The latest report by IMARC Group, titled “Power Metering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.″ The global power metering market size reached US$ 22.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.5% during 2023-2028.
Power metering is a crucial component of energy management and consumption tracking. It involves the measurement and monitoring of electrical energy usage in residential, commercial, and industrial settings. The primary purpose of power metering is to provide accurate data on how much electricity is being consumed by various electrical devices, systems, or facilities. These meters come in different types, including analog and digital, and may range from simple household devices to advanced industrial systems. They work by continuously recording the amount of electricity flowing through them, usually in kilowatt-hours (kWh).
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Power Metering Market Trends and Drivers:
The ever-increasing global demand for energy, particularly in emerging economies, is a significant driver of the power metering market. As populations grow and industrialization expands, there is a heightened need for precise measurement of electricity consumption. Additionally, numerous countries are investing in modernizing their power distribution grids to improve reliability and efficiency. Power metering plays a vital role in grid modernization efforts, as it provides valuable data for grid operators to manage power distribution effectively. Besides this, growing awareness among consumers and businesses about the benefits of monitoring and managing energy consumption is boosting the adoption of power metering solutions. Individuals are becoming more conscious of the environmental and financial implications of their energy use. In line with this, integration of power metering systems with data analytics and the Internet of Things (IoT) is enabling more advanced energy management. Businesses can leverage data-driven insights to make informed decisions about energy usage. Other than this, utilities are increasingly implementing demand response programs to balance energy supply and demand. Power metering systems are essential for these programs as they provide real-time information on energy consumption, helping utilities manage peak loads efficiently. Furthermore, the industrial and commercial sectors are major consumers of power metering solutions. They use these systems to track and control energy consumption in factories, offices, data centers, and other facilities. Moreover, the continuous development of advanced metering technologies, such as smart meters and digital monitoring systems, has made power metering more accurate and efficient. These technologies enable real-time data collection and remote monitoring, enhancing overall energy management capabilities.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Phase:
- Single Phase
- Three Phase
Breakup by Technology:
- Analog Meters
- Digital Meters
- Smart Meters
Breakup by End Use:
- Residential
- Commercial
- Industrial
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Competitive Landscape With Key Players:
- ABB Ltd.
- Eaton Corporation PLC
- General Electric Company
- Holley Technology Ltd.
- Honeywell International Inc.
- Itron Inc.
- Jiangsu Linyang Energy Co.Ltd.
- Ningbo Sanxing Medical Electric Co. Ltd.
- Schneider Electric SE
- Sensus USA Inc. (Xylem Inc.)
- Siemens AG
- Toshiba Corporation
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