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Power Metering Market to Reach $21.0 Billion, globally, by 2032 at 6.2% CAGR: Allied Market Research
Businesses and consumers alike are becoming majorly driven to efficiently monitor and control their energy usage as long as energy prices stay high. Power metering enables them to locate potential for cost- and energy-saving measures. Consumers and businesses alike are paying more attention to lowering their carbon footprints. Power metering supports sustainability objectives by tracking and reducing energy use.
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Energy efficiency is being promoted by governments and organizations globally as a strategy to mitigate greenhouse gas emissions and tackle climate change. Power metering helps these efforts by giving decision-makers the information they require to make well-informed choices. Strong power metering infrastructure is needed as smart grids, propelled by the integration of cutting-edge technology, continue to evolve. In addition to enabling demand response programs and supplying real-time data, smart meters also improve grid resilience. The increase in use of renewable energy sources, such as wind and solar, makes power metering necessary to monitor energy output and use. Grid stability and net metering are supported by this integration.
Power metering is essential to create smart cities, where real-time monitoring and management of energy consumption is made possible by IoT devices and sensors. In the power metering sector, new business opportunities are being created by the emergence of energy-as-a-service models, in which companies offer energy management solutions as a service.
Depending on phase, the single phase segment dominated the market share for power metering in 2022 in terms of revenue. In 2022, it contributed nearly three-fifths of the total market revenue in 2022 while growing at a CAGR of 6.4%. The segment is projected to grow at the fastest pace during the forecast period, as they provide real-time data on energy consumption or generate monthly usage reports. Single power meters are used in homes with solar panels to measure both the electricity consumed from the grid and surplus energy generated by the solar system.
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Depending on application, residential segment dominated the market share for power metering in 2022 in terms of revenue. With a CAGR of 6.4%, it accounted for three-fifths of the revenue in 2022 and is predicted to grow at the highest rate during the projection period. Power metering in residential applications involves the measurement and monitoring of electrical energy consumption in households. It provides homeowners with insights into their electricity usage and allows them to make informed decisions about energy management.
Depending on region, Asia-Pacific dominated the market share for power metering in 2022 in terms of revenue. In 2022, the
Asia-Pacific region contributed nearly two-fifths of the revenue at a CAGR of 6.6% during the forecast period. The
Asia-Pacific region is seeing an increase in demand for advanced metering infrastructure (AMI) and smart meters. Power metering adoption is being fueled by energy saving measures, demand response programs, and system optimization. Rooftop solar panels and other distributed energy sources are opening up possibilities for more sophisticated metering and data analytics.
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The report provides a detailed analysis of these key players in the global power metering market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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