Modular Metering Market to Witness Growth Acceleration During 2030
Modular Metering is a main service module utilized in combination with a meter stack in order to make a personalized line up of metering. The main service module can be the main lug, the main circuit breaker, the main fusible switch or the pressure switch that is bound. The meter stack is offered with various meter sockets as well as bus ratings. It comprises of design line which enables addition or removal of meters and key devices to meet future requirements. Modular Metering is commonly used in strip malls, large condominiums, and light commercial applications wherein more than six units are required to be installed further. Modular metering is also known as Gangable Metering.
Modular metering enables the client to install a multiple tenant metering device in one location while providing space and cost savings for existing installation. Such operational benefits is anticipated to drive the modular metering market forward during the forecast period.
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Modular Metering Market: Market Dynamics
The rise in demand and current developments in energy systems technologies are two projected critical variables which is anticipated to drive the Modular metering market growth. Adoption of cloud-based technology is also expected to fuel worldwide modular metering market development in the coming years. Deploying modular metering helps energy providers to balance electricity shortages and induce cost effectiveness. Adhering to enhancement in customer service and utility quality, the modular metering market is expected to grow considerably during the forecast period.
Some of the key restraining factors hindering the modular metering market growth includes inadequate financial incentives for utilities and lack of security leading to serious defenseless cyber-attacks. Stretched investment cycles in the energy sector making innovation assessment troublesome prompts a period of time lag among the actual and upcoming updates. This in turn hinders the modular metering market growth.
An opportunistic avenue in the modular metering market is determined by both legislative and environmental policies to conserve resources. Launching demand response and dynamic pricing programs towards shifting or reducing energy consumption to non-peak times is expected to pave new paths for the modular metering market.
Some of the ongoing trends in the modular metering market includes external profile measurement, easy disconnection / reconnection, meter read processes and sharing of master technical data. This boosts customer engagement activities by two-way communication along with increased detection of non-technical losses and decreased operating costs. This proves beneficial to the modular metering market.
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Modular Metering Market: Market Segmentation
Based on phase type
Three-phase (three-wire 120/240 Vac systems)
Four-wire 120/208 Vac systems
Based on service ratings
Based on application
Residential metering and switching
Commercial metering and switching
Modular Metering Market: Regional Outlook
Based on geography, North America is anticipated to account for a significant share in the modular metering market over the forecast period, owing to the growing adoption of IoT-based devices across diverse applications such as energy, water, gas, and others in various countries, especially in the US and Canada. The European market for modular metering is projected to see rapid growth in the coming years ahead. The modular metering market in this region has been witnessing rapid demand due to the growing adoption of smart grid technology, which in large measure propels market growth.
Europe is followed by Asia Pacific in terms of market share wherein emerging countries like China, Japan, and India are at a developing stage. Prominent revenue growth due to growing population and increased awareness of waste and consequently carbon footprints among consumers across different countries in the region leads to the development of modular metering market.
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Modular Metering Market: Market Players
Some of the key participants in the global Modular Metering market are:
Silver Spring Networks
Schneider Electric SA
Elster Group SE
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