Analog Energy Meter Market Size, Share, Opportunities, And Trends By Phase (Single Phase, Three-Phase), By End User (Residential, Commercial/Industrial), And By Geography - Forecasts From 2023 To 2028

An instrument with a printed display to show any electrical parameter is known as an analog energy meter. It has an easy-to-read indicator and is also known as an electromechanical meter. The meter assists in reducing wasteful power use and protects gadgets from power interruptions and fluctuations. Analog energy meter application includes household appliances, power substations, and other industrial usage. The increasing energy consumption and increasing grid distribution will boost the analog energy meter market growth at a rapid pace during the forecasted period.

The increase in grid lines distribution globally has given a boost to the market growth

The most common variety of meters is an analog energy meter, whose basic function is to spin forward when powered by electricity. It is used to measure power consumption in residential and commercial AC circuits. The increase in the distribution of electricity using grid lines globally will also increase power consumption due to which the demand for analog energy meters will also rise. The Ministry of Power of India on Feb 2023 revealed that from 2014 to 2022 around 175 GW of power generation capacity has been added and the complete country is now connected and capable of transferring 112 GW of power from one area to another because of the addition of 173459 ckt km of transmission lines to its grid. In September 2017, Tata Power Delhi Distribution Limited (India) declared that it will put out 18 lacks single-phase meters by 2025, also South Korean government announced, to increase the effectiveness of power distribution, reduce greenhouse gas emissions, and save $26 billion in energy imports, owing to which it plans to spend 27.5 trillion won ($24 billion) on smart networks over the next 20 years (source: www.reuters.com/). This rapid expansion in the grid and energy distribution will accelerate the installation of analog energy meters in commercial and households which will boost the overall market growth  

The rising electricity demand will boost the analog energy meters market

The expansion of household access to electricity in rural areas, industrialization, and increased home energy consumption are some of the factors fuelling the growth of the analog energy meter market worldwide. Globally, the power demand is continually increasing, which has led to more energy devices being used. According to the IEA world energy outlook 2022, by 2030, the total amount of energy consumed worldwide will increase by 5 900 terawatt-hours (TWh) under the Stated Policies Scenario (STEPS) and by over 7,000 TWh under the Announced Pledges Scenario (APS). This is the same amount of electricity consumed today in the United States and the European Union combined. Increasing cooling device demand due to growing global warming adds to rising electricity demand which further increases the usage of analog energy meters in the air conditioner stabilizers. This rising electricity demand will boost the market growth for the analog energy meter market.  

During the forecast period, the Asia-Pacific region is expected to dominate the market

The analog energy meter market is anticipated to be dominated in the Asia Pacific during the projected period. The region due to its high population density has a significant electricity demand which will boost the demand for analog energy meters. In February 2023, the most recent United Nations projections place Asia's population at 4,743,946,002. According to U.S. Energy Information Administration, in 2021, the Chinese energy per capita consumption is 115.73 million Btu per person. The growing consumption of electricity coupled with the growing population will increase the installation of analog energy meters in the households of the Asia Pacific region. According to data from the Ministry of Electricity, India's electricity consumption increased by 1.64% year on year to 114.64 BU in October 2022. The rising industrialization and number of residential buildings have increased electricity demand in major APAC countries namely China and India which is further contributing to the analog energy meters market growth during the forecasted period.

Market Key Developments.

In July 2020 Iskra introduced the WM3M4C energy meters for use in three-phase and single-phase electrical charging stations. These meters are MID-certified.

Segmentation

• By Phase

• • Single Phase
  • Three-Phase
• By End-User

• • Residential
  • Commercial/Industrial
• By Geography

• North America

• • USA
  • Canada
  • Mexico

• South America

• • Brazil
  • Argentina
  • Others

• Europe

• • Germany
  • UK
  • France
  • Spain
  • Others

• Middle East and Africa

• • Saudi Arabia
  • UAE
  • Others

• Asia Pacific

• • China
  • Japan
  • South Korea
  • India
  • Australia
  • Others