Single-Phase Energy Meter Market Size, Share, Opportunities, And Trends By Configuration Type (Digital, Analog), By Application (Factories, Household Appliance), By End-user (Domestic, Industrial), And By Geography - Forecasts From 2023 To 2028

A single-phase power meter is a two-wire AC or altering current power circuit, as the name suggests. The power supply voltage is altered concurrently. Residential voltage is the term given to it since it is frequently employed in homes. The electromechanical induction meter uses electromagnetic induction to function on a single-phase AC supply. It does this by counting the rotations of a metal disc that is not magnetic but is electrically conductive and is forced to revolve at a rate proportionate to the power flowing through the meter. Single-phase energy meters in residential settings or small-scale industrial applications make it easier to monitor energy usage. This assists in reducing wasteful power use and protects gadgets from power interruptions and fluctuations.

According to the bp Statistical Review of World Energy, 2022 report the total renewable energy generation in the world has increased from 3146.6 TWH in 2020 to 3657.2 TWH in 2021 which is around a 16.5% of growth rate.

The increase in smart grids globally has given a boost to the market growth

The growing use of smart grids, which require these transformers for the distribution process as well as the addition and replacement of renewable electricity, is a factor driving the market development for single-phase energy meters.

Additionally, the Statistical Review of World Energy, 2022 report by BP states that the amount of renewable energy generated globally in 2021 was 3657.2 TWT, a 14.9% increase over the prior year. This ensures that as more homes are built as a result of the expanded grid lines and the increased power generation, the market for single-phase energy meters will expand in rural areas as well.

According to the Ministry of Power of India on Feb 2023 it revealed that from 2014 to 2022 thus around 175 GW of power generation capacity has been added and with the addition of 173459 ckt km of transmission lines to its grid, the entire nation is now connected and can move 112 GW of power from one region to another. The market for single-phase electric meters has a tremendous opportunity due to the development and widespread use of smart grids in countries, which fully meet the requirements of a smart grid system, Tata Power Delhi Distribution Limited (India) declared in September 2017 that it will put out 18 lakh single-phase smart meters by 2025, also South Korea on another side, to increase the effectiveness of power distribution, reduce greenhouse gas emissions, and save $26 billion in energy imports, plans to spend 27.5 trillion won ($24 billion) on smart networks over the next 20 years (source: www.reuters.com/). This will tend to increase the installation of a Single-Phase Energy Meter in all commercial households and will grow this market at a rapid pace.

The rise in demand for electricity will boost the market for single-phase energy metemeterscelerated industrialization and increased home energy demand as a result of the expansion of household access to electricity in rural regions are some of the factors propelling the growth of the single-phase energy meter market globally. Globally, the power demand is continually increasing, which has led to more energy resources being used. More power plants and substantial transmission networks are presently present everywhere. The development of contemporary electric cars and incentives to utilize them have increased industry power consumption.

According to the Statistical Review of World Energy, 2022 report by BP renewable energy consumption globally has increased by 12.6 % from 2011 to 2022 and from 2020 34.80 TWH has raised to 31 TWH of consumption. Thus, we can predict that due to the increase in the electricity demand spread across the country in households worldwide is increasing year-on-year the demand for Single-Phase Energy Meters will also grow and thus the Single-Phase Energy Meter market.

During the forecast period, Asia-Pacific tends to grow in the single-phase energy meter market

The Single-phase electric meter market is anticipated to be the largest in the Asia Pacific during the projected period. Due to its high population density, Asia Pacific has a significant demand for power. The most recent United Nations projections place Asia's population at 4,743,946,002 as of Monday, February 6, 2023. The population of Asia is equal to 59.76% of the population of the entire planet this showcases that the demand for consumption of electricity is increasing which will tend to increase the installation of single-phase meters in the households of the Asia Pacific region. The market for Single-phase electric meters is driven by investments in smart grid and smart city technologies, growth in data centers, and a rise in industrialization and households.

According to the bp Statistical Review of World Energy 2022 report, it is said that the energy generation capacity of Asia pacific has increased from 12949.3 TWH in 2020 to 13994.4 TWH in 2021 which shows an increase of 8.4% which is the highest compared to other regions. Also, as it is said the population is increasing thus the energy generation capacity has to increase as the number of industrialization and households will build due to which the increase in the installation of single-phase energy meters and thus will propel the growth of the market.

Market Key Developments.

• In February 2023, at DistribuTECH 2023, Gridspertise and STMicroelectronics announced that they had entered a new phase of their ongoing partnership on smart-meter technologies. The two companies have been working together on smart-meter technologies for 20 years.
• In July 2020 Iskra is introducing the WM3M4C energy meters for use in three-phase and single-phase electrical charging stations. These meters are MID-certified.

Single-Phase Energy Meter Market Scope:

Segmentation

• By Configuration Type
  • Digital
  • Analog
• By Application
  • Factories
  • Household Appliance
• By End-user
  • Domestic
  • Industrial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others