Latest News- Power Metering Market: Residential is expected to lead the End-user segment during 2024-2028
The Power Metering Market is being driven by Growing investment in smart grid projects
The Power Metering Market is expected to grow at a CAGR of 8.51% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9792.7 million. In today's business environment, utilities are prioritizing energy efficiency and accuracy in their metering systems. Traditional methods of obtaining data through monthly manual meter checks have proven to be inaccurate and time-consuming. To address this issue, advanced wireless smart power meters are gaining traction. Utilities are adopting Automated Metering Infrastructure (AMI) technology to build a wireless two-way communication system, enabling real-time data transfer and analysis. This shift is driven by the need to upgrade aging infrastructure, as well as the growing consumer demand for real-time pricing information. By implementing a smart energy network and a cohesive set of systems, products, and solutions, electric utilities can remotely and continuously monitor and diagnose distribution-related issues, ultimately improving operational efficiency and effectiveness.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Residential, Commercial, Industrial) Geography (APAC, Europe, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Power Metering Market Research Report
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The Power Metering Market encompasses the production, sales, and installation of power meters for various applications. Key players in this market include power meter manufacturers producing both single phase and three phase meters. These meters find extensive use in urban and rural areas for residential and commercial usage. With technological upgrades, power metering systems now offer two-way communication, enabling remote reading, load balancing, and energy management. Three phase meters are essential for industrial applications, while single phase meters cater to residential and small commercial needs. The market is witnessing significant growth due to the increasing focus on environmental concerns, data metrics monitoring, and electricity consumption tracking. In the context of smart cities, power metering systems are integral to energy management, renewable infrastructure, and charging stations. Technological advancements include multi-rate tariffs, user interfaces, and energy consumption monitoring for renewable energy systems. The construction sector also benefits from power metering systems, ensuring efficient energy usage and cost savings. Overall, the power metering market continues to evolve, offering innovative solutions for a sustainable energy future.
The Power Metering Market is a significant segment of the broader global Electronic Equipment and Instruments Market. This market encompasses organizations engaged in the production of power meters and related technologies. According to Technavio's market analysis, the Electronic Equipment and Instruments Market size is determined by the revenue generated from the sales of associated ICT and electronics products, equipment, and components. The growth of the Power Metering Market will be fueled by the increasing demand for electronic test and measurement equipment. This demand is driven by technological advancements and digital transformation in various industries, including semiconductors, automotive, IT, consumer electronics, industrial, energy, and medical devices.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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