Power Metering Market is projected to be reach USD 35.74 billion, registering a CAGR of 8.51% during the forecast period 2022 - 2030. 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.
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 2030.
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.
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.
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 2030 global power market will make a substantial profit.
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 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.
In February 2024, Argentina's power regulator Enre has set up a public-private working group that will help drive forward Buenos Aires distributors Edenor and Edesur's deployment of smart meters by issuing a resolution for supporting the implementation of AMI in their coverage areas. They provide real-time data on energy usage and thus contribute to improving energy efficiency, leading towards a sustainable energy landscape.
Moreover, according to Smart Meter Statistics in Great Britain 2023, the country had 34.8 million smart meters installed at home, and small businesses accounted for 61% of all meters in Britain; this was done during the installation of which was done through the domestic market in 2023. In addition to this, other countries also increased their footprint.
In December 2023, EDF (Electricité de France), a French state-controlled utility company announced that it needed one hundred million dollars to expand its smart meter business. As a result, the financial support is going to strengthen the presence of smart meter infrastructures.
In July 2023, The National Smart Metering Project was launched by the Indian Government which seeks to install 25 Crore Meters by 2025 having an estimated investment of thirty billion dollars.
In January 2023, the German Government put forth a draft law that seeks to restart the digitalization of energy transition and speed up the rollout of smart metering systems. The Government aimed at implementing up to 20 percent installations by the end of the year 2025, 50 percent by the end year 2028 as well and 95 percent end year 2030, targeting primarily residential and small business consumers.
In February 2022, ABB India in another February 2022 expanded its selection of energy-saving products by introducing a new line of smart metering solutions for effective energy management.
In January 2022, Conrad Electronic International GmbH & Co KG introduced a power meter SEM5000 with an integrated data recorder. It helps the companies save on their electricity bills by analyzing data and giving information about the company's energy consumption.
According to the Energy Information Administration, in 2022, there were around 118 million smart metering infrastructure installations in the United States, which constituted about 72% of total electric meter installations.
April 2024
16 sensors and one gyroscope are included in the new power meter from Campagnolo that is referred to as an HPPM (high precision power measurement) power meter. The objective of Campagnolo's High Performance Power Meter (HPM), which was designed exclusively for road bikes, is to offer the most accurate data available in order to support the most demanding performances.
Campagnolo's HPPM power meter is a member of the family of power meters known as "spider-based" power meters. This kind of power meter is equipped with sixteen sensors that are positioned in the spokes of the crankset to measure torque levels, which are represented in Newton meters.
The data on power is acquired from a real-time crossing of the torque value with the angular velocity that is supplied by the inbuilt gyroscope, according to Campagnolo. Multiple measurements are generated by the sixteen strain gauges via the use of high frequency data sampling. These readings, when paired with a particular algorithm, are said to ensure a high level of accuracy of plus or minus one percent.
According to the data, the signals for angular velocity and torque are recorded at regular intervals of five milliseconds. An very high frequency that is equivalent to 200 hertz, which provides the most accurate reading of the data that is feasible.
The crankset with HPPM Power Meter comes with three different chainring options: 45-29, 48-32, and 50-34. It is also equipped with an Ultra-Torque titanium axle and unidirectional carbon fiber cranks, which are available in 170, 172.5, and 175mm.
Using a user interface that is both contemporary and easy to understand, the new My Campy 3.0 software makes it possible to calibrate the system in a matter of minutes and displays the current charge level of the battery. There is a claim that a single charge may last for more than a month, and the charging process takes little less than four hours.
The global Power Metering Market research report consists of the following elements:
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.
| Report Attribute/Metric | Details |
| Â Â Market Size | 2028: USD 35.74 billion |
| Â Â CAGR | 8.51% (2022-2030) |
| Â Â Base Year | 2021 |
| Â Â Forecast Period | 2022-2030 |
| Â Â Historical Data | 2019 & 2020 |
| Â Â Forecast Units | Value (USD Billion) |
| Â Â Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Type, Phase and Application |
| Â Â Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â 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) |
| Â Â Key Market Opportunities | Issues related to privacy and standardization of the power meter |
| Â Â Key Market Drivers | Environmental concernsTechnological upgradationLow maintenance costTwo-way communicationVery high operating efficiency |
Power Metering Market Highlights:
Frequently Asked Questions (FAQ) :
The market can maintain a decent growth rate of 8.51% throughout the review period, says MRFR.
The market size is set to increase tremendously over the coming years, owing to increasing governments focus on the development of grid infrastructure across the globe.
The renowned companies in the power metering market are Melrose Industries plc. (U.K.), Toshiba Corporation (Japan), Holley Metering (China), General Electric (U.S.), Wasion Group Holdings Ltd. (China), Siemens AG (Germany), Eaton Corporation Plc (Dublin), ABB(Switzerland), Itron (U.S.), and others.
North America is leading the market on account of well-developed infrastructure and surge in the number of government projects.
Increasing construction spending, rising number of industrial activities, and improvement in the grid infrastructure stimulate the market growth in APAC.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
