The power metering market is projected to grow at a CAGR of 7.66% to reach US$19.708 billion in 2023 from US$12.655 billion in 2017. Increasing population coupled with increasing demand for electricity is driving the overall growth for 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 the 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, market for power metering will be restrained in developing countries owing to public oppositions with 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 global 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 ampere. 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 load. Further, on the basis of meter type, global power metering is segmented as analog, digital, and smart meters
On the basis of geography, power metering market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Furthermore, country-level analysis is provided within each region. North America and Europe holds significant share of the global power metering market owing to the developed economy, and early and rapid adoption of advanced technologies. 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, modernization of traditional power meters with smart and efficient meters will augment its market growth in Asia Pacific
Power metering market is highly competitive due to the presence of well diversified international, and regional. However, some big international players dominate the market share owing to their brand image and market reach. With high market growth rate and increase in demand, this sector is attracting more players to enter into the market resulting in a more competitive power metering market. Competitive landscape provides with the strategy and investment details in order to boost up their presence.
Some of the key players of 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 among others.
The power metering market has been analyzed through following segments:
Middle East and Africa