Power Metering Market Analysis

Power Metering Market is projected to be worth USD 35.74 billion, registering a CAGR of 8.51% during the forecast period (2022 - 2030), The market was valued at USD 17.87 billion in 2020.

Power metering, simply put, is an electronic device which measures the consumption of energy and is designed for monitoring and billing purposes. It replaces electric meters while delivering relevant data metrics.

Various factors are fuelling the global power metering market growth. As per the recent MRFR market estimates, such factors include environmental concerns in conventional infrastructure, low maintenance cost, technological upgradation, and two-way communication over electric meter, high operating efficiency, growing need for power metering, government focus towards grid infrastructure, technological advances, adoption of power meters to control electricity consumption during peak hours, different  new strategies being adopted to cut down operating costs, improve efficiency through monitoring of data, rapidly increasing needs from various application industries and regions, and upgradation of old grid infrastructure. Additional factors adding market growth include low maintenance cost, two-way communication over traditional meters, government initiatives regarding the deployment of smart grid network, and installation of more power grids worldwide.

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On the contrary, issues related to standardization and privacy and the impact of the COVID-19 pandemic may limit the global power metering market growth over the forecast period.

Regional Analysis

By region, the global power metering market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW).

• The APAC region will rule the market over the forecast period. Government project like smart city in India, increase in construction spending, increase in industrial activities, improvement of the grid infrastructure, the presence of emerging economies like Japan and China and also growing demand from these countries, increasing building and construction activities, rapid urbanization, growing service sector, increasing electricity demand, and increasing need to reduce transmission and distribution losses are adding to the global power metering market growth in the region.
• In Europe, the global power metering market is predicted to have second-largest share over the forecast period for the strict government regulations to replace digital meters by smart meters.
• In North America, the global power metering market is predicted to have admirable growth over the forecast period. Growing infrastructure, government projects, government support for building and construction activities, and emphasis to deploy advanced smart grid solutions are adding to the global power metering market growth in the region.
• In RoW, the global power metering market is predicted to have sound growth over the forecast period.

Key Players

The leading players profiled in the global power metering market report include Holley Metering (China), Siemens AG (Germany), Eaton Corporation Plc (Dublin), ABB (Switzerland), Wasion Group Holdings Ltd. (China), Melrose Industries plc. (UK), Toshiba Corporation (Japan), Itron (US), and General Electric (US), among others.

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The global power metering market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.

Market Segmentation

The MRFR report throws light on an inclusive segmental analysis of the global power metering market based on application, phase, and type.

• By type, the global power metering market is segmented into analog, digital, and smart. Of these, the smart segment will lead the market over the forecast period.
• By phase, the global power metering market is segmented into three-phase and single-phase. Of these, the three-phase segment will dominate the market over the forecast period.
• By application, the global power metering market is segmented into industrial, commercial, and residential. Of these, the residential segment will spearhead the market over the forecast period.