Global Power Metering Market to grow at a Significant Rate through 2026
Rise in the development of
grid infrastructure activities and growing energy requirements is expected to
drive the demand for Global Power Metering market in forecast period.
According to TechSci Research report, “Global Power
Metering Market By End-User (Residential, Commercial, and Industrial) By
Type (Analog Meters, Digital Meters, and Smart Meters) By Phase (Single Phase,
Three Phase), By Region, Company Forecast & Opportunities, 2026”, The
Global Power Metering market is expected to witness steady growth in the
forecast period owing to the rise in the initiatives taken by the leading
authorities for technological up-gradation of the analog meters to digital
meters to provide accurate reading to the consumers. A power meter is a kind of
electrical device which is used to measure the electric current consumption and
aids in uni or bilateral communication between the central system and the power
meter. The device reads the number of electricity units consumed and uses this
information for the generation of electricity bills. Power metering systems are
more efficient than electric meters as they have higher operational efficiency
and lower maintenance costs.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Leading authorities around the world imposed lockdown
restrictions and released a set of precautionary measures to contain the spread
of novel coronavirus. Manufacturing units were temporarily shut down which
adversely affected the market growth. The demand from the end-user industries
subsided due to the temporary closure of all the industries. Disruption in the
supply chain was observed which further negatively impacted the market.
Post-COVID-19 period, the Power Metering market is expected to pick up the pace
eventually after the relaxations offered by the leading authorities in the
lockdown restrictions.
However, standardization and privacy issues regarding
the Power Metering systems may hamper the market growth for the forecast
period.
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Global
Power Metering market is segmented into end-user, type, phase, regional
distribution, and company. Based on type, the market can be divided into analog
meters, digital meters, and smart meters. The smart meters type segment is
expected to witness the fastest incremental growth in the forecast period,
2022-2026. An increase in the initiatives taken by the leading authorities to
replace the analog or digital meters with smart meters to achieve higher
efficiency from the system is the major driving factor for the growth of the
Power Metering market. An increase in the demand from the construction,
industrial, manufacturing, commercial sectors for the installation of smart
meters is contributing to the growth of the smart meters market. Smart meters
enable to measure the energy consumption in real-time resulting in lower cost,
higher reliability, and less tampering which makes it a preferred method to
measure the electric current through it. The rise in the number of
electrification projects to provide electricity access to everyone coupled with
the rapid growth of the construction activities equipped with the latest
technologies is fostering the growth of the Power Metering market. Based on the
end-user, the market can be divided into residential, commercial, and
industrial. The residential segment is expected to account for major market
share in the next five years owing to the rise in the population and the increase
in the expenditure capacity of the consumers to afford quality treatment. The
continuous increase in the construction activities to provide residential
spaces is increasing the installation of power meters thereby accelerating the
growth of the Power Metering market.
Eaton
Corporation PLC, Kamstrup A/S, Siemens AG, Acalara Technologies LLC, General
Electric Company, Holley Technology LTD, Elster Group GmbH, Landis+Gyr,
Schneider Electric, Sensus USA Inc. are the leading players operating in Global
Power Metering market. Manufacturers are increasingly focusing on research and
development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several Power
Metering manufacturers are coming up with their technologically advanced
offerings.
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“The
high-end investments by the market players and the growing adoption of
intelligent meters which are integrated with the automated data stimulators and
can forecast the future expected energy requirements based on the present
energy consumption are in high demand. The ongoing initiatives introduced by
the government for the installation of smart meters and the rise in awareness
among the consumers about the benefits offered by the advanced meters is anticipated
to propel the Power Metering market growth till 2026” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Global Power Metering
Market By End-User (Residential, Commercial, and Industrial) By Type (Analog
Meters, Digital Meters, and Smart Meters) By Phase (Single Phase, Three Phase),
By Region, Company Forecast & Opportunities, 2026” has
evaluated the future growth potential of Global Power Metering market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of Global Power
Metering market.
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