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Three-phase DIN Rail Electric Energy Meter Market Growth, Size, Forecast Report 2024-2033
Three-phase DIN Rail Electric Energy Meter Market Growth
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According to The Business Research Company's, The three-phase din rail electric energy meter market size has grown exponentially in recent years. It will grow from $77.03 billion in 2023 to $94.50 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth in the historic period can be attributed to rise of industrialization, increasing urbanization, rise in adoption of smart grid technologies, increasing prevalence of real-time pricing models, and rise in electricity theft prevention measures.
The three-phase din rail electric energy meter market size is expected to see exponential growth in the next few years. It will grow to $216.02 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to increasing adoption of smart grid technologies, growing investments in renewable energy infrastructure, rising energy costs, expanding use of electric vehicles, and increasing investments in manufacturing facilities. Major trends in the forecast period include technological advancements, smart meter integration, data analytics, prepayment solutions, and load management technologies.
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Market Drivers and Trends:
The increasing industrialization is expected to propel the growth of the three-phase DIN rail electric energy meter market going forward. Industrialization is transforming an economy from primarily rural and manual production to one characterized by large-scale manufacturing, mechanization, and advanced technology. Increasing industrialization is driven by globalization, urbanization, and rising consumer demand for goods. The three-phase DIN rail electric energy meter aids industrialization by ensuring precise energy monitoring and promoting efficient electricity usage in manufacturing operations. For instance, in April 2024, according to a report published by the Federal Reserve Board, a US-based governmental organization, industrial production rose 0.4% in March, and manufacturing output saw a 0.5% increase, partly driven by a 3.1% rise in motor vehicles and parts. Excluding motor vehicles and parts, factory output rose by 0.3%. Therefore, the increasing industrialization is driving the growth of the three-phase DIN rail electric energy meter market.
Major companies operating in the three-phase DIN rail electric energy meter market are focused on developing technologically advanced products, such as ethernet-enabled DIN rail power meters, to allow for real-time remote monitoring, control, and data analysis over a network. An ethernet-enabled DIN rail power meter is a device that measures electrical parameters such as voltage, current, and energy consumption and connects to a network via Ethernet for remote monitoring and management. For instance, in February 2022, Veris, a US-based energy management solutions provider, launched the E71 Series of DIN rail power meters. The E71 Series of DIN rail power meters stands out for its combination of performance and affordability in a compact design, which is ideal for energy monitoring, multi-tenant metering, and commercial submetering. Prioritizing ease of use, it offers open communication with native support for BACnet/IP, Modbus TCP/IP, and SNMP across all models. The meter facilitates seamless communication through Modbus, BACnet, or Ethernet while maintaining accurate onboard logging data for up to three years. Its dual RJ45 Ethernet ports enable simple Daisy Chain installations, and it features native IPv6 support and network auto-detection. Additionally, the DIN-mounted form factor is compatible with LVCTs and Rogowski coils.
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Major Key Players of the Market:
Honeywell International Inc., Schneider Electric S.E., Eaton Corporation plc, Ato S.p.A., Chint Group Corporation, Gewiss S.p.A., Techno Electric & Engineering Company Limited, Circutor S.A., Kamstrup A/S, Accuenergy Inc., Four Faith Smart Power Technology Co., Ltd., ZPA Smart Energy, SATEC Ltd., Orbis Technology, CET Inc., Janitza electronics GmbH, SOS Electronic s.r.o., Nero Electronics, Tele Haase Steuergerätetechnik GmbH, Huabang Electric Technology Co. Ltd., Eastron Electronic Co. Ltd., Acrel Co. Ltd., SELEC Controls Pvt. Ltd.
Three-phase DIN Rail Electric Energy Meter Market 2024 Key Insights:
• The three-phase din rail electric energy meter market size is expected to see exponential growth in the next few years. It will grow to $216.02 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%.
• Impact Of Industrialization On The Growth Of The Three-Phase DIN Rail Electric Energy Meter Market
• Advancements In Three-Phase DIN Rail Electric Energy Meters
• North America was the largest region in the three-phase DIN rail electric energy meter market in 2023
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