Power Metering Market by Technology, Phase, End-User

List of Tables

[189 Pages Report] The Power Metering Market size was estimated at USD 2.29 billion in 2023 and expected to reach USD 2.52 billion in 2024, at a CAGR 10.63% to reach USD 4.64 billion by 2030.

Power metering refers to monitoring, measuring, and analyzing the flow of electrical power in a specified system, such as residential, commercial & industrial buildings, or across electrical distribution networks. It involves using devices known as power meters that capture data related to various electrical parameters, such as voltage, current, power factor, energy consumption, and demand over time. This data can be utilized to assess the efficiency of electrical systems, manage energy costs, and ensure the reliability and quality of power supply. Meanwhile, rising electricity consumption in industrial and commercial areas boosts the demand for power metering for efficient data monitoring and management. However, the concerns associated with their standardization and interoperability are a significant challenge faced by the key players and end users operating power metering solutions. Companies are consistently working towards areas for innovation and research that can drive business growth, including developing more secure and resilient metering devices. Moreover, the recent advancements in the power metering systems, such as digital transformation trends, offer the potential for innovations in the power metering industry. Additionally, adopting the Internet of Things (IoT) for enhanced connectivity and data analytics capabilities presents an opportunity for key players to deploy smart meters that contribute to improved energy management and sustainability.

KEY MARKET STATISTICS
Base Year [2023]	USD 2.29 billion
Estimated Year [2024]	USD 2.52 billion
Forecast Year [2030]	USD 4.64 billion
CAGR (%)	10.63%

Technology: Growing popularity of digital and smart meters in modern energy management systems

Analog meters, also known as electromechanical meters, are traditional devices used to measure electrical power consumption. They operate on the principle of electromagnetic induction to turn a mechanical dial consistent with the amount of electricity used. A key characteristic of analog meters is their simplicity and reliability due to having minimal electrical components. Digital meters represent a technological advancement over analog meters, using electronic components to measure electricity consumption. These meters display the electricity usage on an LCD or LED screen. They offer more precise readings and can track additional parameters such as voltage and current. Although digital meters are more accurate than analog ones and eliminate some of the manual processes involved in meter reading, they still don't inherently offer remote data transmission features or two-way communication with utilities, which are increasingly demanded for modern energy efficiency programs and real-time monitoring purposes. Moreover, smart meters are the next evolution in metering technology and have the capabilities expected from a modern energy management system. In real-time, they can wirelessly transmit detailed energy usage data to consumers and utility companies. This eliminates the need for manual readings and enables dynamic pricing models, user engagement in consumption management, and efficient energy distribution. Smart meters often act as essential components of smart grids, facilitating demand response, outage detection, and distributed energy resource integration.

Phase: Utilization of single-phase and three-phase power metering in preference to their functionality in low and high-voltage power distribution

Single-phase power metering is prevalent in residential and some small-scale commercial settings where the power demand is relatively low. It measures electricity in circuits that use a single alternating current (AC) voltage phase, making it simpler and less expensive than three-phase metering. Single-phase meters typically measure up to 240 volts and are suited for applications where energy consumption is limited, such as in household appliances and small tools. On the other hand, three-phase power metering is used in industrial and large commercial applications where higher power density and stable load are required. It involves measuring electricity in systems that utilize three alternating currents offset by 120 degrees, enabling a continuous and more balanced power flow. Three-phase meters can measure voltages typically above 400 volts, catering to equipment such as motors, large HVAC systems, and heavy machinery.

End-User: Growing adoption of power metering in commercial and industrial sectors offering better optimizations in grid management

In the commercial sector, power metering plays a critical role in managing and reducing energy costs and ensuring compliance with regulatory standards. Commercial facilities, such as office buildings, retail stores, and hotels, often require sophisticated metering systems to monitor and control energy use. Smart meters and submetering enable these users to obtain detailed insights into consumption patterns, identify inefficiencies, and implement energy-saving measures. Industrial users, comprising manufacturers, production facilities, and heavy industries, are among the largest energy consumers and significantly focus on optimizing energy utilization for cost savings and operational efficiency. Power metering for these users is essential for the granular tracking of energy usage across various processes and machinery. It aids in load management, peak demand reduction, and predictive maintenance. At the same time, the residential sector is increasingly adopting power metering for greater energy management and awareness of consumption patterns. For individual households, power meters serve as tools to monitor their energy use, control costs, and lower their carbon footprint. In smart homes, automated metering systems can interact with other smart devices to optimize energy consumption based on user behavior and preferences. On a larger scale, residential metering data supports the shift towards distributed generation models, such as rooftop solar installations, enabling better grid management and the integration of renewable energy sources.

