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The power metering market size is forecast to increase by USD 9.80 billion at a CAGR of 8.51% between 2023 and 2028. The power metering market is experiencing significant growth, driven by the increasing investment in smart grid projects and the expanding demand for wireless smart power meters. The global market for power metering is anticipated to expand at a CAGR of over 7% during the forecast period. One of the key trends in the market is the shift towards wireless smart power meters, which offer real-time energy consumption data and enable remote monitoring and control. However, the high cost of these advanced meters remains a challenge for market growth, particularly in developing countries. Despite this, the benefits of smart metering, including improved energy efficiency, enhanced power quality, and reduced energy theft, are expected to drive market expansion.
The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The residential segment is estimated to witness significant growth during the forecast period. Power metering systems play a crucial role in managing energy consumption and optimizing the performance of renewable infrastructure. These systems enable multi-rate tariffs, energy management, and load balancing through user interfaces. Renewable energy systems, charging stations for electric vehicles, and smart cities all benefit from advanced power metering solutions. Analogue and digital meters, multi-function meters, and smart meters are integral components of power metering systems.
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The residential segment accounted for USD 6.73 billion in 2018. Ambient temperatures, IoT, AI technology, and utilities are driving technological upgrades in power metering. Smart meters facilitate two-way communication, enabling real-time monitoring and data metrics. Environmental concerns have led to the adoption of high-operating-efficiency power metering systems. Sensors, gyroscopes, and strain gauges are essential components of modern power metering systems. Campagnolo's HPPM Power Meter, for instance, uses strain gauges and algorithms to measure power output in road bikes, providing valuable data for performance analysis. Newton meters are another type of power meter used to measure the force applied to an object. Power metering systems are essential for energy conservation, electricity consumption monitoring, and monitoring data metrics in various industries.
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APAC is estimated to contribute 52% to the growth of the global market during the market forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Power metering systems play a crucial role in managing energy consumption and optimizing the performance of renewable infrastructure. These systems enable multi-rate tariffs, energy management, and load balancing through user interfaces. Renewable energy systems, charging stations for electric vehicles, and various types of meters such as analog, digital, multi-function, and smart meters, are integral components of power metering. Ambient temperatures, IoT, AI technology, and utilities are also significant factors influencing the market. Smart City construction integrates power metering systems for monitoring energy consumption and data metrics, addressing environmental concerns and promoting energy conservation. Technological upgrades include high operating efficiency sensors like gyroscopes, Campagnolo HPPM Power Meters for road bikes, and Newton Meters with strain gauges and algorithms. Two-way communication facilitates efficient energy management and enhances overall system performance. The power metering market continues to evolve with the integration of advanced technologies and the growing emphasis on sustainable energy solutions.
The power metering systems play a crucial role in measuring and managing energy consumption in various applications. These systems are integral to Renewable infrastructure, enabling effective monitoring and optimization of Energy Consumption from Renewable Energy Systems. User interfaces provide ease of access to Data Metrics, facilitating Energy Management and Load Balancing. Power metering systems are increasingly being used in Smart City construction, Charging Stations, and Urban applications. Two-way Communication enables Remote Reading, allowing for efficient Monitoring of Residential and Commercial usage. With the rise of Multi-rate Tariff, power metering systems have become essential for Urban applications, facilitating cost-effective Energy Consumption. Technological Upgrades, including the integration of Environmental Concerns and Real-time Monitoring, are driving the growth of the Power Metering Market. Manufacturers of Single phase meters and Three phase meters continue to innovate, providing solutions for Rural applications and various sectors, including Construction and Industrial usage. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing investment in smart grid projects is notably driving market growth. The global power metering market is witnessing significant growth due to the increasing adoption of smart grid technologies in various applications. Investments in smart grid projects, particularly in countries like China, the US, India, Spain, Germany, and France, are driving market expansion. These projects encompass smart electric meters, supervisory control and data acquisition (SCADA) systems, IT infrastructure, and communication networks. These advanced devices enable utilities to manage and control digital assets in the field, offering benefits such as load forecasting, peak demand management, and risk determination. In the power metering market, accuracy is a crucial factor. Chainring options, including single-phase and three-phase meters, cater to residential and commercial usage, while ultra-torque titanium axles ensure durability. Power meter manufacturers collaborate with smart grid players, venture capital firms, and investment banks to fund electrification projects and expand their offerings. Urban applications, such as educational institutes, shopping complexes, and manufacturing plants, are significant consumers of power metering solutions. Rural applications also contribute to the market growth, as electrification projects expand access to electricity in remote areas. Thus, such factors are driving the growth of the market during the forecast period.
