Three-Phase Energy Meter Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Configuration Type (Star, Delta), By Application (Factories, Data Centers, Automation Plant, Household Appliance, Others), And By Geography - Forecasts From 2023 To 2028

The three-phase energy meter is the device that measures the power of a three-phase source. By connecting the two single-phase meters through the shaft, a three-phase meter is created. The sum of the readings from the two components is the total energy. The power of a three-phase electrical supply is measured with a three-phase electric meter, most frequently for commercial usage. It is expected to rule the market over the projection period. Large commercial applications and industrial settings are where three-phase meters are most frequently employed. Installations of three-phase smart meters are driven by the higher cost of three-phase meters compared to single-phase meters and the expansion of industrial and commercial establishments’ power meters.

The increase in smart grids globally has given a boost to the three-phase energy meter market

A driving factor propelling the market development for Three-Phase Energy Meter Market is the widespread implementation of smart grids, which need these transformers for the distribution process as well as the addition and replacement of renewable electricity.

Also, according to the Statistical Review of World Energy, 2022 report by BP the renewable power generation at the global level in 2021 has been 3657.2 TWT which has increased from the previous year by 14.9%, thus this ensures that due to the increase in the power generation, the power grid lines will increase at a rapid pace and thus the market for the Three-Phase Energy Meter will grow in the rural areas as well where the grids are expanding.

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 three-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 three-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 Three-Phase Energy Meter in all commercial households and will grow this market at a rapid pace.

The increase in demand for electricity will boost the global market for the three-phase energy meter market.

Accelerated industrialization and rising domestic energy consumption with the expansion of electricity to rural areas for households are some driving forces behind the rise of the world market for the Three-Phase Energy Meter. The electricity demand is rising steadily over the world, which has increased the use of energy resources. There are currently more power plants and extensive transmission networks everywhere. The industry is using more power as a result of the advancement of modern electric vehicles and incentives to use them.

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 Three-Phase Energy Meters will also grow and thus the Three-Phase Energy Meter market.

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

The Three-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 three-phase meters in the Asia Pacific region. The market for Three-phase electric meters is driven by investments in smart grid and smart city technologies, growth in data centers, and a rise in commercial institutions and IT hubs.

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 which will increase the installation of three-phase energy meters and thus will propel the growth of the market.

Market Key Developments.

• In Jan 2023 a three-phase meter is introduced by Shelly at CES. The Wi-Fi-operated Shelly Pro 3EM is a three-phase energy meter that can be mounted on a DIN wall and includes Bluetooth and LAN connection as well as 1% measurement accuracy. With 60 days of historical data stored on the device, it enables users to track the consumption of every residential appliance, electric circuit, or piece of equipment separately. It also features MODBUS Support for quick and simple implementation in existing industrial systems.
• In September 2020 A new variant of the 3-Phase Power Meter will be introduced by VP Instruments. You may measure the voltage and current of all three phases with a 3 Phase Power Meter, which provides a highly accurate assessment of the actual power use.
• In July 2020 the WM3M4C energy meters, which are MID-certified meters, are being introduced for use in three-phase and single-phase electrical charging stations by Iskra.

Three-Phase Energy Meter Market Scope:

Segmentation

• By Configuration Type
  • Star
  • Delta
• By Application
  • Factories
  • Data Centers
  • Automation Plant
  • Household Appliance
  • Others
• 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