Regional Insights

The power metering market in the Americas is driven by consumer needs for energy efficiency, accurate billing, and integrating renewable energy sources. The United States presents a large share of power metering landscapes with smart grid technology adoption, investing in advanced metering infrastructure (AMI) as part of utility modernization efforts. Meanwhile, Canada follows suit, strongly focusing on sustainability and reducing carbon footprints. Canada's power metering sector is expanding, bolstered by government initiatives to promote smart grids and renewable energy systems. In addition, the European and Middle Eastern regions present a varied power metering landscape, with the European countries demonstrating strong commitments to sustainability with regulatory mandates for smart metering. Economic diversification and smart city projects propel the market in the Middle East, while Africa's power metering spaces are emerging, primarily focused on expanding access to electricity. International investments and partnerships are key drivers in this region, with a growing number of initiatives aimed at modernizing power systems and introducing renewable sources. Moreover, the Asia Pacific region is experiencing rapid growth in power metering due to burgeoning industrialization, urbanization, and increased energy demand. China and India are significant players with vast initiatives and government support pushing the market forward. Japan has strongly emphasized energy security and efficiency, leading to the widespread adoption of smart metering systems. Investments in the Internet of Things (IoT) and smart technologies are commonplace in this region, with customer purchasing trends leaning towards high-tech energy management solutions.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Power Metering Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Power Metering Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Power Metering Market, highlighting leading vendors and their innovative profiles. These include ABB Limited, Accuenergy Inc., Acrel Co., Ltd., Anritsu Corporation, DS Instruments, Eaton Corporation PLC, General Electric Company, Genus Power Infrastructures Limited, Havells India Limited, Holley Metering Limited, Honeywell International Inc., Itron Inc., Jiangsu Linyang Electronics Co., Ltd., Keysight Technologies, Krytar, Inc., Kuhne Electronic by Alaris Group, Lakshmi Electrical Control Systems Limited, Ningbo Sanxing Electric Co., Ltd., PCE Deutschland GmbH, Rockwell Automation, Inc., Rohde & Schwarz, Saluki Technology, Schneider Electric SE, Scientech, Inc. by Curtiss-Wright Corporation, Siemens AG, Sontex SA, Tektronix, Inc. by Danaher Corporation, Virginia Diodes, Inc., and Werlatone Inc..

Market Segmentation & Coverage

This research report categorizes the Power Metering Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology
- Analog Meter
- Digital Meter
- Smart Meter

Phase
- Single
- Three

End-User
- Commercial
- Industrial
- Residential

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Power Metering Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Power Metering Market?

3. What are the technology trends and regulatory frameworks in the Power Metering Market?

4. What is the market share of the leading vendors in the Power Metering Market?

5. Which modes and strategic moves are suitable for entering the Power Metering Market?

Product Code: MRR-957C47F915B1

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising utilization and need for electricity across the world
  - 5.1.1.2. Awareness about the importance of power management and growing sustainability concerns
  - 5.1.1.3. Need to achieve energy efficiency in manufacturing and industrial sectors
- 5.1.2. Restraints
  - 5.1.2.1. Technical limitations associated with power metering
- 5.1.3. Opportunities
  - 5.1.3.1. Advancements and innovations to improve the accuracy and reliability of power metering
  - 5.1.3.2. Adoption of power metering solutions and services for renewable energy projects
- 5.1.4. Challenges
  - 5.1.4.1. Privacy concerns about advanced power metering technologies and solutions
5.2. Market Segmentation Analysis
- 5.2.1. Technology: Growing popularity of digital and smart meters in modern energy management systems
- 5.2.2. Phase: Utilization of single-phase and three-phase power metering in preference to their functionality in low and high-voltage power distribution
- 5.2.3. End-User: Growing adoption of power metering in commercial and industrial sectors offering better optimizations in grid management
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Power Metering Market, by Technology

6.1. Introduction
6.2. Analog Meter
6.3. Digital Meter
6.4. Smart Meter

7. Power Metering Market, by Phase

7.1. Introduction
7.2. Single
7.3. Three

8. Power Metering Market, by End-User

8.1. Introduction
8.2. Commercial
8.3. Industrial
8.4. Residential

9. Americas Power Metering Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Power Metering Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Power Metering Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Carlo Gavazzi's New Single Phase AC Energy Meter for Level 1 and 2 EV Charging
- 12.3.2. India's Genus Launches USD 2 Billion Smart Meter Funding Platform
- 12.3.3. GW Instek Unveils The New GPM-8330/8320 Digital Power Meter
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio