The global power meter market is growing due to multiple factors, including rising acceptance of smart grid technology, increased demand for energy-efficient solutions, and a spike in the use of renewable energy sources.
Wilmington, Delaware, United States, Feb. 09, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global power meter Market was projected to attain US$ 11.2 billion in 2022. It is anticipated to garner a 6.6% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 20 billion by 2031.
Since power meters are immune to fluctuations brought on by external factors, they are frequently utilized in renewable infrastructure. The services that a power meter performs, including multi-rate tariff, energy management, load switching, and remote reading, are critical for fast, accurate, and cost-effective recording of consumption.
They are utilized in data center power management, residential energy management systems, industrial energy management systems, renewable energy systems, and charging stations for electric cars. Among the most common kinds of power meters are multi-function, digital, and analog meters.
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Key Findings of the Market Report
- Developed economies are investing in the construction of renewable energy infrastructure and favoring clean energy sources more and more.
- Power meters are essential for regulating and keeping an eye on renewable energy sources.
- Power meters are becoming more and more in demand as renewable energy sources like solar, wind, and hydroelectricity gain traction.
- These tools are crucial for calculating how much energy is produced and used by renewable energy sources.
- In renewable energy systems, power meters are used for load balancing, net metering, monitoring energy use, and measuring energy output.
- They are also employed in order to maintain a balance of power between the grid and renewable energy sources.
- In order to balance the extra energy generated by renewable energy sources, power meters are used.
Market Trends for Power Meters
- A digital power meter is an electronic instrument that monitors many electrical characteristics in a power system, including voltage, current, power factor, and energy usage.
- The digital power meter, in contrast to the conventional analog power meter, uses sophisticated digital signal processing methods to deliver precise and trustworthy readings. Among the main benefits of digital power meters over analog ones are accurate readings, real-time monitoring, data logging, communication interfaces, and energy management.
- The digital meter contains an LCD or LED screen that allows the provider to compute units on a scale. Manufacturers are quickly replacing outdated analog meters with more sophisticated digital power meters.
- To give them an extra four years to meet the goal, the U.K. government extended in September 2019 the deadline for all suppliers to switch from analog to digital meters by the year 2024. The market for power meters is expanding in part because of the high demand for digital meters.
Global Market for Power Meter: Regional Outlook
- In 2022, Asia Pacific held a 34.2% market share globally. Governments are concentrating on boosting investment in energy infrastructure since Asia Pacific is a lucrative location for manufacturing units, and an uninterrupted supply of power is a crucial requirement for industrial units. Enhancing the region’s infrastructure for renewable energy has also received a lot of attention.
- The power meter market dynamics in Asia Pacific are being driven by this aspect. India is one of the International Solar Alliance’s (ISA) original members. This organization’s goals are to lower the price of producing solar electricity and increase research and development related to solar energy.
- In 2022, North America accounted for 29.4% of the global market. Over the course of the projected period, growth in the power meter market is also anticipated in North America. The favorable existence of power meter producers in the area is influencing the market data.
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Global Power Meter Market: Key Players
The most recent power meter market research study states that a number of businesses are investing a substantial amount of money in thorough research and development and the development of new products.
Prominent entities are presently executing inventive tactics such as diversifying their product offerings and executing mergers and acquisitions. The following companies are well-known participants in the global power meter market:
- ABB
- Accuenergy Inc.
- Acrel
- ADTEK
- General Electric Company
- Mitsubishi Electric Corporation
- Schneider Electric
- SFERE Electric
- Siemens
- SOCOMEC Group S.A.
- Yokogawa Electric Corporation
Key developments by the players in this market are:
- Conrad Electronic International GmbH & Co KG introduced the SEM5000, a power meter with an integrated data recorder, in January 2023. By analyzing data and providing insights regarding energy usage, it assists businesses in reducing their energy expenses.
- ABB India expanded its line of energy-efficient products in February 2022 and unveiled a new line of smart metering options for effective energy management.
- ISKRA expanded the operating temperature range and enhanced the ambient temperature capability of their WM3M4C power meters in July 2020. The purpose of these power meters is to monitor energy in three-phase and single-phase electrical charging stations.
Global Power Meter Market Segmentation
By Product Type
- Analog Meter
- Digital Meter
- Multi-function Meter
By Readout
- Analog
- Digital
By Phase
- AC
- DC
By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
By Mounting Type
- DIN Rail Mount
- Panel Mount
By Functionality
- Standalone
- Embedded
- Multi-circuit
By End Use
- Residential
- Commercial
- Industrial
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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