USD 21.87 billion
Power Meters Market Size, Share, Growth Analysis, By Type of Meters(Smart Meter, Digital Meter, Analog Meter), By Phase(Single-Phase and Three- Phase), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2170 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|Tables:
61
|Figures:
77
Power Meters Market Insights
Global Power Meters 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).
Modern power metering systems with easy-to-use user interfaces are becoming more and more popular today. Because they are insulated from fluctuations brought on by external factors, power metres are frequently employed in renewable infrastructure. The activities that a power meter performs, including multi-rate tariff, energy management, load balancing, and remote reading, are crucial for accurately, promptly, and affordably recording consumption. They are utilised in data centre power management, industrial energy management, household energy management systems, renewable energy systems, and charging stations for electric vehicles. Among the several types of power metres are analogue, digital, and multi-function metres. ISKRA enhanced the WM3M4C power metres' range and their ability to operate at ambient temperatures in July 2020. These power metres are designed to be used for energy measurement in three-phase and single-phase electrical charging stations. The U.K. government extended the deadline for all suppliers to switch from analogue to digital metres by 4 years, giving them until September 2019 to complete the task.
US Power Meters Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Single-Phase
Fastest Growth
Single-Phase
Growth Rate
5.90% CAGR
Global Power Meters Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Power Meters Market Segmental Analysis
Global Power Meters Market is segmented on the basis of type of meters, phase and region. By digital meters, the market is segmented into smart meters, digital meters, analog meters. By phase, the market is segmented into single-phase and three-phase. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Power Meters Market Analysis by Type of Meter
Smart meters are advanced digital meters that offer real-time monitoring and control of energy consumption. They are capable of communicating with utility companies to provide information about energy usage, enabling customers to manage their energy consumption and reduce their bills. The smart meter segment is expected to dominate the market due to the growing demand for real-time monitoring of energy consumption and the increasing adoption of smart grid technology.
Digital meters are electronic devices that measure and display energy consumption. They offer more accurate readings than analog meters and can be easily integrated with other digital devices for data analysis. The digital meter segment is also expected to grow due to the increasing adoption of smart grid technology and the growing demand for energy-efficient solutions.
Global Power Meters Market Analysis by Phase
Three-phase meters are used to measure the energy consumption of large commercial and industrial consumers. They are designed to measure the energy consumption of a three-phase electrical circuit. The three-phase meter segment is expected to dominate the market due to the increasing demand for energy-efficient solutions in industrial and commercial sectors.
The energy usage of users in the household and small commercial sectors is tracked using these meters. They are designed to measure the energy consumption of a single-phase electrical circuit. The single-phase meter segment is expected to grow at a moderate pace due to the increasing demand for energy-efficient solutions in residential and small commercial sectors.
Global Power Meters Market Size By Phase 2022(%)
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Power Meters Market Regional Insights
In 2022, Asia Pacific held a 34.2% share of the global market. Governments are focusing on boosting investment in energy infrastructure since the Asia Pacific area offers attractive opportunities for the establishment of manufacturing facilities. An uninterrupted supply of electricity is a crucial requirement for manufacturing facilities. The development of the region's renewable energy infrastructure has also received a lot of attention. Power meter market dynamics in Asia Pacific are being fueled by this factor. The International Solar Alliance (ISA) was founded by India. This group's goals are to increase solar energy research and development while lowering the cost of solar power generation.
In 2022, North America accounted for 29.4% of the global market. Throughout the projection period, it is also anticipated that the North American power meter market would grow. Power meter manufacturers' profitable presence in the area is helping to drive the market statistics. Additionally, an increase in regional power providers' investments in the production of renewable energy is accelerating market growth. For instance, the United States joined the International Solar Alliance in November 2021 to improve research and development efforts and lower the cost of solar energy production.
Global Power Meters Market Size By Geography, 2022-2030
- Largest
- Fastest
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Power Meters Market Dynamics
Global Power Meters Market Drivers
Growing Awareness About Energy Conservation to Bring Lucrative Revenue Generating Opportunities
- The growing awareness about the need for energy conservation is also driving the growth of the power meters market. Consumers are becoming more conscious about their energy consumption and are looking for ways to reduce their energy bills. Power meters help consumers to monitor their energy consumption and identify ways to reduce their energy usage, which is driving the adoption of these devices.
- The increasing demand for energy-efficient solutions is driving the growth of the power meters market. Governments around the world are implementing regulations and initiatives to reduce carbon emissions and encourage the use of renewable energy sources, which is increasing the demand for power meters. Power meters help consumers to monitor their energy consumption and reduce their energy bills, which is driving the adoption of these devices.
Global Power Meters Market Restraints
Cybersecurity Concerns to Hinder Market Growth
- The integration of IoT and AI technology into power meters increases the risk of cyber-attacks. This is a major concern for utilities and consumers, which may restrain the growth of the power meters market.
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Power Meters Market Competitive Landscape
A small number of large-to-medium-sized companies dominate the power meter market, indicating that the industry is consolidated globally. Several companies are spending a lot of money on thorough R&D and new product development, according to the most recent power meter market research report. Leading players are implementing cutting-edge methods, such as product portfolio expansion and mergers and acquisitions.
Top Player’s Company Profiles in Global Power Meters Market
- Schneider Electric SE (France)
- Eaton Corporation plc (Ireland)
- Siemens AG (Germany)
- General Electric Company (US)
- Honeywell International Inc. (US)
- Landis+Gyr AG (Switzerland)
- Itron Inc. (US)
- Kamstrup A/S (Denmark)
- Wasion Group Holdings Limited (China)
- Holley Technology Ltd. (China)
- Elster Group GmbH (Germany)
- Aclara Technologies LLC (US)
- Iskraemeco d.d. (Slovenia)
- Jiangsu Linyang Energy Co. Ltd. (China)
- Sensus USA Inc. (US)
- Mitsubishi Electric Corporation (Japan)
- Toshiba Corporation (Japan)
- Fuji Electric Co. Ltd. (Japan)
- Haier Group Corporation (China)
- Xylem Inc. (US)
- Circutor SA (Spain)
- Carlo Gavazzi Holding AG (Switzerland)
Global Power Meters Market Recent Developments
- In February 2022, ABB India expanded its selection of energy-saving products in February 2022 by introducing a new line of smart metering solutions for effective energy management.
- In January 2022, A power meter with an integrated data recorder, the SEM5000, was introduced by Conrad Electronic International GmbH & Co KG. By analyzing data and providing information on a company's energy consumption, it assists companies in reducing their energy expenses.
Power Meters Key Market Trends
- Smart meters are advanced power meters that offer real-time monitoring, advanced data analytics, and remote-control capabilities. They are becoming increasingly popular among consumers and utilities, which is driving the growth of the power meters market.
Power Meters Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global power meters market is experiencing significant growth due to the increasing demand for energy conservation, along with the adoption of smart grid technologies. The market is expected to continue its growth trajectory, driven by factors such as the growing need for accurate and reliable energy measurement, increasing deployment of smart meters, and advancements in technology, such as the integration of artificial intelligence and IoT. The market is not without its challenges, such as high initial investment, limited consumer awareness, cybersecurity concerns, and lack of standardization. These elements might limit the market's expansion to some degree. The global power meters market is expected to continue its growth trajectory, driven by the need for efficient energy management and increasing adoption of smart grid technologies.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 21.87 billion |
| Market size value in 2031 | USD 36.64 billion |
| Growth Rate | 5.90% |
| 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 Meters 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 Meters 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 Meters 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 Meters 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 Meters Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Power Meters 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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