Power Metering Market: Electric Insights | North America Fastest Growing by US, Canada
Power Metering Market projected to surpass US$ 21 billion by 2032
WILMINGTON, DELAWARE, UNITED STATES, February 6, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the power metering market size was valued at $11.2 billion in 2022, and is estimated to reach $21 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.
Power metering is the process of measuring and monitoring electrical power consumption in various systems, including residential, commercial, and industrial settings. It involves the use of devices known as power meters or energy meters to accurately measure the amount of electrical energy consumed over a specific period of time.
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Asia-Pacific dominated the power metering market size and is expected to grow at a CAGR of 6.6% during the forecast period.
Top Companies
General Electric, Toshiba Corporation, ABB Ltd., Eaton Corporation plc, Siemens AG, Holley Metering Ltd., Aclara Technologies LLC, Melrose Industries plc, Wasion Holdings Limited, and Sensus.
Power metering is a crucial tool for energy management, cost control, and environmental sustainability. It benefits both consumers and utilities by providing insights into electricity consumption patterns and facilitating better decision-making for efficient and reliable energy use.
The European power metering market is evolving to align with the European Green Deal, which includes ambitious targets for carbon neutrality and renewable energy integration. The rollout of second-generation smart meters, enhanced communication networks, and data analytics is expected to create opportunities for more efficient energy management. Demand response programs, grid optimization, and load management are key trends, and power metering plays a central role in these initiatives.
Many modern power meters are equipped with communication capabilities, allowing for remote data collection and management. This is especially valuable for utilities and large organizations with numerous metering points.
Smart meters are advanced power meters with additional features such as two-way communication, automated data collection, and real-time connectivity. They enable more precise monitoring and control of energy usage.
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Power metering market is expected to continue growing, driven by increasing energy efficiency goals and the integration of renewable energy sources. The adoption of distributed energy resources, such as solar panels and electric vehicle charging stations, is creating opportunities for advanced metering solutions.
Demand for data analytics and management systems to interpret power metering data and optimize energy use is increasing.
Advanced power meters detect irregularities in electrical systems, such as voltage fluctuations, overloads, or power quality issues. This data helps with preventive maintenance and reducing downtime.
Power metering is crucial for users with solar panels or other renewable energy sources, as it tracks both energy consumption and surplus energy generation that are fed back into the grid.
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Three-phase power metering systems are more complex in terms of design and installation compared to single-phase systems. They require the monitoring of three separate phases, which involve multiple sensors and measurement points.
Three-phase power metering is commonly used in settings where heavy machinery, motors, and industrial equipment require a more robust and efficient power supply. It is crucial for monitoring and managing energy consumption in large facilities.
Power metering in industrial applications plays a crucial role in managing energy consumption, ensuring efficient operations, and reducing operational costs. Industrial facilities use power metering to monitor energy usage and identify areas for improvement. This data-driven approach allows for cost-saving initiatives, which lead to significant reductions in energy expenses.
Power metering provides real-time data on energy consumption, helping industries to optimize equipment and processes for improved energy efficiency.
Power metering helps identify energy-efficient practices and equipment, enabling users to reduce energy waste and lower operational costs.
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Utilities and grid operators use power metering data to implement demand response programs, which involve adjusting electricity use during peak demand periods to maintain grid stability.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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