Power Metering Market Status Report and Future Directions 2024 - 2031 | General Electric, Itron, Toshiba Corporation

Market Overview:

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 witnessing high growth due to rising demand for energy efficiency across the globe. Utilities are actively promoting use of smart meters as they provide real time data on energy consumption. This helps consumers reduce wastage and optimize usage. Furthermore, various government mandates regarding installation of intelligent metering infrastructure in developed and developing regions is also driving market growth. Advancements in communication technologies have enabled incorporation of IoT and remote monitoring capabilities in power meters. This is expected to provide new opportunities for market expansion over the forecast period.

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Growing Smart Grid Modernization

The gradual integration of two-way communication systems in power grids is enabling more efficient demand response and energy management for both utilities and customers. Advanced metering infrastructures allow for remote meter reading and outage detection whichhelps optimize distribution network operations. The deployment of smart meters and smart grids supports greater use of renewable energy by facilitating interconnection to the grid and payment for power exported by residential solar or wind systems. As more governments enact policies and provide incentives for modernizing aging grid infrastructure with smart technology, the power metering market stands to benefit from increased spending on smart grid projects globally.

Opportunities in Emerging Technologies

The advent of Internet of Things (IoT) gives rise to new revenue prospects for power metering manufacturers. Integrating communication modules like low-power wide-area radio technology enables two-way data transmission between utilities and a wider range smart home and buildingautomation devices. This paves the way for outcome-based meteringstartups focused on delivering energy analyticsand management services atop an IoT platform. There is room forinnovators to capitalize on the increasingdigitization of the energy sector and develop advanced analytics and control applications that extract more valuefrom smart meter data. The convergence of metering, IoT and big datapresents lucrative opportunities.

Subscription Models and Data Monetization

As smart meter penetrations rise globally, utilities are exploring alternative ownership models beyond traditional capital expenditure. Pay-as-you-go and device-as-a-service subscription options allow utilities to recover smart metering investments through operational expenditure budgets over the meter's lifecycle. On the other hand, power meter manufacturers are experimenting with software and analytics offerings that leverage meter data for demand response contracting, performance monitoring and other value-added services on a usage fee. The shift towards recurring revenue streams based on data access and monitoring represents a growing trend in the evolution of the power metering industry.

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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)

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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

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📈 Strategic recommendations tailored for key business segments based on market insights

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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.

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