Power metering involves measuring the amount of electricity consumed by residential, commercial and industrial users. Power meters help utilities, industries and consumers track power consumption in real-time which enables efficient energy management. Power meters find wide applications for monitoring and billing purposes in various industries including electricity, water and gas utilities.
Advantages of power meters include remote meter reading, precise billing, outage detection, consumption tracking and support for prepaid and postpaid utility billing options. Growing concerns about energy savings and carbon footprint reduction are propelling the adoption of smart meters which can remotely record consumption data and provide analytics for optimized usage. Smart grid infrastructure development worldwide is a major factor driving the demand for advanced power metering solutions across transmission and distribution networks. The global shift towards decentralized renewable energy coupled with government initiatives to upgrade ageing Power Metering Market Share grids presents opportunities for manufactures in this market.
The Global Power Metering Market is estimated to be valued at US$ 19.25 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Power Metering Market are 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, and Holley Tech UK.
Growing demand for automated meter reading systems from utilities to enhance billing and operations efficiency is propelling market revenue. Smart meter roll outs across regions support market growth.
Key players are expanding globally through acquisitions and partnerships to capitalize on opportunities arising from smart grid and renewable energy integration projects across emerging economies.
Market Key Trends
One of the key trends gaining traction in the power metering market is the increasing adoption of advanced communication networks for smart metering infrastructure. Technologies like Power Line Communication (PLC), Radio Frequency (RF), Cellular networks and others enable two-way communication between smart meters and utilities for real-time load monitoring, outage management and remote connect/disconnect services. This allows utilities to automate processes, reduce losses and enhance consumer services. Manufacturers are focusing on developing integrated solutions leveraging latest communication standards and protocols to support the evolving needs of smart grids.
Porter’s Analysis
Threat of new entrants: Low economy of scale and capital requirements pose a barrier to entry. Brand loyalty and customer switching costs also deter new players.
Bargaining power of buyers: The market has a large number of buyers with varying needs. Buyers can negotiate on price as there are many competitors in the market.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute components and commodities in the market.
Threat of new substitutes: Emerging technologies offer alternatives like smart meters which can be a threat.
Competitive rivalry: Intense competition exists among the top players due to their large scale of operation and technological capabilities.
Geographical Regions
Asia Pacific held the largest share in the Power Metering Market Regional Analysis in terms of value in 2024 due to growing investments in smart grid projects and renewable energy integration in countries like China and India. Strong government support through policies and initiatives is driving market growth in the region.
North America is expected to witness the fastest growth during the forecast period owing to rising adoption of automated metering infrastructure and advanced metering solutions across different end-use segments. Supportive regulations pertaining to energy conservation and efficiency are also propelling the regional market.