analyzes the global power metering market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the power metering industry.

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Power Metering Market: Overview

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.

Key Insights

• As per the analysis shared by our research analyst, the global power metering market is estimated to grow annually at a CAGR of around 9.5% over the forecast period (2025-2034).
• Regarding revenue, the global power metering market size was valued at around USD 18.18 Billion in 2024 and is projected to reach USD 45.04 Billion by 2034.
• The power metering market is projected to grow at a significant rate due to Rising demand for energy efficiency, grid monitoring, and accurate billing drives adoption. Smart grid initiatives and government mandates support market growth.
• Based on Phase, the Single Phase segment is expected to lead the global market.
• On the basis of Type, the Smart Meter segment is growing at a high rate and will continue to dominate the global market.
• Based on the Application, the Residential segment is projected to swipe the largest market share.
• By Component, the Hardware segment is expected to dominate the global market.
• In terms of Communication Technology, the Wired segment is anticipated to command the largest market share.
• Based on region, North America is predicted to dominate the global market during the forecast period.

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Power Metering Market: Growth Factors

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.

Power Metering Market: Report Scope

Power Metering Market: Segmentation

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.

Power Metering Market: Regional Analysis

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.

Power Metering Market: Competitive Players

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the power metering market on a global and regional basis.

Some of the major companies in the power metering market 

• Melrose Industries
• Siemens
• Itron
• Holley Metering
• General Electric
• ABB
• Jiangsu Linyang Electronics Co.Ltd.
• Toshiba
• Melrose Industries
• Sensus USA.

Other players influencing the global market are 

• Eaton
• Toshiba
• Landis+Gyr
• Wasison Group Holdings.

Power Metering Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa