According to IMARC Group latest report, titled Power Measurement Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global power measurement market reached a value of US$20.63 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$29.59 billion by 2027, with a CAGR of 5. 8% in 2022-2027.
A power meter is a fast, accurate, inexpensive, and easy-to-use instrument that helps measure electrical power. It also helps to efficiently measure energy requirements in industrial motors, rotating machinery and calibration laboratories. Today, state-of-the-art power measurement systems with intuitive and modern user interfaces are gaining traction all over the world.
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Rapid urbanization and increasing investments in the development of smart cities by the governments of many countries are positively influencing the use of smart electricity meters in industrial, commercial and residential complexes. This represents one of the major factors enhancing the growth of the market. Additionally, the growing focus on upgrading existing grid infrastructure is catalyzing the demand for energy metering systems to measure grid power. Apart from this, major players are introducing advanced power metering systems which can be connected via mobile app to simplify the operation and enable remote monitoring. These innovations are expected to drive the growth of the market.
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The report has segmented on the basis of phase, technology, end use and geography
Breakdown by phase:
Breakdown by technology:
- Analog meters
- Digital counters
- Smart meters
Breakdown by end use:
Geographical distribution :
- North America (USA and Canada)
- Europe (Germany, UK, France, Italy, Spain, Russia and others)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Australia and others)
- Latin America (Brazil, Mexico)
- Middle East and Africa
The competitive landscape of the industry has also been reviewed along with the profiles of major players i.e. Aptara Inc. (Ienergizer), Axonify Inc., Bigtincan Holdings Limited, Cornerstone OnDemand Inc., Epignosis LLC, Ispring Solutions Inc., Mindtree Limited (Larsen & Toubro Limited), Multiversity Pvt. Ltd., Neovation Corporation, Qstream Inc., SwissVBS Inn. (BTS Group), Tesseract Learning Private Limited and Valamis Group Ltd.
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