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The power metering market share is expected to increase by USD 8.97 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.9%.
This power metering market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers power metering market segmentation by end-user (residential, commercial, and industrial) and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The power metering market report also offers information on several market vendors, including 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. among others.
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The growing investment in smart grid projects is notably driving the power metering market growth, although factors such as the high cost of the product may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the power metering industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Power Metering Market Driver
The growing investment in smart grid projects is one of the major drivers impacting the power metering market growth. Smart grid networking technologies help integrate renewable power generation technologies with the grid. Smart grid networking includes generation, transmission, distribution, and end usage of electricity. Increased endeavors from several countries to achieve better energy management and improve energy efficiency across their power sector have led to an increase in the implementation of smart grid networking technologies. The gradual shift from conventional energy generation sources to renewable sources has also fueled the development of smart grid technologies. There have been huge developments in the smart grid sector across countries, such as China, India, and Japan. The shift toward smart grids results in utilities managing complex smart devices, thus reducing the risk of grid failures and outages. Hence, the growing investment in smart grid projects can become a major driver for the growth of the global power metering market during the forecast period.
Key Power Metering Market Trend
Growing demand for wireless smart power meters is one of the major trends influencing the power metering market growth. The growing pressure on utilities to address aging infrastructure challenges is compelling utilities to upgrade their infrastructure. This has led to the adoption of a smart energy network and a cohesive set of systems, products, and solutions that enable electric utilities to remotely and continuously monitor and diagnose problems related to distribution. The adoption of a smart energy network enables utilities to control the entire system using sensor networks and geographic information systems (GIS). This allows utilities to monitor and evaluate the energy flow, which can lead to better decision-making for developing sustainable management of resources. A smart power network has distinct layers, which perform designated functions by interacting with the adjacent layers such as advanced metering infrastructure (AMI) and automated meter reading (AMR) meters, that measure the flow, pressure, energy usage, and quality.
Key Power Metering Market Challenge
The high cost of the product is one of the major challenges impeding the power metering market growth. The benefits gained by the installation of smart power meters do not make a solid business case, especially in smaller utilities that do not have the required capital for huge investments. In addition, the installation of such expensive technologies in a country with a large population is a huge proposition. Also, utilities must invest in networking technology, which connects smart power meters to smart power meter utilities. This integration with networking technology is a vital part of smart power meter installations, which adds to the overall cost of these meters. The replacement cost of old meters is also high. All these factors together are hindering the adoption of power metering systems in certain regions. AMI operational costs include costs for metering operations, communications operations, and consumer education. Hence, the high cost of the product can become a major challenge for the growth of the global power metering market during the forecast period.
This power metering market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global power metering market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the power metering market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the power metering market encompasses successful business strategies deployed by the key vendors. The power metering market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The power metering market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the power metering market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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46% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the power metering market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising population, increasing urbanization, growth in manufacturing industries, and supportive regulatory actions will facilitate the power metering market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 adversely affected the growth of several end-user industries, including power and utility industries in the region. The rising number of COVID-19 cases resulted in strict lockdowns in most of these countries in the region, which led to the temporary halt of power meter development projects. In addition, investments in smart grid projects were very low, which negatively impacted the growth of the market in 2020.
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The power metering market share growth by the residential segment will be significant during the forecast period. Growth in the segment can be attributed to several factors, such as increased initiatives by the respective legislative bodies to implement smart metering in residential spaces, a rise in the number of proposals for the establishment of smart grids on a regional level, and mandates regarding the replacement of traditional analog-installed meters.
This report provides an accurate prediction of the contribution of all the segments to the growth of the power metering market size and actionable market insights on the post-COVID-19 impact on each segment.
Power Metering Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.9% |
Market growth 2022-2026 |
$8.97 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.52 |
Regional analysis |
APAC, Europe, North America, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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. |
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, and Market condition analysis for the forecast period. |
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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