Press release
Power Metering Market Anticipated To Witness Robust Growth, Surpassing $28.28 Billion By 2029
Power Metering
What Is the Current Power Metering Market Size and Its Estimated Growth Rate?
The power metering market size will grow from $18.17 billion in 2024 to $19.9 billion in 2025 at a CAGR of 9.5%. The growth is driven by the rise of electric utilities, renewable energy integration, industrial activities, and the rise of electric vehicles.
The power metering market is expected to grow to $28.28 billion by 2029 at a CAGR of 9.2%. Growth drivers include rising energy consumption, demand for real-time data, cybersecurity importance, smart meter investments, and construction spending. Key trends include technological advancements, smart grid adoption, IoT integration, AI integration, and meter data management systems.
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How Are Emerging Segments Shaping the Power Metering Market Landscape?
The power meteringmarket covered in this report is segmented -
1) By Type: Smart, Digital, Analog
2) By Phase: Single Phase, Three Phase
3) By End User: Residential, Commercial, Industrial
Subsegments:
1) By Smart Meters: Advanced Metering Infrastructure (AMI), Smart Grid Meters, Two-Way Communication Meters, Time-Of-Use Meters
2) By Digital Meters: Electronic Energy Meters, Digital Multifunction Meters, Programmable Digital Meters, Power Quality Analyzers
3) By Analog Meters: Electromechanical Meters, Induction Meters, Moving Coil Meters, Watt-Hour Meters
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Which Growth Factors Are Influencing Power Metering Market Expansion?
The growing emphasis on energy efficiency is expected to drive the power metering market's growth. Energy efficiency, which involves using less energy to achieve the same output, helps reduce waste and costs. As energy prices rise, environmental concerns increase, and regulations become stricter, the focus on energy efficiency grows. Power metering aids in improving energy efficiency by offering real-time data on energy usage, facilitating better management and optimization. As of April 2022, 40% of homes in England had Energy Performance Certificate (EPC) ratings of B or C or higher, and 84% of new builds met top energy efficiency standards, illustrating the impact of energy-efficient construction practices and regulations.
Who Are the Dominant Players Across Different Power Metering Market Segments?
Major companies operating in the power metering market are Siemens AG, Honeywell International Inc., GE Vernova, Toshiba Corporation, Eaton Corporation Plc, Infineon Technologies AG, Ametek Inc., Fluke Corporation, Yokogawa Electric Corporation, Schneider Electric SE, Rohde & Schwarz GmbH & Co. KG, Schweitzer Engineering Laboratories Inc., Socomec Group, Mitsubishi Electric Automation Inc., Hexing Electrical Co. Ltd., Circutor SA, Kamstrup A/S, Accuenergy Inc., EMH Metering GmbH & Co. KG, Metrix Instrument Co. Ltd., Trinity Energy Systems Pvt. Ltd., ZIV Automation S.L
What Trends Are Driving Growth in The Power Metering Market?
Major Companies in the power metering market are creating advanced products like optical power meters to measure optical signal power accurately. Optical power meters are used in fiber optic networks to measure light signal strength and ensure proper system functioning. For instance, in March 2023, Santec Corporation, a Japan-based company, launched the OPM-200 power meter, designed for precision in laboratory and manufacturing environments. It offers a wide dynamic measurement range and can be configured with up to four detectors, providing flexibility for various applications.
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Which Geographic Regions Are Expected to Dominate the Power Metering Market in the Coming Years?
North America was the largest region in the power metering market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power metering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Power Metering Market?
2. What is the CAGR expected in the Power Metering Market?
3. What Are the Key Innovations Transforming the Power Metering Industry?
4. Which Region Is Leading the Power Metering Market?
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