Digital Power Meters

Digital Power Meters

Global Digital Power Meters Market to Reach US$19.6 Billion by 2030

The global market for Digital Power Meters estimated at US$14.0 Billion in the year 2023, is expected to reach US$19.6 Billion by 2030, growing at a CAGR of 4.9% over the analysis period 2023-2030. Residential End-Use, one of the segments analyzed in the report, is expected to record a 5.0% CAGR and reach US$16.0 Billion by the end of the analysis period. Growth in the Commercial End-Use segment is estimated at 5.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$3.8 Billion While China is Forecast to Grow at 4.5% CAGR

The Digital Power Meters market in the U.S. is estimated at US$3.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.1 Billion by the year 2030 trailing a CAGR of 4.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.8% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.

Global Digital Power Meters Market - Key Trends and Drivers Summarized

What Are Digital Power Meters and How Do They Enhance Energy Management?

Digital power meters are advanced devices designed to measure and monitor electrical power consumption and quality with high accuracy. Unlike traditional analog meters, digital meters provide detailed insights into power usage patterns, power quality, and efficiency in real-time, enabling both consumers and utilities to manage energy resources more effectively. These meters can detect precise consumption data at different times of the day, which is pivotal for implementing dynamic pricing models based on peak and non-peak periods. Furthermore, the integration of digital power meters with home automation systems and smart grids allows for the automated management of energy usage, helping to reduce costs and improve energy efficiency. This technology is critical in the context of growing environmental concerns and the push towards more sustainable energy practices.

How Are Innovations in Technology Transforming Digital Power Meter Capabilities?

Technological advancements have significantly bolstered the functionality of digital power meters. The incorporation of IoT technology allows these meters to be connected to the internet, enabling remote monitoring and control. This connectivity not only facilitates the seamless collection and transmission of data to utility providers and consumers but also enhances the ability to perform remote diagnostics and updates without the need for on-site visits. Additionally, advancements in data analytics and machine learning enable the analysis of big data collected by digital power meters, allowing for predictive maintenance, load forecasting, and enhanced decision-making about energy distribution and consumption. These technological enhancements not only streamline operations but also contribute to the overall reliability and sustainability of power management systems.

What Impact Does the Adoption of Digital Power Meters Have on Consumers and Industries?

The widespread adoption of digital power meters impacts a broad spectrum of stakeholders, from residential consumers to large industrial facilities. For residential users, digital power meters offer a way to track energy usage in real-time, encouraging more conscious consumption and energy savings. They also facilitate billing accuracy and eliminate the need for manual meter readings, enhancing convenience for both consumers and utility companies. On an industrial scale, digital meters enable complex energy management and operational efficiency optimizations, critical for maintaining competitiveness in energy-intensive industries. Moreover, in the context of renewable energy integration, digital power meters play a vital role in monitoring the energy generated from renewable sources, thereby supporting the transition to greener energy solutions.

What Drives the Growth in the Digital Power Meters Market?

The growth in the digital power meters market is driven by several factors, including increased awareness about energy conservation, regulatory policies promoting energy efficiency, and advancements in smart grid technology. Governments worldwide are implementing regulations and incentives to encourage the adoption of smart metering solutions to enhance energy efficiency and reduce carbon footprints. This regulatory push, combined with the declining cost of digital metering technology and growing consumer demand for devices that help manage and reduce energy costs, significantly contributes to the expansion of the market. Additionally, the global shift towards sustainable energy sources and the need for compatible metering technology to facilitate this transition are further accelerating the deployment of digital power meters. These dynamics illustrate a robust demand for digital metering solutions, underpinned by technological, regulatory, and environmental factors, ensuring sustained growth in this vital industry sector.

