Power Meter to Witness US$ 20.0 Billion Market Opportunity by 2031 Amid Rising Grid Infrastructure for Efficient Electricity Distribution – TMR Study
Increasing trend of integrating renewable energy resources such as solar, wind, and hydroelectricity into the power grid is expected to offer lucrative opportunities to companies in the market
Wilmington, Delaware, United States, March 28, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Surge in adoption of smart digital meters among utility providers and building owners is expected to propel the power meter market growth. Rise in usage of multi-function metering systems is likely to boost the market in the next few years. These functions include remote tracking, multi-rate tariff, and load switching. Rapid adoption of renewable energy sources including solar, wind, and hydroelectricity in several countries is anticipated to propel the expansion of the power meter industry.
The power meter market was valued at US$ 11.2 Bn in 2022 and is projected to reach US$ 20.0 Bn by 2031. Digital power meters are expected to gather traction among end-users as they enable accurate measurement of electrical energy consumed. High demand for power meters that are easy to install and allow continuous monitoring of electrical loads is likely to bolster market development. Surge in demand for intelligent monitoring and control systems is also expected to offer significant business opportunities to companies in the global power meter market. Smart power meters are characterized by real-time monitoring of energy consumption.
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Key Findings of Study
- Surge in Demand for Digital Meters: Rise in spending of governments in power grid infrastructure is likely to accelerate the adoption of digital power meters. Consumers are becoming aware about the benefits of electronic power meters in terms of reduced energy cost and prevention of theft. These meters are equipped with wireless network integration features to track energy usage and billing information for the energy provider or utility companies. Preference for digital meters over analog meters is likely to increase in the next few years, due to the former’s ability to offer highly accurate power and energy measurement for both consumers and utility companies. Rise in adoption of digital power meters is thus likely to augment the market from 2023 to 2031.
- Adoption of Grid-connected Renewable Energy Systems: Rapid increase in usage of grid-connected systems among residential and commercial end-users is anticipated to fuel the power meter market growth. Surge in penetration of renewables in the power grid is likely to broaden the market outlook. Governments in several developed and developing economies are promoting the benefits of digital power meters to consumers, which is likely to encourage their adoption.
Key Drivers
- Focus of countries on implementing efficient electrical distribution systems is a key factor likely to drive the power meter market. Deployment of smart power metering and energy monitoring systems reduce power distribution losses in the grid and enhances power management & distribution for utility companies.
- Emphasis of the power sector to lower greenhouse gas emissions is leading to a surge in usage of solar, wind, geothermal, and hydroelectric energy to generate electricity. Integration of renewable energy resources into the grid is a key market trend that is likely to positively impact the power meter industry in the next few years.
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Regional Growth Dynamics
Asia Pacific held share of 34.2% in the power meter market in 2022. Rapid expansion of manufacturing industries in Asia Pacific is likely to fuel the power meter market. Focus of governments in the region on strengthening electricity transmission and distribution networks is anticipated to increase the adoption of power meters among customers in the manufacturing sector. Expansion of renewable energy infrastructure, notably solar power generation plants, is expected to expand the market size in the region. This could be ascribed to usage of smart power meters in grid-connected renewable energy systems.
North America held major market share in 2022. The market in the region is expected to expand at a rapid pace from 2023 to 2031. Significant presence of globally prominent power meter manufacturers is likely to boost the market in the region. Rise in production of renewable energy in the U.S. is projected to accelerate market development in North America in the near future.
Competition Landscape
Presence of a few large- and medium-scale players holding significant share in the power meter market leads to high degree of consolidation. Recent analysis on the power meter market indicates that several key players are focusing on new product development. Leading players are adopting product portfolio expansion and merger and acquisition as key competitive strategies in a bid to gain market share during the forecast period.
Key players operating in the power meter industry are ABB Ltd., Accuenergy, ADTEK, Acrel Co., Mitsubishi Electric, Schneider Electric, Socomec, Yokogawa Electric, and Conrad Electronic.
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Power Meter Market Segmentation
By Product Type
- Analog Meter
- Digital Meter
- Multi-function Meter
By Readout
- Analog
- Digital
By Phase
- AC
- DC
By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
By Mounting Type
- DIN Rail Mount
- Panel Mount
By Functionality
- Standalone
- Embedded
- Multi-circuit
By End-use
- Residential
- Commercial
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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