What Has Been the Progress and Growth of the Power Metering Market in Recent Years?
The power metering market has seen considerable growth due to a variety of factors.
• The market size of power metering has witnessed robust growth in the recent past. The market value is projected to escalate from $18.17 billion in 2024 to $19.9 billion in 2025, growing at a compound annual growth rate (CAGR) of 9.5%.
The historic period growth stems from expanding electric utilities, increasing energy storage, integrating renewable energy, the surge in industrial activities, and the proliferation of electric vehicles.
What Is The Expected Growth In The Power Metering Market Size Evolve over the Forecast Period?
The power metering market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for robust expansion in the power metering market size in the coming years. The anticipated growth will see it scale up to $28.28 billion by 2029, with a compound annual growth rate (CAGR) of 9.2%.
Factors contributing to this projected increase during the forecast period include a rise in energy usage, enhanced consumer demand for instantaneous data, the growing emphasis on energy infrastructure cybersecurity, escalated investments in smart meter implementation, and a boost in construction expenditure. Significant trends anticipated during this period encompass technological progress, adoption of smart grid, integration of the Internet of Things (IoT), artificial intelligence incorporation, and the development of meter data management systems.
What Main Forces Are Fueling Expansion In The Power Metering Market?
The growing emphasis on energy efficiency is predicted to spur the expansion of the power metering market. Using less energy for the completion of the same function, and generating equal output, essentially minimizing energy wastage and costs, defines energy efficiency. The escalating costs of energy, environmental implications, and regulatory pressures have increasingly championed the cause of energy efficiency. Power metering augments energy efficiency by offering real-time information on energy consumption, making it possible to manage and optimize energy use more effectively. In a report by the Department for Business, Energy & Industrial Strategy, a government department based in the UK in April 2022, it was revealed that by 2022, 40% of homes in England have reached Energy Performance Certificate (EPC) ratings of B or C or above, reflecting a considerable degree of energy efficiency. An impressively high percentage, 84% of new constructions, fulfill the highest energy efficiency standards of A or B, demonstrating the efficacy of present-day construction norms and regulations oriented towards sustainability. An upcoming prediction for 2025 is that about 700,000 homes will undertake enhancements to improve their energy performance. Thus, the surging focus on energy efficiency is fueling the growth of the power metering market.
What Are The Primary Segments In The Global Power Metering Market?
The power meteringmarket covered in this report is segmented –
1) By Type: Smart, Digital, Analog
2) By Phase: Single Phase, Three Phase
3) By End User: Residential, Commercial, Industrial
Subsegments:
1) By Smart Meters: Advanced Metering Infrastructure (AMI), Smart Grid Meters, Two-Way Communication Meters, Time-Of-Use Meters
2) By Digital Meters: Electronic Energy Meters, Digital Multifunction Meters, Programmable Digital Meters, Power Quality Analyzers
3) By Analog Meters: Electromechanical Meters, Induction Meters, Moving Coil Meters, Watt-Hour Meters
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What Emerging Trends Are Influencing The Growth Of The Power Metering Market?
In the power metering industry, major firms are pushing technological boundaries by developing superior products such as optical power meters that deliver accurate optical signal power readings. Optical power meters primarily measure the power of light signals, usually in fiber-optic networks, to confirm exact signal intensity and the smooth operation of optical communication setups. For example, Santec Corporation, a firm based in Japan, introduced the OPM-200 power meter in March 2023. This high-performance optical power meter is engineered for accuracy and user-friendliness in both laboratory and manufacturing settings. The OPM-200 exhibits a dynamic measurement range from +8 dBm to -80 dBm, making it adaptable for a wide range of uses. It can be fitted with up to four detectors, either panel-mounted or remote-head, giving it a flexible setup capacity. The remote-head cables can reach lengths up to 10 meters. The gadget boasts of a high-speed sampling rate of 1 MHz with customizable averaging times ranging from 50 microseconds to 1 second.
Who Are the Key Players In The Power Metering Market?
Major companies operating in the power metering market are:
• Siemens AG
• Honeywell International Inc.
• GE Vernova
• Toshiba Corporation
• Eaton Corporation Plc
• Infineon Technologies AG
• Ametek Inc.
• Fluke Corporation
• Yokogawa Electric Corporation
• Schneider Electric SE
• Rohde & Schwarz GmbH & Co. KG
• Schweitzer Engineering Laboratories Inc.
• Socomec Group
• Mitsubishi Electric Automation Inc.
• Hexing Electrical Co. Ltd.
• Circutor SA
• Kamstrup A/S
• Accuenergy Inc.
• EMH Metering GmbH & Co. KG
• Metrix Instrument Co. Ltd.
• Trinity Energy Systems Pvt. Ltd.
• ZIV Automation S.L
What Is The Most Dominant Region In The Power Metering Market?
North America was the largest region in the power metering market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power metering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
