LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global digital power meter market is projected to grow to USD 11.02 billion by 2021, at a CAGR of close to 5% over the forecast period.
This research report titled ‘Global Digital Power Meter Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Digital power meters are next-generation meters that provide precise readings of electricity consumption and are installed to maintain detailed statistics on energy consumption. The swift rise in adoption of smart grids to effectively manage power by analyzing large amounts of data is driving the demand for the global digital power meter market.|
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Based on end-users, the report categorizes the global digital power meter market into the following segments:
- Residential segment
- Commercial segment
- Industrial segment
“Residential end-users dominated the market in 2016, holding 82% of the overall shares. The segment is expected to retain its dominance over the forecast period, driven by the rise in the global population, urbanization rates, and levels of employment,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for power research.
The demand for smart power meters has increased in tandem with hiked demand for smart grids worldwide. Also, factors such as the rising initiatives taken by legislative bodies to implement smart metering, the growing proposals for the establishment of smart grids, and the mandates regarding the replacement of traditional analog installed meters are other important factors impacting the growth of the segment.
The commercial segment of the digital power meter market is expected to be worth USD 1.13 billion by 2021, driven by their increased adoption in spaces such as schools, hospitals, restaurants, and shopping centers. The increase in commercial power thefts and tampering of meters are two other important factors that are expected to drive the demand for digital power meters in the commercial segment. Apart from cost saving, conserving electricity also helps commercial buildings to earn environmental ratings such as Leadership in Energy and Environmental Design (LEED) certification, which improves the social image or outlook of such buildings and establishments.
“The industrial sector has been expanding due to the rising globalization and industrialization across various manufacturing setups. The rising need to effectively manage power and minimize the losses incurred is pushing for the increased adoption of smart power grids and digital power meters,” says Thanikachalam.
Many power utilities have shifted their focus toward the implementation of smart grid applications, which includes smart metering for the industrial sector. It is expected that the market would grow steadily, taking into account the considerable growth of the industrial sector.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Schneider Electric
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