Global Power Metering Market: Introduction
Power metering measures energy consumption and allows uni-directional as well as bi-directional communication between the central system and the meter. The device reads and stores the number of units of electricity consumed in a fixed period of time and communicates back to the utility for billing and monitoring purposes. A power metering device provides accurate readings as compared to that of an electricity meter. Also, a power metering device offers relevant data metrics.
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Reliability on an electric system and high energy cost are some of the major concerns for most of the customers, as different rate structures exist and basic residential customers generally incur tiered billing or flat structure that corresponds to the energy usage. However, industrial or commercial consumers incur more complex rate structures due to heavy energy usage and power demand. Thus, power metering systems are more beneficial for heavy consumers. Power metering systems work on a 24/7 basis as they are permanently installed. On the basis of operational characteristics of the electric systems, power metering devices provide information on energy-related data. Thus, the customer can know when energy is being consumed, what loads are consuming it, where it is consumed, and how it is consumed with the help of power metering equipment. This knowledge helps the consumer to reduce the energy delivered and consumed by an electric system.
Global Power Metering Market: Dynamics
Technological upgradations of old grid infrastructure and growing environmental concerns are some of the key factors driving the growth of the power metering market. Two-way communication and low maintenance costs are some of the factors contributing towards the growth of the power metering market during the forecast period. Some features of power metering equipment such as enhanced accuracy, real-time data feeds, and monitoring of power quality are fueling the growth of the power metering market over the projected period. The increasing need for energy efficiency and energy installations owing to rising urbanization is also supporting the growth of the power metering market. Moreover, increasing initiatives by the government and electricity utility companies are also boosting the growth of the power metering market. However, energy theft and concerns among end users are some of the factors hindering the growth of the power metering market during the forecast period.
Global Power Metering Market: Segmentation
The global power metering market can be segmented on the basis of type, phase, application, and region.
Power metering market, by type-
Power metering market, by phase-
- Single Phase
- Three Phase
Power metering market, by application-
Global Power Metering Market: Competition Landscape
Some of the key vendors in the power metering market are Toshiba Corporation, General Electric, Honeywell International Inc., Schneider Electric, ABB, Eaton Corporation, Siemens AG, Jiangsu Linyang Electronics Co., Ltd., Melrose Plc., Aclara Technologies LLC, and Holley Metering.
Global Power Metering Market: Regional Outlook
Geographically, the power metering market can be segmented into North America, Western Europe, Latin America, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East and Africa (MEA), and Japan.
The Asia Pacific is expected to be an emerging market of power metering devices owing to the increasing demand from emerging economies such as China and India. Increasing urbanization and rising demand for electric vehicles in these countries are providing growth opportunities for the power metering market in the projected period. Also, China is a low-cost manufacturing market and proves to be an attractive market for export and domestic sale in the market for power metering equipment manufacturers. Emerging regions such as Latin America and Middle East and Africa are offering ample growth opportunities for the power metering market owing to the increasing electricity demand in these regions. Government projects and growing infrastructure boosts the power metering market in North America.[Courtesy:consumerreportsreview.com]
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