Digital Power Meters Market Scope
Digital power meter refers to an electric meter measuring the electrical energy amount consumed by business, residences, and electrically-operated devices. These power meters constantly measure the instantaneous current and voltage to provide a reading of the energy used. These meters continuously measure the instantaneous voltage and current to give a reading of energy used. The reading quantity on the digital power meter is displayed by a numerical display.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Schneider Electric (France), Eaton (Ireland), ABB (Switzerland), Itron (United States), Siemens (Germany), Murata Power Solutions (United States), Chroma ATE Inc (Taiwan), Landis+Gyr (Switzerland), Elster Group (Honeywell) (United States) and Simpson Electric (United States) |
CAGR | 11.0% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Digital Power Meters market throughout the predicted period.
Schneider Electric (France), Eaton (Ireland), ABB (Switzerland), Itron (United States), Siemens (Germany), Murata Power Solutions (United States), Chroma ATE Inc (Taiwan), Landis+Gyr (Switzerland), Elster Group (Honeywell) (United States) and Simpson Electric (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Sensus (United States), EKM Metering (United States) and Holley Metering (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Digital Power Meters market by Type , by Application (Residential, Commercial and Industrial) and Region with country level break-up.
On the basis of geography, the market of Digital Power Meters has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In June 2023, Yokogawa Electric Corporation and Accenture partnered to accelerate the digital transformation of power grids, potentially involving advanced power metering solutions.
In February 2023, Fluke introduced the 438-II Power Quality Analyzer, featuring advanced measurement capabilities for harmonics, voltage dips, and inrush currents.
Influencing Trend:
The government support for building and construction activities and Rising environmental concerns and ongoing technological upgrades of the conventional infrastructure
Market Growth Drivers:
Increasing demand in countries such as India, South Africa, and Brazil and Growing infrastructure and government projects boost
Challenges:
High Competition From Major Players
Restraints:
Technological complexities regarding the equipment
Opportunities:
Asia-Pacific is the major emerging market for digital power metering. Government project such as 'smart city' in India contributes to the growth in the global digital power metering market.
Key Target Audience
Manufacturer, Suppliers, Distributors, Government Regulatory Bodies, Government Research Organization, Private Research Organization and Others