According to IMARC Group’s latest report, titled Power Metering Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global power metering market reached a value of US$ 20.63 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.59 Billion by 2027, exhibiting at a CAGR of 5.8% during 2022-2027.
A power metering system is a fast, accurate, cost-effective, and easy-to-use instrument that helps measure electrical power. It also assists in measuring power requirements efficiently in industrial motors, rotating machinery, and calibration labs. At present, state-of-the-art power metering systems with intuitive and modern user interfaces are gaining traction around the world.
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Market Trends
Rapid urbanization and increasing investments in the development of smart cities by governments of numerous countries are positively influencing the utilization of smart electric meters in industrial, commercial and residential complexes. This represents one of the major factors strengthening the growth of the market. Moreover, the rising focus on upgrading the existing grid infrastructure is catalyzing the demand for power metering systems to measure grid power. Apart from this, key players are introducing advanced power metering systems that can be connected over a mobile application to simplify the operation and enable remote monitoring. These innovations are anticipated to impel the growth of the market.
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The report has segmented on the basis of phase, technology, end use and geography
Breakup by Phase:
- Single Phase
- Three Phase
Breakup by Technology:
- Analog Meters
- Digital Meters
- Smart Meters
Breakup by End Use:
- Residential
- Commercial
- Industrial
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aptara Inc. (Ienergizer), Axonify Inc., Bigtincan Holdings Limited, Cornerstone OnDemand Inc., Epignosis LLC, Ispring Solutions Inc., Mindtree Limited (Larsen & Toubro Limited), Multiversity Pvt. Ltd., Neovation Corporation, Qstream Inc., SwissVBS Inn. (BTS Group), Tesseract Learning Private Limited and Valamis Group Ltd.
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