Global Power Meters Market Size, Share, Growth Analysis, By Type of Meters(Smart Meter, Digital Meter), By Phase(Single-Phase and Three- Phase)

Description

Global Power Meters Market size was valued at USD 21.87 billion in 2022 and is poised to grow from USD 23.16 billion in 2023 to USD 36.64 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).

Modern power metering systems with user-friendly interfaces are gaining increasing popularity. These systems, insulated from external fluctuations, find widespread use in renewable infrastructure. The essential functions performed by power meters, such as multi-rate tariff calculations, energy management, load balancing, and remote reading, play a crucial role in accurately, promptly, and affordably recording energy consumption. These meters are applied in diverse settings, including data center power management, industrial energy management, household energy management systems, renewable energy setups, and electric vehicle charging stations. Analog, digital, and multi-function meters are among the various types available. In July 2020, ISKRA enhanced the range and ambient temperature operation of the WM3M4C power meters, specifically designed for energy measurement in both three-phase and single-phase electrical charging stations. Notably, the U.K. government extended the deadline for the transition from analogue to digital meters for all suppliers by four years, allowing them until September 2019 to complete the switch.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Power Meters Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Power Meters Market Segmental Analysis

Global Power Meters Market is segmented on the basis of type of meters, phase and region. By digital meters, the market is segmented into smart meters, digital meters, analog meters. By phase, the market is segmented into single-phase and three-phase. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Power Meters Market

The increasing recognition of the importance of energy conservation is fueling the expansion of the power meters market. With a rising awareness among consumers regarding their energy consumption and a desire to cut down on energy expenses, the demand for power meters has surged. These devices enable consumers to track and analyze their energy usage, empowering them to discover and implement strategies for reducing overall consumption, thereby contributing to the growing adoption of power meters.

Restraints in the Global Power Meters Market

The heightened vulnerability to cyber-attacks stemming from the incorporation of IoT and AI technology into power meters poses a significant apprehension for both utilities and consumers. This potential threat has the capacity to impede the expansion of the power meters market, prompting a critical need for robust security measures to safeguard against cyber risks.

Market Trends of the Global Power Meters Market

Smart meters, sophisticated devices for monitoring electricity consumption, provide real-time tracking, advanced data analysis, and remote-control functionalities. Their rising popularity among both consumers and utility providers is contributing to the expansion of the power meters market.

Product Code: SQMIG20D2170

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Power Meters Market by Type of Meters

Market Overview
Smart Meter
Digital Meter
Analog Meter

Global Power Meters Market by Phase

Market Overview
Single-Phase and Three- Phase

Global Power Meters Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2021

Key Company Profiles

Schneider Electric SE (France)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Eaton Corporation plc (Ireland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Siemens AG (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
General Electric Company (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Honeywell International Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Landis+Gyr AG (Switzerland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Itron Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Kamstrup A/S (Denmark)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Wasion Group Holdings Limited (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Holley Technology Ltd. (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Elster Group GmbH (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Aclara Technologies LLC (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Iskraemeco d.d. (Slovenia)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Jiangsu Linyang Energy Co. Ltd. (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sensus USA Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Mitsubishi Electric Corporation (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Toshiba Corporation (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Fuji Electric Co. Ltd. (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Haier Group Corporation (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Xylem Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Circutor SA (Spain)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Carlo Gavazzi Holding AG (Switzerland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Power Meters Market Size, Share, Growth Analysis, By Type of Meters(Smart Meter, Digital Meter), By Phase(Single-Phase and Three- Phase) - Industry Forecast 2024-2031