The power metering market is expected to reach $5,284.245 million by 2024 from $2,586.093 million in 2018 growing at a CAGR of 12.65%. Increasing the population coupled with increasing demand for electricity is driving the overall growth for the power metering market across the geographic regions. Moreover, increasing electricity theft along with less payment of electricity bills due to tampered or faulty traditional meters in developing regions is boosting the demand for smart power metering systems. The market is also driven by the increasing installation of solar roof-top on residential, commercial, and industrial buildings. Furthermore, smart power meters are very much essential in improving energy efficiency. Distribution companies are installing smart meters in residential complexes so as to reduce the wastage of power during peak hours by switching some of the appliances off remotely.
However, the market for power metering will be affected in developing countries owing to public opposition with the implementation of smart meters. Moreover, high costs associated with the installation of smart meters will impede its market growth during the forecast period. Despite these market growth restraints, various opportunities lie with this market. Continuous development in smart grid technology along with the implementation of sub-metering that allows measurement of individual unit consumption.
On the basis of phase, the power metering market can be bifurcated as single-phase and three-phase. Single-phase meters consist of two wires i.e. one phase and one neutral, are used for various complexes with load ranging between zero to twenty kilowatts and twenty to one hundred amperes. Three-phase meters consist of four wires i.e. three-phase and one neutral, are used for various complexes with more than twenty kilowatts of a load. Further, on the basis of meter type, global power metering is segmented as analog, digital, and smart meters.
On the basis of geography, the power metering market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. North America and Europe holds a significant share of the global power metering market owing to the developed economy, and early and rapid adoption of advanced technologies. The Asia Pacific will witness the fastest growth in power metering during the forecast period owing to the increasing enhancement in the grid infrastructure coupled with increasing residential, commercial, and industrial complexes. Moreover, the modernization of traditional power meters with smart and efficient meters will augment its market growth in the Asia Pacific.
Some of the key players of the power metering market included in the report are ABB Group, Siemens AG, Toshiba Energy Systems and Solutions Corporation, Honeywell International Inc, Aclara Technologies LLC, and Schneider Electric SE among others.
The power metering market has been segmented by meter type, phase, application, and geography.
By Meter type
Middle East and Africa