Digital Power Meter Market Size & Share, by Phase Type (Single Phase, Three Phase); Product Type (Digital, Electrical, Electromechanical, Electronic); Technology (Radio Frequency, Power Line Communication, Cellular); Application (Residential, Commercial, Industrial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5043
  • Published Date: Jun 17, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Digital Power Meter Market size is estimated to reach USD 25 Billion by the end of 2035, growing at a CAGR of 12% during the forecast period i.e., 2023 – 2035. In the year 2022, the industry size of the digital power meter was over USD 10 Billion. The high consumption of electricity requires a digital power meter for keeping records. Global electricity consumption increased from 22,848 TWh in 2019 to 25,300 TWh in 2021 and is continue to grow by 1-2% every year, as per the International Energy Agency (IEA).

The rapid technological advancement in power monitoring management, as well as the expansion of data center infrastructure, is estimated to bring lucrative growth opportunities for the global digital power meter market. Furthermore, digital power meters are required for increasing efficiency and dependability, and to maintain a secure power distribution network. This is poised to favor the market expansion during the forecast period. In addition, the rising cost of traditional meters is propelling the global population to shift towards efficient digital power meters.


Digital Power Meters Market
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Digital Power Meter Market: Growth Drivers and Challenges

Growth Drivers

  • Surge in the Number of Smart Homes – Smart homes require digital power meters to establish two-way communication between the meter and the central system employed by the utilities and help in managing energy usage. As of January 2023, there were more than 300 million smart homes in the world.
  • High Usage of the Internet of Things (IoT) Rapid advancements in the technologies have enabled people to integrate the Internet of Things (IoT), and artificial intelligence with digital power meters for bringing efficiency in billing and motoring. Recent reports cite that the number of active Internet of Things (IoT) devices will be around 16 billion in 2022 and is expected to increase to 26 billion devices by 2030.
  • Rising Environmental Concern – The depleting environmental condition have encouraged the usage of digital power meters that provides real-time data on energy production and consumption. This allows proper and efficient management of energy and electricity.
  • Growing Focus on Renewable Energy – With the high investments made in the renewable energy sector, the demand for digital power meters is anticipated to increase. Digital power meters offer energy-efficient solutions and allow automation of energy management which helps in greater efficiency in energy management and cost saving. In 2022, the worldwide investment in renewable energy amounted to around USD 500 billion.

Challenges

  • Requirement of Hefty Amounts in the Initial Process – The cost of the installation and deployment of digital power meters are very much costlier when compared to traditional meters. Also, the price of digital power meters is high. This is another growth-hindering factor.
  • Rising Concern Regarding Cybersecurity and Data Privacy
  • Lack of Awareness in Developing Nations

Digital Power Meters Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~12%

Base Year Market Size (2022)

~ USD 10 Billion

Forecast Year Market Size (2035)

~ USD 25 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Digital Power Meters Segmentation

Phase Type (Single Phase, Three Phase)

The three-phase segment in the digital power meter market is attributed to be much higher with a revenue share of 59% by the end of the forecast period. Three-faced digital power meters have found their application in the residential, commercial, and industrial segments. The growth in the number of industries and commercial facilities has increased demand for three-phased digital power meters are beneficial in applications with high energy usage, it is being deployed in every process.

Application (Residential, Commercial, Industrial)

The residential segment is anticipated to hold over39% share of the digital power meter market by 2032. The major factor in the increase in segment value is the rising number of houses around the world that require an efficient energy management system to track the electricity consumed by consumers. The residential sector accounts for almost 30% of global energy consumption. Digital power meters enable homes to track real-time data on energy consumption which helps in planning their consumption and lowering their electricity bills. Also, the increasing focus on saving the environment by effectively using energy and reduction of power usage are other factors that are anticipated to drive digital power meter market growth.

Our in-depth analysis of the global market includes the following segments:

     Phase Type

  • Single Phase
  • Three Phase

     Product Type

  • Digital
  • Electrical
  • Electromechanical
  • Electronic

     Technology

  • Radio Frequency
  • Power Line Communication
  • Cellular

     Application

  • Residential
  • Commercial
  • Industrial

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Digital Power Meters Market - Regional Synopsis

North American Market Forecast

The digital power meter market in the North America is estimated to be the highest with a revenue share of 38% by 2035. The regional growth can majorly be attributed to the increasing government initiatives to improve energy distribution. The increasing R&D investments in new energy storage technologies and the strong presence of market players in the region impels regional market growth.

APAC Market Analysis

The Asia Pacific digital power meter market value is also estimated to grow steadily in the forecast period and hold 24% by the end of it. Rapid industrialization and urbanization especially in countries such as India, China, and Japan have led to an increased demand for digital power meters for efficient power usage. Furthermore, the burgeoning population in the region has led to an increased demand for electricity which requires digital power meters for sustainable energy consumption.

Research Nester
Digital Power Meters Market Size
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Companies Dominating the Digital Power Meter Market

top-features-companies
    • Sensus Worldwide Holdings Ltd
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Landis+Gyr Group AG
    • Siemens Aktiengesellschaft
    • Kamstrup A/S
    • SAMI Advanced Electronics
    • Murata Manufacturing Co., Ltd.
    • Simpson Electric
    • Schneider Electric
    • General Electric Company
    • HPL Electric & Power Ltd

In-the-news

In The News

  • Sensus Worldwide Holdings Ltd has joined hands with GreyStone Power Corporation to start a smart utility network and deploy 120,000 new Stratus IQ smart digital residential electricity meters. These meters are expected to deliver higher speed and provide enhanced reliability in delivering energy use data.
  • Landis+Gyr Group AG has agreed with WEC Energy Group to expand the Advanced Metering Infrastructure (AMI) coverage for gas and electric meters. The new agreement includes the deployment of 210,000 G480 ultrasonic gas meters, 750,000 AMI gas modules, and 204,000 advanced electric meters.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5043
  • Published Date: Jun 17, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for electricity and rapid industrialization are some of the factors that are estimated to bring lucrative growth opportunities for market growth.

The market size of digital power meters is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Sensus Worldwide Holdings Ltd, Landis+Gyr Group AG, Siemens Aktiengesellschaft, Kamstrup A/S, SAMI Advanced Electronics, Murata Manufacturing Co., Ltd., Simpson Electric, Schneider Electric, General Electric Company, HPL Electric & Power Ltd, and other key players.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by phase type, application, product type, technology, and by region.

The residential segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Rising concern about cybersecurity along with the requirement of high investments and the unavailability of a skilled workforce is estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Digital Power Meter Market Report Scope
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