Press release
Power Metering Market Review and Strategic Forecast 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 power metering market is expected to witness significant growth over the forecast period owing to the increasing focus on energy efficiency and conservation across various sectors. Governments across countries are promoting the adoption of smart meters to monitor energy usage and drive more efficient consumption patterns. In addition, the rising deployment of renewable energy is also augmenting the demand for power meters to integrate distributed energy resources into the grid. Power meters help utilities manage intermittent power sources and balance energy demand and supply more effectively. With industrialization and urbanization, energy demand is growing steadily which is further expected to fuel the need for robust power monitoring systems for infrastructure development efforts.
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Major drivers for the growth of power metering market
The increasing government support and emphasis on energy efficiency and renewable energy resources is one of the major market drivers. Many governments are promoting renewable energy resources like solar and wind energy through various incentives and subsidies to generate cleaner power which requires efficient power metering systems. Moreover, governments are also implementing stringent regulations to minimize energy losses and optimize utilization through proper power monitoring and metering infrastructure. This is positively impacting the demand for advanced power metering devices.
Remote metering presents lucrative opportunities
The rising popularity of automated meter reading through advanced communication technologies like power line communication, radio-frequency and cellular networking provides huge opportunities. Remote power metering allows collecting usage data from meters without physically inspecting sites and helps overcome challenges like restricted accessibility. It enables utilities to optimize field operations while delivering improved services to customers through features like prepaid billing and outage notifications. The growing deployment of smart grids and emphasis on modernizing aging infrastructure also favors technologies enabling remote power metering.
Rising penetration of smart meters drives market trends
The increasing popularity of smart metering solutions that support two-way communication is a key trend in this market. Smart meters enable real-time monitoring of energy consumption, remote configuration and firmware upgrades. They empower customers with tools for energy management and time-of-use pricing programs to reduce costs. Moreover, utilities are rapidly replacing aging conventional meters with smart metering devices to modernize infrastructure and facilitate integration of renewable sources. This rising penetration of smart meters across sectors augurs well for the power metering market in the coming years.
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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:
Increasing Demand: Notice a surge in demand for navigation keywords due to the widespread adoption of GPS-enabled devices and the need for precise mapping data.
Technological Innovations: Witness innovative breakthroughs enhancing the accuracy and reliability of navigation keywords, such as real-time traffic updates, 3D mapping, and augmented reality.
Tailored Solutions: Explore industry-specific navigation keyword solutions designed to meet the unique needs of automotive, aviation, and maritime sectors.
Integration with Advanced Technologies: Embrace the integration of navigation keywords with cutting-edge technologies like artificial intelligence and the Internet of Things, unlocking advanced functionalities.
Mobile Applications: Embrace the convenience and accessibility of navigation keywords through mobile applications, catering to the evolving needs of consumers.
Environmental Sustainability: Embrace environmentally conscious navigation keyword solutions that address issues like traffic congestion and air quality, promoting sustainable transportation options.
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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