Market Size of Power Metering Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Power Metering Market Analysis
The power metering market is expected to record a CAGR of approximately 5.5% during the forecast period (2022-2027). The COVID-19 pandemic had slowed the growth of the power metering market, as various countries worldwide were forced to implement strict lockdowns during the first half of 2020. Governments and local authorities issued strict guidelines and halted all non-essential operations, adversely impacting the power metering market due to the suspension of various end-user activities. 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 on the development of grid infrastructure is expected to drive the power metering market. However, issues related to privacy and standardization of power meters may restrain the market's growth during the forecast period.
- Smart meters witnessed an increase in their adoption due to the primary concern of increasing energy consumption. They enable two-way communication between the meter and the central system employed by the utilities, which is expected to drive the demand for smart meters significantly.
- Technological advancements and increasing environmental concerns in conventional infrastructure are expected to open new growth opportunities in the global market.
- Asia-Pacific is expected to dominate the market, with a majority of the demand coming from China and India.
