Electricity meters reveal their significant role in energy management, they allow consumers to monitor and manage their energy consumption, these meters empower individuals and businesses to identify energy-intensive appliances and adjust their usage patterns accordingly. Growing demand for electricity meters as consumers seek to reduce costs and minimize their environmental impact, as a result, there is a market opportunity for innovative and advanced electricity meter technologies that provide accurate data, enable real-time monitoring, and support energy-saving measures.
According to Data Bridge Market Research, the Global Electricity Meter Market will exhibit a CAGR of 6.57% for the forecast period of 2022-2029. Therefore, the electricity meter market value is expected to reach USD 15.80 billion by 2029.
“The rising number of buildings and construction activities drive the market”
The rising number of buildings and construction activities acts as a significant driver for the electricity meter market. As urbanization and infrastructure development continue to expand, there is an increased demand for electricity meters to accurately monitor and manage energy consumption in buildings. The growing number of residential, commercial, and industrial constructions necessitates the installation of electricity meters to track energy usage, allocate costs, and promote energy efficiency. This trend drives the demand for electricity meters, creating opportunities for manufacturers and suppliers to cater to the growing needs of the construction sector and support sustainable energy management practices.
What restraints the growth of the global electricity meter market?
“High costs associated with research and development”
The electricity meter market faces growth restraints due to the high costs associated with research and development (R&D) activities. Developing advanced and technologically innovative electricity meters requires significant investments in R&D. These costs include research personnel, equipment, and testing facilities. The expenses associated with R&D proficiencies can pose challenges for market players, especially smaller companies with limited resources. The high costs can impede the development and commercialization of new metering technologies, hindering market growth. However, collaborations, partnerships, and advancements in cost-effective R&D methodologies can help mitigate this restraint and foster innovation in the electricity meter market.
Segmentation: Global Electricity Meter Market
The electricity meter market is segmented on the basis of technology, type, phase, and end user.
- On the basis of technology, the electricity meter market is segmented into electromechanicals and electronics.
- On the basis of type, the electricity meter market has been segmented into flat-rate meters, interval meters, smart meters, and solar meters.
- On the basis of phase, the electricity meter market has been segmented as three and single phase.
- On the basis of end user, the electricity meter market has been segmented into commercial, industrial and domestic.
Regional Insights: North America dominates the global electricity meter market
The dominance of North America and in the electricity meter market is expected to continue during the forecast period. This trend can be attributed to the ongoing technological transformations in the manufacturing sector, driving the demand for advanced electricity meters. Additionally, the increased availability of energy supplying infrastructure in these regions further fuels market growth.
The Asia-Pacific region is poised to witness the highest growth rate due to extensive infrastructural development activities, a surge in the use of smart electricity meter, and the growing number of manufacturing industries, indicating a promising market outlook for the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-electricity-meter-market
The Prominent Key Players Operating in the Global Electricity Meter Market Include:
- ABB (Switzerland)
- Eaton (Ireland)
- Honeywell International Inc. (U.S.)
- General Electric Company (U.S.)
- Itron Inc. (U.S.)
- Legrand (France)
- Siemens (Germany)
- Socomec (France)
- STMicroelectronics (Switzerland)
- Wasion Group (China)
- TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION (Japan)
- Holley Technology UK Ltd. (U.S.)
- Linyang Group (China)
- Sensus (U.S.)
- Infineon Technologies AG (Germany)
- Microchip Technology Inc. (U.S.)
- Analog Devices, Inc. (U.S.)
- TE Connectivity (Switzerland)
- Renesas Electronics Corporation (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global electricity meter market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Electricity Meter Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
