Power Metering Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The market is segmented by End-User (Residential, Commercial, and Industrial), Technology (Analog Meters, Digital Meters, and Smart Meters) and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
Fastest Growing Market:
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The global power metering market is expected to grow at a CAGR of approximately 4.5% during the forecast period of 2020 – 2025. Power metering is designed for applications, such as billing and motoring. Power metering systems have low maintenance costs and very high operating efficiency compared to electric meters. Increasing government focus towards the development of grid infrastructure is expected to drive the growth of power metering market. However, issues related to privacy and standardization of the power meter may restrain the market growth in the coming years.
Owing to the primary concern of increasing energy consumption, smart meters have witnessed an increase in their adoption, as they enable two-way communication between the meter and the central system employed by the utilities. This, in turn, is expected to drive the smart meters growth significantly.
Technological advancements and increasing environmental concerns in conventional infrastructure have opened new growth opportunities in the global market.
Asia Pacific is expected to dominate the market with majority of the demand coming from the countries such as China and India.
Scope of the Report
The power metering market report include:
Middle-East and Africa
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Key Market Trends
Industrial Sector to Witness the Highest Growth in the Smart Meters Segment
Smart electric meter plays a significant role in the industrial, residential, manufacturing, and commercial sectors, as this meter measures the energy consumed by the consumers. Smart meters are used to measure and report energy consumption that enables utilities and energy distributors to manage their supply and demand in real-time, resulting in low costs, high reliability, less tampering, and low carbon emissions.
In2018, the utilities invested for the deployment of smart meters were worth almost USD 20.1 billion. In order to meet national and EU targets, European utilities are expected to install 182 million smart meters over 2016–20, amounting to USD 37.8 billion of investment. Likewise in Japan, 55 million meters, costing USD 16.6 billion, are expected to be installed from 2016 through 2020.
With the use of smart meters, utilities can monitor households or commercial establishments that do not pay their bills and can shut down their services remotely. Additionally, smart metering infrastructure helps utilities to respond quickly to tampering. Due to the built-in tamper detection and protection functionalities, utilities can send real-time notifications to the utilities when there is an attempt at tampering.
Therefore, the adoption of a smart meter in industrial sector is helping the major players in the manufacturing segment, to optimize energy consumption levels, as a smart meter can facilitate a greater control by users over the energy usage.
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Asia Pacific to Witness Highest Growth
Asia Pacific is expected to be the largest segment for power meter, owing to urbanization in countries such as India and China. Over the last few years, China has been one of the leaders in terms of deploying power meters, due to the increasing urbanization and growing service sector.
The real estate sector in India is experiencing significant growth, accompanied by booming urban and semi-urban accommodations, increasing corporate environment, and demand for office space. The Indian real estate market is expected to grow by 40% during 2015 to 2020, thus creating a significant demand for power meter in the infrastructure sector.
Government projects such as 'smart city' in India contributes to the growth in the global power metering market.
Similarly, increasing number of load centers and supportive government policies to deploy smart meters in Southeast Asia region is expected to augment the growth of the market studied.
Moreover, the growth rate has scaled up in recent years due to an increase in construction spending, rise in industrial activities, and enhancement of the grid infrastructure of the region.
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The global power metering market is fragmented with top 10 companies and some of the major companies include Eaton Corporation PLC, Kamstrup A/S, Siemens AG, Aclara Technologies LLC, and General Electric Company.