POWER METERING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Power Metering Market Size and Trends

The power metering market is estimated to be valued at USD 12.72 Bn in 2024 and is expected to reach USD 19.25 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.

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The power metering market is expected to witness significant growth over the forecast period. The high deployment of smart grids across utilities to ensure effective distribution and monitor power consumption is driving the demand for advanced metering infrastructure. Also, the focus toward establishing a strong energy infrastructure, reduction in energy losses, and meeting globe’s increasing power demand will continue boosting the implementation of smart meters. Further, favorable government policies and regulations aimed at the deployment of these meters to achieve energy conservation through behavior change shall accelerate the market expansion. However, high initial costs associated with the installation and replacement of conventional meters with smart meters may hinder the growth of the power metering market during the forecast period to some extent.

Climate Change Concerns

As environmental awareness continues to increase globally, more emphasis is being placed on reducing carbon footprints and transitioning to cleaner sources of energy. Continuous monitoring of energy consumption has become important to identify areas where wastage can be minimized. Power metering provides valuable insights into power usage patterns and helps pinpoint inefficiencies. This allows households and organizations to make small adjustments that cumulatively contribute to carbon emission reductions. With climate change becoming a pressing issue, many countries have implemented policies and programs encouraging energy efficiency. The installation of smart meters is being incentivized as they facilitate a greener lifestyle. Consumers are also actively looking to play their part in mitigating global warming. Power metering supports this shift towards sustainability by creating awareness about energy usage behaviors and recommending simple optimizations. Over time, as societies transition to net-zero targets, advanced monitoring solutions will be vital to manage demand and optimize supply from renewable sources on a distributed level.

Emergence of Smart Grid Technology

The aging electrical infrastructure in many nations requires modernization to meet evolving needs. Traditional power grids are being upgraded to become smarter and more resilient. Two-way communication between utilities and end users is seen as key to the success of smart grids. It helps utilities better manage generation and load requirements. For consumers, it opens up opportunities to monitor and control usage according to preferences like opting for off-peak rates. Smart meters serve as an interface between customers and utilities in a smart grid set up. They facilitate demand response by transmitting near real-time consumption data. This enables flexible demand side management and stimulates shift to renewable sources. Utilities also gain insights into power events on distribution feeders to reduce outages. With investments growing in smart grid technologies, power metering takes on an important role in supporting reliable, efficient and cost-effective distribution of electricity. Harmonization of metering infrastructure across networks will ease the modernization efforts of grid operators over the coming years.