Rise in the development of grid infrastructure activities and growing energy requirements is expected to drive the demand for Global Power Metering market in forecast period.
According to TechSci Research report, “Global Power Metering Market By End-User (Residential, Commercial, and Industrial) By Type (Analog Meters, Digital Meters, and Smart Meters) By Phase (Single Phase, Three Phase), By Region, Company Forecast & Opportunities, 2026”, The Global Power Metering market is expected to witness steady growth in the forecast period owing to the rise in the initiatives taken by the leading authorities for technological up-gradation of the analog meters to digital meters to provide accurate reading to the consumers. A power meter is a kind of electrical device which is used to measure the electric current consumption and aids in uni or bilateral communication between the central system and the power meter. The device reads the number of electricity units consumed and uses this information for the generation of electricity bills. Power metering systems are more efficient than electric meters as they have higher operational efficiency and lower maintenance costs.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities around the world imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Manufacturing units were temporarily shut down which adversely affected the market growth. The demand from the end-user industries subsided due to the temporary closure of all the industries. Disruption in the supply chain was observed which further negatively impacted the market. Post-COVID-19 period, the Power Metering market is expected to pick up the pace eventually after the relaxations offered by the leading authorities in the lockdown restrictions.
However, standardization and privacy issues regarding the Power Metering systems may hamper the market growth for the forecast period.
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Global Power Metering market is segmented into end-user, type, phase, regional distribution, and company. Based on type, the market can be divided into analog meters, digital meters, and smart meters. The smart meters type segment is expected to witness the fastest incremental growth in the forecast period, 2022-2026. An increase in the initiatives taken by the leading authorities to replace the analog or digital meters with smart meters to achieve higher efficiency from the system is the major driving factor for the growth of the Power Metering market. An increase in the demand from the construction, industrial, manufacturing, commercial sectors for the installation of smart meters is contributing to the growth of the smart meters market. Smart meters enable to measure the energy consumption in real-time resulting in lower cost, higher reliability, and less tampering which makes it a preferred method to measure the electric current through it. The rise in the number of electrification projects to provide electricity access to everyone coupled with the rapid growth of the construction activities equipped with the latest technologies is fostering the growth of the Power Metering market. Based on the end-user, the market can be divided into residential, commercial, and industrial. The residential segment is expected to account for major market share in the next five years owing to the rise in the population and the increase in the expenditure capacity of the consumers to afford quality treatment. The continuous increase in the construction activities to provide residential spaces is increasing the installation of power meters thereby accelerating the growth of the Power Metering market.
Eaton Corporation PLC, Kamstrup A/S, Siemens AG, Acalara Technologies LLC, General Electric Company, Holley Technology LTD, Elster Group GmbH, Landis+Gyr, Schneider Electric, Sensus USA Inc. are the leading players operating in Global Power Metering market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several Power Metering manufacturers are coming up with their technologically advanced offerings.
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“The high-end investments by the market players and the growing adoption of intelligent meters which are integrated with the automated data stimulators and can forecast the future expected energy requirements based on the present energy consumption are in high demand. The ongoing initiatives introduced by the government for the installation of smart meters and the rise in awareness among the consumers about the benefits offered by the advanced meters is anticipated to propel the Power Metering market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Power Metering Market By End-User (Residential, Commercial, and Industrial) By Type (Analog Meters, Digital Meters, and Smart Meters) By Phase (Single Phase, Three Phase), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of Global Power Metering market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Global Power Metering market.
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