Power Metering Market 2024

The power metering market size has grown strongly in recent years. It will grow from $16.65 billion in 2023 to $18.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth during the historic period can be attributed to the expansion of electric utilities, the increasing adoption of energy storage solutions, the integration of renewable energy sources, the rise in industrial activities, and the growing presence of electric vehicles.

The power metering market size is expected to see strong growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The projected growth during the forecast period can be attributed to rising energy consumption, increasing consumer demand for real-time data, the growing emphasis on cybersecurity within energy infrastructure, rising investments in smart meter deployment, and increased spending in construction. Key trends expected in this period include technological advancements, the adoption of smart grids, integration of IoT, the use of artificial intelligence, and the expansion of meter data management systems.

The increasing emphasis on energy efficiency is anticipated to drive the growth of the power metering market moving forward. Energy efficiency refers to using less energy to achieve the same results, thereby reducing energy waste and associated costs. This focus is being fueled by rising energy prices, environmental concerns, and regulatory pressures. Power metering contributes to energy efficiency by providing real-time data on energy consumption, enabling better management and optimization of energy use. For instance, in April 2022, the UK Department for Business, Energy & Industrial Strategy reported that as of 2022, 40% of homes in England had achieved Energy Performance Certificate (EPC) ratings of B or C or higher, reflecting significant energy efficiency. Additionally, 84% of new homes met the highest energy efficiency standards (A or B), highlighting the impact of modern construction practices and regulations. By 2025, approximately 700,000 homes are expected to be upgraded to improve their energy performance. Thus, the focus on energy efficiency is spurring growth in the power metering market.

Key players in the power metering market are developing advanced products, such as optical power meters, which provide accurate optical signal power measurements. These devices are used primarily in fiber optic networks to measure light signal strength, ensuring the effective operation of optical communication systems. In March 2023, Santec Corporation, a Japan-based company, introduced the OPM-200 power meter. This high-performance optical power meter is designed for accuracy and ease of use in both laboratory and manufacturing environments. The OPM-200 features a dynamic measurement range from +8 dBm to -80 dBm, making it adaptable for various uses. It can be configured with up to four detectors, either panel-mounted or remote-head, with remote-head cables extending up to 10 meters. The device also supports a high-speed sampling rate of 1 MHz, with user-selectable averaging times between 50 microseconds and 1 second.

In June 2024, Ancala, a UK-based investment management firm, acquired Solandeo for an undisclosed sum. This acquisition provides new capital and financial stability to the business, positioning it to meet rapidly increasing demand. The move follows the German government’s recent mandate for a nationwide deployment of smart meters to both commercial and residential customers starting in 2025. Solandeo is a Germany-based company that specializes in smart metering solutions.

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.

North America was the largest region in the power metering market in 2023. 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.

The countries covered in the power metering market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Power metering refers to the measurement of electrical energy consumption in systems or devices. It utilizes specialized equipment, known as power or energy meters, to track and record electricity usage over time. These meters can monitor various parameters, including voltage, current, power (active, reactive, and apparent), energy (kWh), and, in some cases, power quality metrics such as harmonics and frequency.

The primary types of power metering include smart, digital, and analog. Smart power meters are advanced devices that not only measure electricity usage but also transmit data in real-time. They are available in both single-phase and three-phase configurations and are widely used across residential, commercial, and industrial sectors.

The power metering market research report is one of a series of new reports that provides power metering market statistics, including power metering industry global market size, regional shares, competitors with a power metering market share, detailed power metering market segments, market trends and opportunities, and any further data you may need to thrive in the power metering industry. This power metering market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The power metering market consists of sales of energy monitoring systems, portable power analyzers, direct current meters, voltage and current transducers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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