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

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.