Press release
Power Metering Market Trends, Demand, Growth, Value & Analysis Market Research 2024 - 2031 | General Electric, Itron, Toshiba Corporation
Power Metering Market
The power metering market is estimated to be valued at USD 12.72 Bn in 2024 and is expected to reach USD 19.25 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Market Dynamics:
The global power metering market is expected to witness significant growth over the forecast period owing to the increasing energy consumption globally. Power utilities have been experiencing rising energy demands from both residential and commercial sectors. This has necessitated robust and accurate power metering systems to monitor usage. Furthermore, implementation of smart grids in developed nations has provided a fillip to advanced metering infrastructure which includes smart meters and associated communication technologies. Smart grids aim to automate distribution and reduce losses through integration of digital technologies with legacy power networks. This bodes well for widespread adoption of smart meters and related systems.
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Major drivers towards adoption of smart meters in the power metering market
Growing government initiatives and targets for smart meter rollouts: Various governments worldwide have recognized the significant benefits of advanced metering infrastructure and have set targets for large scale deployments of smart meters across their countries. For example, the European Union has mandated installation of at least 80% smart meters in each member country by 2020. Similarly, the U.S. government had targeted installation of smart meters in over 65 million homes by 2015 through various stimulus programs. Such supportive policies and funding mechanisms are a major market driver.
One key opportunity in the power metering market
Integration with other smart technologies and IoT ecosystem: Smart meters generate vast amounts of granular energy consumption data that can be utilized with other complementary technologies to develop advanced solutions. Integration with home energy management systems, sensors, appliances, electric vehicles and broader IoT infrastructure provides opportunities for innovations in areas such as demand response, micro grids, renewable integration and performance monitoring. This ecosystem approach can enhance value delivered from smart metering investments.
One prominent ongoing trend in the power metering industry
Rising adoption of smart grid technologies: Modern power grids are evolving into intelligent networks by leveraging digital communications, automation, cyber security and big data analytics. As a key enabling component, smart meters play an integral role in smart grids by facilitating two-way communication between utilities and customers. The broader trend of large scale smart grid deployments represents continued growth opportunities for advanced metering technologies and capabilities including advanced analytics, dynamic pricing support and outage management.
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Top Companies Featured in This Report:
★ General Electric
★ Itron
★ Toshiba Corporation
★ Melrose Industries plc.
★ Wasion Group Holdings Ltd.
★ ABB
★ Eaton Corporation Plc
★ Siemens AG
★ Holley Metering
★ Aclara Technologies LLC
★ Kamstrup AS
★ HPL India
★ Power India Meters
★ Schneider Electric
★ Techno Meters & Electronics
★ Genus Power Company
★ Eastron Electronic Co., Ltd.,
★ Camax Ltd
★ Autometers Systems
★ Holley Tech UK
Market Segmentation:
By Product Type:
★ By Type: Smart, Digital, and Analog
★ By Phase Type: Single-phase and Three-phase
★ By End User: Residential, Commercial, and Industrial
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Trends in Navigation Keyword Market:
Market Growth: Expect significant expansion in the navigation keyword market, with a projected Compound Annual Growth Rate (CAGR) of 14.65% from 2024 to 2031.
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Report Highlights:
📈 Examination of navigation keyword market share at both country and regional levels
📈 Thorough analysis of the competitive landscape and emerging trends
📈 Detailed review of product advancements, technological developments, drivers, and limitations
📈 Strategic recommendations tailored for key business segments based on market insights
📈 Valuable guidance for newcomers venturing into the navigation keyword market
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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