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Global Power Metering Market 2024 : Trends, Business Growth And Major Driving Factors
Power Metering Global Market Report 2024
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According to The Business Research Company's, The power metering market size has grown strongly in recent years. It will grow from $16.65 billion in 2023 to $18.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to growth of electric utilities, rise of energy storage, rise of renewable energy integration, rise in industrial activities, and rise of electric vehicles.
The power metering market size is expected to see strong growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to increasing energy consumption, increasing consumer demand for real-time data, growing importance of cybersecurity in energy infrastructure, rising investments in deploying smart meters, and increasing construction spending. Major trends in the forecast period include technological advancements, smart grid adoption, IoT integration, integration of artificial intelligence, and meter data management systems.
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Market Drivers and Trends:
The increasing focus on energy efficiency is expected to propel the growth of the power metering market going forward. Energy efficiency is the ability to use less energy to perform the same task or produce the same output, thereby reducing energy waste and costs. There is a growing emphasis on energy efficiency due to rising energy costs, environmental concerns, and regulatory pressures. Power metering helps improve energy efficiency by providing real-time data on energy usage, enabling better management and optimization of energy consumption. For instance, in April 2022, according to the Department for Business, Energy & Industrial Strategy, a UK-based government department, as of 2022, 40% of homes in England achieved Energy Performance Certificate (EPC) ratings of B or C or higher, indicating a substantial level of energy efficiency. Furthermore, 84% of new builds meet the top energy efficiency standards of A or B, showcasing the effectiveness of modern construction practices and regulations aimed at sustainability. Moreover, by 2025, approximately 700,000 homes are expected to be upgraded to improve their energy performance. Therefore, the increasing focus on energy efficiency is driving the growth of the power metering market.
Major companies operating in the power metering market are developing technologically advanced products, such as optical power meters, to provide accurate measurements of optical signal power. Optical power meters are devices used to measure the power of light signals, typically in fiber optic networks, to ensure precise signal strength and proper functioning of optical communication systems. For instance, in March 2023, Santec Corporation, a Japan-based company, launched the OPM-200 power meter. It is a high-performance optical power meter designed for precision and ease of use in laboratory and manufacturing environments. The OPM-200 offers a dynamic measurement range from +8 dBm to -80 dBm, making it versatile for various applications. It can be configured with up to four detectors, which can be panel-mounted or remote-head, allowing for flexible setup. The remote-head cables can extend up to 10 meters. The device supports a high-speed sampling rate of 1 MHz with user-selectable averaging times between 50 microseconds and 1 second.
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Major Key Players of the Market:
Siemens AG, Honeywell International Inc., GE Vernova, Toshiba Corporation, Eaton Corporation Plc, Infineon Technologies AG, Ametek Inc., Fluke Corporation, Yokogawa Electric Corporation, Schneider Electric SE, Rohde & Schwarz GmbH & Co. KG, Schweitzer Engineering Laboratories Inc., Socomec Group, Mitsubishi Electric Automation Inc., Hexing Electrical Co. Ltd., Circutor SA, Kamstrup A/S, Accuenergy Inc., EMH Metering GmbH & Co. KG, Metrix Instrument Co. Ltd., Trinity Energy Systems Pvt. Ltd., ZIV Automation S.L
Power Metering Market 2024 Key Insights:
• The power metering market size is expected to see strong growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Rising Focus On Energy Efficiency Fuels Growth In The Power Metering Market
• Advancements In Optical Power Meter Technology
• North America was the largest region in the power metering market in 2023
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