Select Competitors (Total 46 Featured) -
  • Advanced Electronics Company
  • EKM Metering Inc.
  • Elster Group GmbH
  • Holley Metering, Ltd.
  • Itron, Inc.
  • Jiangsu Linyang Energy Co., Ltd.
  • Jiaxing Eastron Electronic Instruments Co., Ltd.
  • Kamstrup A/S
  • Landis+Gyr AG
  • Murata Power Solutions
  • Schneider Electric SA
  • Sensus
  • Simpson Electric
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I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
Digital Power Meters – Global Key Competitors Percentage Market Share in 2024 (E)
Global Economic Update
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Expanding Smart Grid Initiatives Drive Demand for Digital Power Meters
Growing Focus on Energy Efficiency Strengthens Business Case for Digital Power Meters
Government Regulations on Energy Conservation Set the Stage for Market Expansion
Increasing Deployment of Smart Meters in Residential Sector Expands Addressable Market
Growing Investments in Smart Cities Generate Demand for Digital Power Meters
Expanding Industrial Automation Throws Spotlight on Digital Power Meters
Adoption of Digital Power Meters in Electric Vehicle Charging Infrastructure Strengthens Market Growth
Rising Adoption of AMI (Advanced Metering Infrastructure) Drives Market for Digital Power Meters
Expansion of Distributed Energy Resources (DERs) Drives Growth in Digital Power Meters Market
4. GLOBAL MARKET PERSPECTIVE
TABLE 1: World Recent Past, Current & Future Analysis for Digital Power Meters by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 2: World Historic Review for Digital Power Meters by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 3: World 16-Year Perspective for Digital Power Meters by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2014, 2024 & 2030
TABLE 4: World Recent Past, Current & Future Analysis for Residential by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 5: World Historic Review for Residential by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 6: World 16-Year Perspective for Residential by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
TABLE 7: World Recent Past, Current & Future Analysis for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 8: World Historic Review for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 9: World 16-Year Perspective for Commercial by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
TABLE 10: World Recent Past, Current & Future Analysis for Industrial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 11: World Historic Review for Industrial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 12: World 16-Year Perspective for Industrial by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
TABLE 13: World Digital Power Meters Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
III. MARKET ANALYSIS
UNITED STATES
Digital Power Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
TABLE 14: USA Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 15: USA Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 16: USA 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
CANADA
TABLE 17: Canada Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 18: Canada Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 19: Canada 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
JAPAN
Digital Power Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
TABLE 20: Japan Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 21: Japan Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 22: Japan 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
CHINA
Digital Power Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
TABLE 23: China Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 24: China Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 25: China 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
EUROPE
Digital Power Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
TABLE 26: Europe Recent Past, Current & Future Analysis for Digital Power Meters by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 27: Europe Historic Review for Digital Power Meters by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 28: Europe 16-Year Perspective for Digital Power Meters by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2014, 2024 & 2030
TABLE 29: Europe Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 30: Europe Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 31: Europe 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
FRANCE
Digital Power Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
TABLE 32: France Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 33: France Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 34: France 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
GERMANY
Digital Power Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
TABLE 35: Germany Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 36: Germany Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 37: Germany 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
ITALY
TABLE 38: Italy Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 39: Italy Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 40: Italy 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
UNITED KINGDOM
Digital Power Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
TABLE 41: UK Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 42: UK Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 43: UK 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
REST OF EUROPE
TABLE 44: Rest of Europe Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 45: Rest of Europe Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 46: Rest of Europe 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
ASIA-PACIFIC
Digital Power Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
TABLE 47: Asia-Pacific Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 48: Asia-Pacific Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 49: Asia-Pacific 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
REST OF WORLD
TABLE 50: Rest of World Recent Past, Current & Future Analysis for Digital Power Meters by End-Use - Residential, Commercial and Industrial - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 51: Rest of World Historic Review for Digital Power Meters by End-Use - Residential, Commercial and Industrial Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 52: Rest of World 16-Year Perspective for Digital Power Meters by End-Use - Percentage Breakdown of Value Sales for Residential, Commercial and Industrial for the Years 2014, 2024 & 2030
IV. COMPETITION

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