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

Regional Analysis

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North America has established itself as the dominant region in the power metering market. The region is expected to account for 34.4% of the market share in 2024. The region boasts of a huge demand due to the high penetration of smart grid projects. Countries like the U.S. and Canada have stringent norms to integrate renewable energy through extensive network upgrades. This has compelled utility companies as well as industrial consumers to invest heavily in advanced metering infrastructure. The presence of leading metering providers such as Siemens and Itron further strengthens North America's position. The technology-driven approach of utilities to optimize consumption helps sustain demand. Moreover, efforts by state regulators to incentivize the adoption of smart meters via rebate programs promotes market growth. Large scale installations of smart grid pilots foster innovation and raise the bar for suppliers.

The Asia Pacific region is poised to be the fastest growing market for power metering globally over the coming years. Economic developments across countries like India, China and Southeast Asian nations are expected to fuel demand. Power shortages and the need to reduce commercial and domestic losses drive utilities in APAC to invest in smart infrastructure upgrades. This presents immense opportunities for networked metering rollouts. Countries are introducing smart metering mandates that boost the market potential. Additionally, inexpensive smart meter manufacturing capabilities within China and local sourcing by utilities to maximize cost savings augurs well for the region. Rising incomes are also enabling individual users to install distributed energy monitoring setups. The increasing focus on renewable integration under government energy policies provides tailwinds for meter data management providers.