Power Metering Market Information by Type (Smart, Digital, Analog), by Phase (Single-phase, Three-phase) by Application (Residential, Commercial and Industrial) and Region - Forecast to 2030

Power Metering Market Overview

Power Metering Market is projected to be worth USD 35.74 billion by 2028, registering a CAGR of 8.51% during the forecast period (2021 - 2028), The market was valued at USD 17.87 billion in 2020.

When it comes to Power Metering Market size it has an upgrade as well as degradation. Various factors affect both processes. Tradition is affected by many factors. Some of the major regions are the growing market and the focus of government words on great infrastructure. Whereas when it comes to degradation there are issues related to privacy and standardization of the power meter which acts as a big barrier to the market growth.

COVID 19 Analysis

As the Power Metering Market analysis has been studied thoroughly. It has been properly marked that the up-gradation of the market has stepped down during the pandemic. The long down has affected every sector of business including power metering. The involvement of people in and out of the house has decreased to a very large extent. This directly means no contact with human beings other than the ones living in the same house. Hence manufacturing production as well as purchasing all the three processes went down tremendously.

When there's no demand, manufacturing doesn't even exist as a process. Prices to increase due to the less demand. But things will be back to normal soon. The government is taking measures to uplift this industry. So, it is still expected that in the forecasted period the power metering industry will reach the profit that has been estimated until 2028.

Competitive Landscape

The most prominent major key players in the global Power Metering Market are as follows:

• 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)


• Holley Metering (China)

These most prominent key players of the Power Metering Market use various strategies to enhance the growth. These strategies and techniques include tracking and analyzing competitive development such as joint ventures, strategic alliances, mergers and acquisitions, new product development, and research and development.

Market Dynamics

Drivers

The Power Metering Market is growing tremendously which offers radius scope for further increment in the profit. Did on many factors and strategies that have been increasing the market value. Some of the reasons are mentioned. Increasing demand for power metering as well as governments focused words that great infrastructure is one reason behind the growing market. Many others include low-cost maintenance, two-way communication, technological upgrade, environmental concerns, high operating efficiency, and easy reading of data metrics. There are many more reasons as to why the market is expanding.

Restraints

The Power Metering Market  is growing tremendously due to many factors but with it comes many hindrances and obstacles that stop it from growing. Some of the factors that stop or restraints any further movement of growth in the market. These are issues that are mostly related to the privacy of the people and the general public. Also, standardization of the power meter acts as a barrier. Conventionally it is difficult for people to switch from something that has been used for years, which is an electric meter. Switching into a new technology does take time and is expected to reach the forecast period of 2027 global power market will make a substantial profit.

The Objective Of Power Meters Market

• The first objective being is to provide a detailed market analysis of the market structure. Once the endless is done within the forecasted period for the next 6 years. The various segments and subsegments of the global market are studied.


• Objectives also are made to get a proper insight into all the factors that may or may not affect the growth of the market. Complete market outlook is given to know the pros and cons of different steps taken for the market revenue.


• Many tools are used such as price analysis supply chain and illusions porter's five forces analysis. These stores are used to analyze the global market based on these particular types of tools. It helps to visualize the actual position of the market.


• The reference is taken of the four main geographies and their countries namely North America Europe Asia Pacific and the rest of the world. Historical land forecast revenue of the market segments and subsegments are studied based on region.


• A country-level and a list of the market trains is done concerning the current market size and also what perspectives are thought of in the future.


• Market segmentations are done on different bases to provide country-level analysis of the market. Segmentation based on typeface application and region.


• Strategic and technical profiling of all the prominent players in the market is done. The key players comprehensively study and analyze their core competencies and draw a competitive landscape for the market. Also counts in the objective.


• Tracking and analysis of competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product development, and research and developments.

Regional Analysis

The Power Metering Market is divided based on region into North America Asia Pacific and Europe. The maximum market share is held by the Asia Pacific. This is projected in such a way that the emerging market for power metering is majorly contributed by the Asia Pacific. Government projects such as the smart city in India Majorly contribute to the well-being of the global market. Another factor that makes the Asia Pacific the highest contributor of the share of the market is an increase in spending on construction. Others include a rise in industry activities and hence the grid infrastructure of the region and government projects. China is an emerging economy and Japan too is focusing on grabbing a major market.

In the region of North America, it too is the leading market for power meters . The reason being is also growing infrastructure in government projects that directly boost the growth of the global market.

Power metering is defined as an electronic device that helps us to measure energy consumption by all the other devices that are used in households or offices. Power metering is designed for billing and monitoring purposes of the expenditure in electricity consumption. The reason why power meters are considered much handier than electric meters is because of the data metrics which are quite relevant to calculate. Not only this but power meters also have special features such as environmental concerns, technological upgrades, low maintenance cost, and two-way communication which when compared to electric meters stands out. In addition to this power meters also have high operating efficiency.

Recent Developments

• Recent developments are made in the region of Asia Pacific where government projects are being launched every day to enhance the market.


• Other enhancements are done in the environmental technological maintenance communication and efficiency factors.


• Issues related to privacy and standardization of the power meter are also being looked upon. Various developments in these areas are also in progress.


• Not just Asia Pacific but North America Europe and the rest of the world two are meaningly contributing to the market.


• The demand for electricity consumption from various parts of the world shows growth overall in the world as well as in the market.

Report Overview

The global Power Metering Market research report consists of the following elements:

• Market Overview


• COVID 19 Analysis


• Market Dynamic


• The objective of power metering


• Regional Analysis


• Recent developments


• Report overview


• Competitive Landscape


• Targeted audience

This global Power Metering Market research report consists of the factors that drive the market along with the factors that restrict the market . The impact of COVID 19 on the market is also estimated. The report also covers various objectives of power meters . The future growth rate of the market is mentioned.

Targeted Audience

• The targeted audience of the market is as follows- 


• Manufactures 


• Raw Materials Suppliers 


• Aftermarket suppliers 


• Research Institute / Education Institute 


• Potential Investors


• Key executive and strategy growth manager

Report Scope:

Report Attribute/Metric	Details
Market Size	2028: USD 35.74 billion 2030: Significant Value
CAGR	8.51% (2022-2030)
Base Year	2021
Forecast Period	2022-2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Phase and Application
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	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)
Key Market Opportunities	Issues related to privacy and standardization of the power meter
Key Market Drivers	Environmental concerns Technological upgradation Low maintenance cost Two-way communication Very high operating efficiency

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