Power Metering Market Analysis
Power metering is an equipment that is employed for measuring as well as monitoring the electrical consumption in industrial and household areas. These meters provide precise statistics or measurements of the power or energy consumed as compared to the conventional electric meters. Add to this, it also provides relevant data metrics unlike the former. These meters are quickly seen replacing the digital meters across the world due to its level of efficiency and other key advantages. In order to know the consumption, the power meter is needed to be placed inside the house or other major places. It is emerging into the global landscape as a highly reliable and effective distribution setup system and are being increasingly installed across various industrial verticals for varied purposes.
It was reported that various favorable government initiatives and regulations passed by legislative bodies for installing more power grids is expected to drive the growth of the global power metering market. Also, technological upgradation and booming concerns related to the environment in conventional infrastructure has opened the gates of opportunities for the global power metering market. The equipment holds various key advantages like pre-payment facilities, fraud detection, information on peak consumption hours, and energy savings. The adoption of power meters is increasing so as to gain control over electricity consumption during the peak hours.
Global Power Metering Market Market Segmentation
The global Power Metering Market Analysis has been segmented on the basis of the following dynamics: phase, application, and type.
By type, the market includes digital, smart, and analog.
By phase, the market segments into three phase and single phase.
By application, the market includes commercial, residential, and industrial.
Regional Analysis
The global power metering market covers the following geographies in its regional segmentation: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Asia Pacific stands tall in the global power metering market with a massive share percentage to its name. The regional market is projected to grow during the forecast period at a notable pace to cement itself as one of the key regions the global landscape. The growth of the regional market can be attributed to the various government projects initiated like the smart city project in India, which contributes majorly to the growth of the power metering market in Asia Pacific. Factors like increasing construction spending, enhancement of the grid infrastructure, and rising industrial activities in the region are all expected drive considerable demand towards the market. Also, emerging economies like China and Japan are trying to grab a hold over the market with their strategical implementations.
The North American market is another leading market in the global power metering market. The market is experiencing considerable growth due to the growing infrastructure and the various government projects
Competitive Landscape
The various key players reported in the global power metering market are as follows: Melrose Industries Plc. (U.K.), General Electric (U.S.), Wasion Group Holdings Ltd. (China), Toshiba Corporation (Japan), Siemens AG (Germany), Itron (U.S.), Eaton Corporation Plc (Dublin), ABB (Switzerland), and Holley Metering (China).
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