Portable Power Meter Market - Forecasts from 2023 to 2028

The portable power meter market is expected to grow at a CAGR of 4.72% during the forecast period.

A portable power meter is a device that measures the electrical power consumption of an electric appliance and is useful for anyone looking to understand their energy usage better and find ways to save on their energy bills. Portable power meters come in various phases, including single-phase and three-phase, and can be used in energy measurement and electric load profiling applications. Factors driving the growth of the portable power meter market include the increasing adoption of smart grid technologies, rising energy costs, the growing demand for energy-efficient appliances and devices, and government regulations and initiatives aimed at reducing energy consumption.

The increasing adoption of smart grid technology is accelerating the portable power meter demand.

Smart grid technologies are designed to improve the efficiency and reliability of the electricity grid. They provide consumers with more information about their energy usage, and this increased visibility into energy consumption patterns can help consumers identify areas where they can reduce energy usage and save money on their energy bills. Portable power meters are a key tool for providing this information to consumers, as they can be easily connected to appliances and devices to measure their energy consumption. The demand for portable power meters grows as more consumers and utilities seek tools to monitor and manage energy consumption. According to the U.S. Energy Information Administration (EIA), the average residential electricity price in the United States increased by 43.31% from 2020 to 2021, reaching 13.72 cents per kilowatt-hour (kWh). This demonstrates that portable power meters hold a great demand in the future.

The increasing demand for energy-efficient appliances and devices will positively impact the portable power meter market growth.

Energy-efficient appliances and devices like LED lighting, smart thermostats, and energy-efficient refrigerators are becoming increasingly popular as consumers and businesses seek to reduce their energy costs and carbon footprint. Portable power meters allow users to measure the energy consumption of these appliances and devices, identify areas where energy efficiency can be improved, and track progress over time. The growing demand for energy-efficient appliances and devices is driving the adoption of portable power meters for managing energy consumption and reducing environmental impact. This shows that there will be a high need for portable power meters.

The Asia Pacific region is expected to hold a significant market share during the forecast period.

The Asia Pacific region is expected to hold a significant market share due to the demand for energy-efficient appliances and devices, increasing adoption of smart grid technology, rapid urbanization, and government initiatives to promote energy efficiency and reduce greenhouse gas emissions in nations like China, Japan, and India. In June 2022, according to the Energy Foundation China, the country announced its "14th Five-Year Plan" for energy development, focusing on renewable energy sources, energy conservation, and developing a smart grid system. In 2021, the government of Japan released the "Basic Energy Plan," which outlined the country's energy policies for the next ten years and emphasized the importance of promoting renewable energy and smart grid technologies to improve energy efficiency and reduce greenhouse gas emissions. With its latest Basic Energy Plan, Japan currently aims to supply electricity from 36-38% renewable electricity, 20-22% nuclear, 20% gas and 19% coal in 2030. The "Standards and Labelling Program," launched in 2020 in India, aimed to promote the use of energy-efficient appliances by providing consumers with information about their energy performance, and the program covers a wide range of appliances, including air conditioners, refrigerators, and televisions. This program led to a saving of 61.57 billion units of power during 2020-21. The adoption and development of smart grid technologies and energy-efficient appliances will increase the demand for portable power meters.

Market Developments:

• February 2022: ABB India introduced a new line of portable power meter products, namely "M1M11", "M1M DS", "M1M 20B," and "M1M 30B," which offer easy and cost-effective power monitoring requirements.

Market Segmentation:

By Phase

• Single Phase
• Three Phase

By Application

• Energy Measurement
• Electric Load Profiling

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Others