The growing demand for wireless smart power meters is the key trend in the market. Utilities are increasingly adopting wireless power metering solutions to enhance energy efficiency by monitoring peak usage timings in real-time. Advanced Metering Infrastructure (AMI) technology enables the creation of a wireless two-way communication system, enabling utilities to remotely diagnose and resolve distribution-related issues. Traditional methods of data collection through monthly manual meter checks have proven to be inaccurate, leading to the growing popularity of smart power meters. These meters offer consumers real-time pricing information and improved accuracy. The global power metering market encompasses both residential and commercial applications, with urban and rural areas utilizing single-phase and three-phase meters, respectively. Power meter manufacturers and smart grid players are investing heavily in this sector, with venture capital firms and investment banks providing significant funding for electrification projects. Central systems and shipments of these advanced metering solutions are on the rise, as educational institutes, shopping complexes, manufacturing plants, and other commercial establishments join the trend towards energy efficiency and cost savings. Thus, such trends will shape the growth of the market during the forecast period.
The high cost of product is the major challenge that affects the growth of the market. The market encompasses the production and installation of smart power meters for residential and commercial applications, as well as urban and rural areas. Smart power meters offer enhanced accuracy compared to traditional meters, enabling better energy management and cost savings. However, their installation costs are significantly higher than conventional meters, with a return on investment realized within five to eight years. This high initial investment can be a challenge for smaller utilities and developing countries with large populations. Furthermore, the integration of networking technology to connect smart power meters to central systems is essential, adding to the overall cost. Key players in the power meter market include manufacturers and smart grid players, while venture capital firms and investment banks provide financing for electrification projects. The market caters to various sectors, such as residential and commercial usage, educational institutes, shopping complexes, and manufacturing plants, with single-phase and three-phase meter options available. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers wide range of energy meters such as B21 311 400 and B23 112 500.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Power metering systems play a crucial role in measuring and managing energy consumption in various sectors, including renewable infrastructure, utilities, smart cities, and construction. These systems offer user interfaces that enable users to monitor their energy usage in real-time, making energy management more effective. Power metering systems are integrated with renewable energy systems, charging stations for electric vehicles, and various types of meters, such as analog, digital, multi-function, and smart meters. The market for power metering systems is driven by the need for energy conservation, IoT, AI technology, and technological upgrades. Multi-rate tariffs and load balancing are essential features that enhance the efficiency of power metering systems. The integration of sensors, gyroscopes, and other advanced technologies, such as HPPM Power Meter and Campagnolo's Strain Gauges, further enhances the capabilities of these systems. Power metering systems are also instrumental in addressing environmental concerns by providing accurate data metrics on electricity consumption and energy consumption. The use of two-way communication and high operating efficiency ensures reliable and efficient energy management. The integration of AI technology and ambient temperatures further enhances the performance of power metering systems, making them an essential component of modern energy infrastructure. Newton Meters and other measurement units are used to quantify the force or energy transferred during various processes. Power metering systems employ various measurement techniques, including strain gauges and algorithms, to ensure accurate and reliable measurements. Overall, the power metering market is expected to grow significantly due to the increasing focus on energy efficiency, renewable energy integration, and technological advancements.
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Market Scope |
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Report Coverage |
Details |
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Page number |
144 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.51% |
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Market growth 2024-2028 |
USD 9.80 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.67 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 52% |
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Key countries |
China, US, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Aichi Tokei Denki Co. Ltd., ALLETE Inc, Eaton Corp. Plc, General Electric Co., Holley Technology Ltd., Honeywell International Inc., Hubbell Inc., Itron Inc., Jabil Inc., Kamstrup AS, Landis Gyr AG, Networked Energy Services, Ningbo Sanxing Medical and Electric Co. Ltd., Schneider Electric SE, Shenzhen Kaifa Technology Co. Ltd, Siemens AG, Suntront Tech Co. Ltd, Wasion Holdings Ltd., and Xylem Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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