Published Date : Apr 24, 2017
Albany, New York, April 24, 2017: MarketResearchReports.biz has announced the addition of a report, titled “Global Digital Power Meter Market 2017-2021,” to its database. The report is a professional study encompassing all the important aspects of the global digital power meter market. According to the findings of the report, the market is anticipated to proliferate at a CAGR of nearly 5% between 2017 and 2021.
The growing deployment of smart grids is one of the primary factors providing a significant momentum to the global digital power meter market. Smart grids include supervisory control and data acquisition (SCADA) systems, smart power meters, and other communication networks. These devices allow utilities to have complete access to digital assets present in the field.
On the basis of end user, the global digital power meter market is categorized into residential, industrial, and commercial. The residential segment will continue to dominate the market until 2021. Rapid urbanization and grants provided by government for meter installation are promoting the installation of digital power meters across the residential sector. Moreover, the ever-rising demand for energy is also promoting the uptake of smart and reliable solutions and equipment, thereby stoking the growth of the market.
However, the health hazards such as insomnia, fatigue, and heart and eye problems associated with smart metering technology are limiting their widespread adoption. This is, therefore, restricting the global digital power meter market from realizing its utmost potential. On the other hand, the advent of global system for mobile communications (GSM)-based automatic meter reading (AMR) is unfolding immense growth opportunities for the market. The technology is simple and less costly and requires less human interaction making its implementation favorable for both manufacturers as well as end users.
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Based on geography, the market is fragmented into Asia Pacific, Europe, the Middle East, and Africa (EMEA), and Americas. Asia Pacific will represent the leading share in the market throughout the forecast period. Rising spending power of the populace and increasing construction activities are stirring up the adoption of digital power meters in the region. Moreover, favorable regulatory policies are contributing to the growth of APAC.
The presence of a raft of well-diversified international, regional, and local players has made the global digital power meter market highly fragmented and competitive arena. While in developed regions, international players are the torch bearers, local or regional vendors are leading markets in several developing and underdeveloped nations. However, in attempts to capitalize on immense potential offered by emerging countries, global participants are pouring funds into these markets, making it extremely difficult for regional vendors to maintain their stronghold.
The leading players in the global digital power meter market are Schneider Electric, Sensus, Itron, and Landis+Gyr. Some other key companies operating in the market are EKM Metering, Advanced Electronics Company, Murata Power Solutions, Jiaxing Eastron Electronic Instruments, Holley Metering, LINYANG Energy, Kamstrup, and Simpson Electric.
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