Power Metering Market by Technology (Analog Meter, Digital Meter, Smart Meter), Phase (Single, Three), End-User - Global Forecast 2024-2030

Power Metering Market by Technology (Analog Meter, Digital Meter, Smart Meter), Phase (Single, Three), End-User - Global Forecast 2024-2030

The Power Metering Market size was estimated at USD 2.29 billion in 2023 and expected to reach USD 2.52 billion in 2024, at a CAGR 10.63% to reach USD 4.64 billion by 2030.

Power metering refers to monitoring, measuring, and analyzing the flow of electrical power in a specified system, such as residential, commercial & industrial buildings, or across electrical distribution networks. It involves using devices known as power meters that capture data related to various electrical parameters, such as voltage, current, power factor, energy consumption, and demand over time. This data can be utilized to assess the efficiency of electrical systems, manage energy costs, and ensure the reliability and quality of power supply. Meanwhile, rising electricity consumption in industrial and commercial areas boosts the demand for power metering for efficient data monitoring and management. However, the concerns associated with their standardization and interoperability are a significant challenge faced by the key players and end users operating power metering solutions. Companies are consistently working towards areas for innovation and research that can drive business growth, including developing more secure and resilient metering devices. Moreover, the recent advancements in the power metering systems, such as digital transformation trends, offer the potential for innovations in the power metering industry. Additionally, adopting the Internet of Things (IoT) for enhanced connectivity and data analytics capabilities presents an opportunity for key players to deploy smart meters that contribute to improved energy management and sustainability.

Regional Insights

The power metering market in the Americas is driven by consumer needs for energy efficiency, accurate billing, and integrating renewable energy sources. The United States presents a large share of power metering landscapes with smart grid technology adoption, investing in advanced metering infrastructure (AMI) as part of utility modernization efforts. Meanwhile, Canada follows suit, strongly focusing on sustainability and reducing carbon footprints. Canada's power metering sector is expanding, bolstered by government initiatives to promote smart grids and renewable energy systems. In addition, the European and Middle Eastern regions present a varied power metering landscape, with the European countries demonstrating strong commitments to sustainability with regulatory mandates for smart metering. Economic diversification and smart city projects propel the market in the Middle East, while Africa's power metering spaces are emerging, primarily focused on expanding access to electricity. International investments and partnerships are key drivers in this region, with a growing number of initiatives aimed at modernizing power systems and introducing renewable sources. Moreover, the Asia Pacific region is experiencing rapid growth in power metering due to burgeoning industrialization, urbanization, and increased energy demand. China and India are significant players with vast initiatives and government support pushing the market forward. Japan has strongly emphasized energy security and efficiency, leading to the widespread adoption of smart metering systems. Investments in the Internet of Things (IoT) and smart technologies are commonplace in this region, with customer purchasing trends leaning towards high-tech energy management solutions.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Power Metering Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising utilization and need for electricity across the world
Awareness about the importance of power management and growing sustainability concerns
Need to achieve energy efficiency in manufacturing and industrial sectors

Market Restraints

Technical limitations associated with power metering

Market Opportunities

Advancements and innovations to improve the accuracy and reliability of power metering
Adoption of power metering solutions and services for renewable energy projects

Market Challenges

Privacy concerns about advanced power metering technologies and solutions

Market Segmentation Analysis

Technology: Growing popularity of digital and smart meters in modern energy management systems
Phase: Utilization of single-phase and three-phase power metering in preference to their functionality in low and high-voltage power distribution
End-User: Growing adoption of power metering in commercial and industrial sectors offering better optimizations in grid management

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Power Metering Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Power Metering Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Carlo Gavazzi’s New Single Phase AC Energy Meter for Level 1 and 2 EV Charging

Carlo Gavazzi introduces the innovative EM511 Series, a line of advanced 1-Phase Energy Meters engineered for efficiency in both residential and commercial settings. Ideal for managing energy distribution in electric vehicle (EV) charging systems and photovoltaic (PV) setups, these meters feature an intuitive design that complies with global standards for Level 1 and 2 EV charging certifications.

India’s Genus Launches USD 2 Billion Smart Meter Funding Platform

Genus Power & Infrastructures has solidified a joint venture with Gem View Investment, an affiliate of GIC, creating a significant funding platform specifically dedicated to advancing smart meter projects in India. The initiative is poised to uniquely position Genus as the sole supplier of smart meters and affiliated services. This collaboration marks a paramount deal in the nation's smart metering sector, with GIC contributing financial acumen and Genus providing technical expertise as the system integrator for Advanced Metering Infrastructure Service Provider (AMISP) concessions.

GW Instek Unveils The New GPM-8330/8320 Digital Power Meter

GW Instek has unveiled its latest innovation, the advanced GPM-8330/8320 Digital Power Meters, expanding upon the GPM-8310 series. These new models cater to three-phase AC power measurements with heightened precision—featuring 2 modules in the GPM-8320 and 3 modules in the GPM-8330. These instruments set a new standard for efficiency and functionality in power metering technology.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Power Metering Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Power Metering Market, highlighting leading vendors and their innovative profiles. These include ABB Limited, Accuenergy Inc., Acrel Co., Ltd., Anritsu Corporation, DS Instruments, Eaton Corporation PLC, General Electric Company, Genus Power Infrastructures Limited, Havells India Limited, Holley Metering Limited, Honeywell International Inc., Itron Inc., Jiangsu Linyang Electronics Co., Ltd., Keysight Technologies, Krytar, Inc., Kuhne Electronic by Alaris Group, Lakshmi Electrical Control Systems Limited, Ningbo Sanxing Electric Co., Ltd., PCE Deutschland GmbH, Rockwell Automation, Inc., Rohde & Schwarz, Saluki Technology, Schneider Electric SE, Scientech, Inc. by Curtiss-Wright Corporation, Siemens AG, Sontex SA, Tektronix, Inc. by Danaher Corporation, Virginia Diodes, Inc., and Werlatone Inc..

Market Segmentation & Coverage

This research report categorizes the Power Metering Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology
Analog Meter
Digital Meter
Smart Meter
Phase
Single
Three
End-User
Commercial
Industrial
Residential
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year