PUBLISHER: Allied Market Research | PRODUCT CODE: 1396999
PUBLISHER: Allied Market Research | PRODUCT CODE: 1396999
The global power metering market was valued at $11.2 billion in 2022, and is projected to reach $21.0 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.
Power metering, also known as energy metering or electricity metering, is the act of calculating and keeping track of the amount of electrical energy used in industrial, commercial, and residential contexts. Power metering is primarily used to measure and record the quantity of electricity used, giving consumers the ability to better understand their energy usage, control expenses, and increase energy efficiency. To gauge how much electricity is used, power meters are installed at various points in an electrical system. They keep track of data using measures like kilowatt-hours (kWh) or megawatt-hours (MWh), which stand for the total amount of energy used during a given time period.
Real-time information on energy usage is provided by advanced power metering systems. Users continuously track their electrical consumption and modify as necessary to reduce costs. Utility providers need power metering in order to appropriately bill customers for their energy usage. Residential, business, and industrial users all be subject to different tariff schemes. Power meters provide load profiles, which display the variations in energy use over the course of a day and over several days. Utility companies and consumers better understand electricity usage patterns thanks to this data. Some meters track demand, which is the rate of electrical energy use at any given time. Demand charges are frequently included in electricity bills for businesses and industries.
Individuals and businesses lessen their carbon footprints and support environmental sustainability by being aware of their energy usage. Users of renewable energy sources monitor their usage and excess energy production with the aid of power meters. This is in favor of net metering and the grid-integration of renewable energy. Modern meters identify voltage changes, overloads, and other anomalies, allowing for quick corrections and a reduction in downtime. Many contemporary meters have connectivity features that enable remote data collecting, hence minimizing the need for manual reading and maintenance visits. The transparent data on energy usage provided by power metering makes it simpler for consumers to comprehend and manage their consumption.
Smart meters, which gather specific real-time data and provide information about consumers' everyday routines and behaviors, have sparked privacy concerns. For utilities as well as users, upgrading to sophisticated power meters or smart meters be expensive. However, the benefits in the long run frequently outweigh these expenses. Strong security measures are needed for the gathering and transfer of data from smart meters in order to guard against data breaches and cyberattacks. Smart meter operation is impacted by technological issues in some locations, such as unstable cellular or internet connectivity.
The power metering market is studied on the basis of type, application, and region. By type, the power metering market is divided into single, and three. By application, the market is categorized into commercial, industrial, and residential. By region, the power metering market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). The major players operating in the power metering market are General Electric, Toshiba Corporation, ABB Ltd., Eaton Corporation plc, Siemens AG, Holley Metering Ltd., Aclara Technologies LLC, Melrose Industries plc, Wasion Holdings Limited, and Sensus. The companies adopted key strategies such as collaboration to increase their market share.
The drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.
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