A power meter is an electric device which measures energy consumption and enables communication between the meter and the central system. The device reads and stores data of the number of units of electricity consumed and communicates that information back to the utility for billing and monitoring purposes. In addition, numerous government regulations to replace aging digital meters with smart meters are expected to push the sales in the market. Rising environmental concerns and introducing smart meters for residential and non-residential sector as well as high operating efficiency helps to boost the power metering market.
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Industry Segmental Analysis
The report has analyzed the Power Meter Market based on types, phases, applications and the regions of North America, Europe, APAC and ROW (rest of the world).
On the basis of types, it includes smart, digital, analog. The smart meter is gaining popularity and is forecast to hold a higher position in the market.
On the basis of phases, it is segmented as single phase, triple phase.
On the basis of applications, it is segmented as residential, commercial and industrial. The major market is captured by the residential application, which includes the utilization of meters in urban and rural households. The commercial sector holding second position, is used for various commercial places such as hospitals, schools, shopping complexes.
The major market is captured by residential sector due to utilization of meters in all households. Increasing construction and industrial activities along with the replacement market of old and technologically outdated meters is the key driver of the market. Moreover, numerous government regulations to replace aging digital meters with smart meters are pushing the market towards growth. Whereas, issues related to privacy and standardization of the power meter act as barriers for the residential segment.
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Prominent Players
We recognize the key players in the global Power metering market as General Electric (U.S.), Itron (U.S.), Toshiba Corporation (Japan), Melrose Industries plc. (U.K.), Wasion Group Holdings Ltd. (China), ABB(Switzerland), Eaton Corporation Plc (Dublin), Siemens AG (Germany) and Holley Metering (China)
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