As per Future Market Insights, the digital power meter market is anticipated to attain a value pool of US$ 10 billion by 2023-end. Global demand for digital power meters is expected to rise at a CAGR of 7.2% to US$ 20 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 10 billion |
| Projected Market Value in 2033 | US$ 20 billion |
| Growth Rate (2023 to 2033) | 7.2% CAGR |
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The digital power meter market offers a number of opportunities for growth and expansion, driven by the increasing demand for energy-efficient solutions and the growing focus on renewable energy. The noteworthy opportunities in the digital power meter market include the growth of the smart homes and buildings market and the increasing use of advanced technologies such as the Internet of Things (IoT) and artificial intelligence.
The growth of the smart homes and buildings market is also providing new opportunities for growth in the digital power meter market. As more and more consumers and businesses adopt smart home and building solutions, the demand for digital power meters is expected to increase, as they play a critical role in the monitoring and management of energy usage in these environments. This trend is expected to continue, providing new opportunities for growth in the digital power meter market.
The increasing use of advanced technologies such as IoT and AI is also providing new opportunities for growth in the digital power meter market. Digital power meters equipped with IoT and AI technologies provide real-time data on energy consumption and allow for the automation of energy management, providing greater efficiency and cost savings. This trend is expected to continue, driving the growth of the digital power meter market, as more and more users seek to adopt advanced energy management solutions.
The growing focus on renewable energy is also providing new opportunities for growth in the digital power meter market. Digital power meters play a critical role in the management and monitoring of renewable energy systems, providing real-time data on energy production and consumption. This allows for the optimization of renewable energy systems and helps to ensure that they are operating at maximum efficiency. With the ongoing growth of the renewable energy market, the demand for digital power meters is expected to continue to increase, providing new opportunities for growth in the digital power meter market.
The development of the digital power meter market in North America has been on an upward trend in recent years. With the increasing focus on energy efficiency and smart grid technology, the demand for digital power meters has grown significantly. These meters provide real-time data on energy usage, which enables utilities and consumers to better understand and manage their energy consumption.
In North America, the USA is the leading market for digital power meters, followed by Canada. The growth of the market can be attributed to the increasing adoption of smart grid technology, rising awareness about the benefits of energy efficiency, and favourable government initiatives to promote the adoption of digital power meters.
The growth of the residential sector, along with the increasing need for remote monitoring and control of energy usage, is also driving the growth of the digital power meter market in North America. The commercial and industrial sectors are also adopting digital power meters, which are expected to drive market growth in the future. Overall, the digital power meter market in North America is poised for substantial growth in the coming years, with a number of opportunities for companies operating in the space.
In any electrical installation power meters are required to monitor voltage, current and power range which is offered by a digital powered meter. The key function of a digital power meter is to measure power quality parameters such as harmony, current/voltage unbalances as well as electrical energy.
Digital power meters are also designed to identify energy leakage/waste, equipment malfunctions and other power quality issues i.e., managing energy use and analyzing energy consumptions.
Industrial and commercial operations are dependent on digital power metering solutions owing to their use in monitoring and reporting accurate power quality. This enables the reliable and efficient use of energy within their operations.
Several factors such as flexible installation options, advanced communications and logging capabilities make the digital power meter a significant device for grid automation, commercial spaces such as data centers etc. Owing to the above mentioned factors, in the coming years, the digital power meter market is anticipated to witness significant growth.
Principal Consultant
The increasing growth of smart grid projects has significantly driven the global digital power meter market. Smart grids include application such as supervisory control & data acquisition systems, digital power meters and other systems for communication.
With the advantages of digital power meter such as energy saving, light weight nature, the adoption is increasing in commercial, industrial and utility sectors.Thus growing demand from power generation sector as well as residential sector is anticipated to reflect in optimistic market growth during forecast period.
Digital power meter are expensive due to their high manufacturing cost. Also Ensuring the security and privacy of metering data is a key challenge faced by digital power meter consumer. This factors are likely to curtail the global digital power meter growth.
Currently the digital power meter market is largely driven by growth strategies such as product launches.For instance,Yokogawa a leading manufacturer of digital power meters, added WT300 series of digital power meters as the latest addition to its product range, delivering power accuracy from the compact WT300 to the highest precision WT3000.
The Corona Virus pandemic is currently impacting the global economy at countless levels and no industry sector has been saved. This has reflected in a substantial slowdown in spending in the year 2020 as itresonates through every sector of the economy.
The outlook remains indeterminate for the comingyear as the scope of the virus and its impact on production, demand and supply chainswhich is anticipated to hinder the overall digital power meter market growth.
North America is expected is anticipated to account for prominent share in the global digital power meter market by virtue of growing industrial and commercial spaces. In addition, prevalence of large number of manufacturers in the region provides positive prospects for the market growth.
Emerging countries in Asia Pacific region such as India, China are witnessing substantial growth in residential and commercial construction activities owing to increasing population, demographic changes, urbanization and industrialization. This, in turn, is expected to positively impact the digital power meter market growth in the region.
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Some of the market participants in the global digital power metermarket, identified across the value chain include:
The research report on the digital power meter market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The digital power metermarket report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, end use, and product type.
The global digital power meter market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global digital power meter market can be segmented on the basis of phase type and end use.
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