A power meter is an electric device which measures energy consumption and enables communication between the meter and the central system. The device reads and stores data of the number of units of electricity consumed and communicates that information back to the utility for billing and monitoring purposes. In addition, numerous government regulations to replace aging digital meters with smart meters are expected to push the sales in the market. Rising environmental concerns and introducing smart meters for residential and non-residential sector as well as high operating efficiency helps to boost the power metering market.
Power metering is a system combining three major metering types, namely smart, digital, & analog. Power meters measure the energy consumption which results an easy billing and monitoring process.
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Power Metering Market Highlights:
Moreover, features such as fraud detection, energy savings, pre-payment facilities and information on consumption helps to grow the market of power metering.
Government initiatives for infrastructural development are fueling the market for power metering market.
The smart metering depends heavily on the policy and decisiveness of the governmental bodies involved. Energy savings and an increased security of supply will be main drivers and installed in many industrial verticals for varied purposes. Many advantages that attract new customers and helping the easy detection of fraud are attributed to smart metering, including lower metering cost, energy savings for residential customers, more reliability of supply, and variable pricing schemes. Moreover, environmental concerns and technological advancement in countries such as China and India lead to the growth of power metering market.
Power Metering Market Segmentation:
The global Power Metering Market is segmented on the basis of types, phases, applications and the regions of North America, Europe, APAC and ROW (rest of the world).
On the basis of types, it includes smart, digital, analog. The smart meter is gaining popularity and is forecast to hold a higher position in the market.
On the basis of phases, it is segmented as single phase, triple phase.
On the basis of applications, it is segmented as residential, commercial and industrial.
The major market is captured by the residential application, which includes the utilization of meters in urban and rural households. The commercial sector holding second position, is used for various commercial places such as hospitals, schools, shopping complexes.
Asia-Pacific is expected to dominate the market of power metering in the forecast period. High investments and growing demand for technological upgraded items are some of the factors, which drive the demand for power metering market. Moreover, features such as low maintenance cost and high operating efficiency are pushing the market towards growth. Aging digital meters have to be replaced by technologically advanced smart meters and technological up graded grid infrastructure, giving a new way for the growth of power metering market.
Power Metering Market Leading Players Analyzed are:
The key players of global power metering market include General Electric (U.S.), Itron (U.S.), Toshiba Corporation (Japan), Melrose Industries plc. (U.K.), Wasion Group Holdings Ltd. (China), ABB(Switzerland), Eaton Corporation Plc (Dublin), Siemens AG (Germany) and Holley Metering (China)
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