USD 21.87 billion
Power Metering Market Size, Share, Growth Analysis, By Type (Smart Meter, Digital Meter), By Application (Residential, Commercial), By Phase (Single-Phase,Three- Phase), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2266 |
Region:
Global |
Published Date: November, 2024
Pages:
196
|Tables:
89
|Figures:
70
Power Metering Market Insights
Global Power Metering Market size was valued at USD 21.87 billion in 2022 and is poised to grow from USD 23.16 billion in 2023 to USD 36.64 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).
The monitoring of electricity usage across residential, commercial, and industrial sectors is known as power metering. Through power metering, consumers as well as electricity providers can keep track of how much electricity is being used and charge the consumers accordingly with documented data. Advancements in technology have led to the adoption of new power meters that provide more accurate energy consumption data with added features such as real-time data and remote power control. The rapidly expanding global population and growing need for electricity around the world are also forecasted to bolster the demand for power metering over the coming years. High investments in the upgradation of old power grids to increase efficiency could also create new opportunities for power metering providers in the future.
Rapidly increasing infrastructure development activity in the Asia Pacific region is forecasted to bolster the demand for power metering in this region and make it the dominant regional market. However, high costs of implementation and data privacy concerns are slated to impede power metering market growth across the forecast period and beyond.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Single
Fastest Growth
Three
Growth Rate
5.90% CAGR
Global Power Metering Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Power Metering Market Segmental Analysis
Global Power Metering Market is segmented by Type, by Application, by Phase, and by Region. Based on Type, the market is segmented into Smart Meter, Digital Meter, Analog Meter, Others Market. Based on Application, the market is segmented into Residential, Commercial, Industrial. Based on Phase, the market is segmented into Single Phase, Three Phase. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Phase
Single phase power metering is forecasted to account for a large share of the global marketplace. The high use of single-phase power supply in most applications contributes to the dominance of this segment. Rapidly increasing investments in the expansion of residential infrastructure and urbanization are also slated to bolster the demand for single-phase power metering across the forecast period. Single phase power meters are also used in places where solar energy from solar panels is utilized.
Increasing commercial manufacturing activity around the world has led to a high demand for three phase power metering since most heavy machinery operates on a three-phase power supply. Governments across the world are focusing on improvising their power metering infrastructure for three phase supply to generate more revenue and reduce energy wastage. Hence, demand for power metering in three phase supply applications is slated to increase at a rapid pace over the coming years.
Analysis by Application
The residential segment is predicted to account for a massive share of the global power metering marketplace. This can be attributed to the growing residential construction projects and rapid urbanization around the world. Increasing use of consumer electronics and appliances in all households around the world is also a key factor that is projected to bolster the demand for electricity and favor power metering market growth as well. Homeowners can manage their energy consumption by utilizing the data from power meters and energy bills.
Meanwhile, rapid growth in industrialization around the world is estimated to bolster the demand for power metering in industrial settings over the coming years. Electricity usage is high in industries as compared to residential property and this is why they use a three-phase supply that requires a different power metering infrastructure.
Global Power Metering Market By Phase
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Power Metering Market Regional Insights
The Asia Pacific region is estimated to account for a massive share of the global power metering demand outlook. This can be attributed to the presence of a huge power supply network to some of the world’s largest population bases such as China and India, which also lead the market growth in this region. High investments in infrastructure development and growing electricity usage from the industrial sector are also predicted to bolster power metering market growth in the Asia Pacific region across the forecast period. Initiatives taken by governments in this region to optimize energy supply are also estimated to bolster sales of smart power meters and thereby drive power metering market development as well.
North America accounts for the second-largest share of the global power metering marketplace. The market is characterized by the presence of a robust power supply grid network and the growing adoption of advanced power metering technologies. Installation of smart power meters is a trend that is projected to allow this regional market to hold its position in the global landscape going forward. Canada and the United States are estimated to be the top markets for power metering companies in this region. High availability and acceptance of advanced power metering technologies will also crucially bolster market growth in North America going forward.
Global Power Metering Market By Region
- Largest
- Fastest
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Power Metering Market Dynamics
Drivers
Rising Demand for Effective Energy Consumption
- The world is hungrier for energy than ever before and as the world struggles to fulfill this surging demand for energy, it is deploying measures to conserve energy and improve its proper utilization. Increasing focus on effective energy consumption among organizations and individuals is slated to bolster the demand for power metering in the future.
Smart Grid Integration
- Power grids are being integrated with smart technologies and advanced metering technologies to make them smarter and more efficient. These smart grids are much easier to manage and control, which will allow power suppliers to optimize their operations and serve the growing need for energy on a global level with ease.
Restraints
Privacy Concerns
- Power meters have been used for years on end and now as smart meters are being deployed across the world for power metering they have been raising some privacy concerns as they monitor power usage in real time and are also capable of manipulating the supply as well. These issues could slow down the global power metering market growth to a certain extent.
High Costs of Installation and Integration
- Modern power metering solutions are quite expensive to procure, install, and integrate with existing power grids and this makes it an expensive affair for governments and energy providers with limited spending potential.
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Power Metering Market Competitive Landscape
Power metering providers are focusing on increasing their business reach across different parts of the world. Companies can collaborate and partner with governments to maximize their sales and revenue generation potential in the future. Upgradation of old power grids and the adoption of advanced new power technologies could also offer lucrative growth opportunities for power metering companies going forward. The market is highly fragmented and provides opportunities for new companies as well. Market players should also focus on creating products that are compliant with changing regulations across different countries.
Top Player’s Company Profiles
- Schneider Electric SE
- Eaton Corporation plc
- Siemens AG
- General Electric Company
- Honeywell International Inc.
- Landis+Gyr AG
- Itron Inc.
- Kamstrup A/S
- Wasion Group Holdings Limited
- Holley Technology Ltd.
- Jiangsu Linyang Energy Co. Ltd.
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Fuji Electric Co. Ltd.
- Haier Group Corporation
- Xylem Inc.
- Circutor SA
- Carlo Gavazzi Holding AG
- Hubbell Inc.
Recent Developments
- Sensus, a part of Xylem brand providing water and energy metering solutions, announced the launch of a new smart meter in December 2023. Stratus IQ+ meter was capable of providing the utilities with more data and was also equipped with grid edge capabilities.
- In December 2023, Dakshin Gujarat Vij Company Limited (DGVCL), a supplier of power in Gujrat, India, announced its plans to install smart prepaid power meters in the state from January 2024.
- In July 2023, the Ministry of Energy of Moldova, a country in Europe, announced the launch of its pilot program to install smart meters. The country had plans to installing around 35,000 smart meters
Power Metering Key Market Trends
- Smart Power Metering: The adoption of smart power meters is forecasted to increase at a notable pace across the forecast period as power metering technology advances. Governments across the world are necessitating the use of smart power meters to improve energy consumption and manage the effectiveness of power grids to satisfy the surging demand for power.
Power Metering Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, the rapidly expanding global population is driving up the demand for energy and this is slated to benefit the adoption of power metering over the coming years. Rising energy costs and efforts to optimize energy consumption around the world are also slated to favor the demand for power metering in the long run. However, privacy issues associated with smart meters could prove to be a hindrance to the overall power metering market growth going forward. Robust industrialization and urbanization are key factors that are estimated to make Asia Pacific the largest regional market for power metering in the world. The adoption of smart meters in power metering infrastructure is slated to open new opportunities for power metering providers over the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 21.87 billion |
| Market size value in 2031 | USD 36.64 billion |
| Growth Rate | 5.90% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Power Metering Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Power Metering Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Power Metering Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Power Metering Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Power Metering Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Power Metering Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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