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

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.