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

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.