New York, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Power Metering Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Power Metering Market Research Report, Type, Phase, Application and Region - Forecast till 2028” the market is projected to be worth USD 35.74 billion by 2028, registering a CAGR of 8.51% during the forecast period (2021 - 2028), The market was valued at USD 17.87 billion in 2020.
List of the companies profiled in the Power Metering Market research report are:
- General Electric (U.S.)
- Itron (U.S.)
- Toshiba Corporation (Japan)
- Melrose Industries plc. (U.K.)
- Wasion Group Holdings Ltd. (China)
- ABB(Switzerland)
- Eaton Corporation Plc (Dublin)
- Siemens AG (Germany)
- Holley Metering (China).
- Among others.
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Market Research Future’s Review on Power Metering Market
Numerous Aspects that Boost Market Growth
Power metering is defined as an electronic device that assists us in measuring the energy usage of all other equipment used in homes or offices. Power metering is intended for billing and monitoring electricity consumption expenses. Because of the data metrics that are highly relevant to calculate, power meters are considered considerably more useful than electric meters. Not only that, but power meters have unique qualities such as environmental concerns, technical advancements, minimal maintenance costs, and two-way communication that distinguishes them from electric meters. Furthermore, power meters have high operational efficiency.
The power metering market is expanding rapidly, providing ample opportunity for profit growth. The increasing need for electricity metering, as well as government emphasis on great infrastructure, are two factors driving the market's growth. Many other advantages include low-cost maintenance, two-way communication, technical advancement, environmental considerations, great operating efficiency, and easy interpretation of data metrics. There are numerous other reasons why the market is rising.
Browse In-depth Market Research Report (188 pages) on Power Metering
https://www.marketresearchfuture.com/reports/power-metering-market-2570
The Global Market to Regain Stability Post COVID-19 Pandemic
As the power metering market study has been thoroughly analyzed. It has been correctly noted that market upgradation has slowed during the pandemic. The prolonged outage has impacted every industry, including power metering. People's involvement in and out of the house has significantly decreased. This directly translates to no contact with humans other than those living in the same place. As a result, manufacturing, output, and purchasing all decreased dramatically.
Manufacturing does not exist as a process when there is no demand. Prices will rise due to lower demand. But things will soon return to normal. The government is taking steps to improve this industry. As a result, it is still projected that the power metering business will profit in the forecasted period until 2028.
Standardization of the Power Meter to Act as a Barrier
The power metering market is expanding rapidly due to a variety of variables, but it is also encountering a number of impediments and roadblocks that are preventing it from expanding further. Some of the elements that are preventing or limiting the market's further growth. These are generally issues concerning people's and the general public's privacy. Furthermore, power meter standardization acts as a barrier. People traditionally find it difficult to abandon something they have relied on for years, such as an electric meter. Switching to a new technology takes time, but it is estimated that by 2028, the global power sector will have made a significant profit.
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Market Segmentation
The worldwide power metering market has been segmented into type, phase, and application.
By type, the worldwide power metering market has been segmented into Smart, Digital, and Analog.
By phase, the worldwide power metering market has been segmented into Single-phase and Three-phase.
By application, the worldwide power metering market has been segmented into Residential, Commercial, and Industrial.
Regional Analysis
APAC to Spearhead the Global Market
The Asia Pacific has the most market share. This is expected in such a way that the Asia Pacific will contribute significantly to the burgeoning market for power metering. Government projects, such as India's smart city, make a significant contribution to the global market's health. A surge in construction spending is another element that has pushed the Asia Pacific to the top of the market contributors list. Others include an increase in industrial activity and, as a result, the region's grid infrastructure, as well as government projects. China is a rising economy, and Japan is also attempting to gain a significant market share.
Segmentation of Market covered in the research:
Power Metering Market Information by Type (Smart, Digital, Analog), by Phase (Single-phase, Three-phase) by Application (Residential, Commercial and Industrial) and Region - Forecast to 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
