GITNUX MARKETDATA REPORT 2024
Power Metering Industry Statistics
The power metering industry is projected to experience steady growth driven by increasing demand for energy management solutions and smart grid technologies.
In this post, we will explore key statistics and trends shaping the global power metering industry. From the market size and growth projections to regional dynamics and emerging technologies, we will uncover the latest insights driving innovation and advancements in power metering. Stay tuned to understand the significant developments influencing the industry’s trajectory towards a more efficient and sustainable future.
Statistic 1
"The global power metering market was valued at USD 4.27 billion in 2020."
Statistic 2
"The market is expected to reach around USD 7.58 billion by 2026, growing at a CAGR of 9.57% during the forecast period (2021-2026)."
Statistic 3
"The power metering market in the Asia Pacific region is expected to display significant growth, owing to industrialization and infrastructural development."
Statistic 4
"Smart meters sector is expected to witness growth of 9.34% in the power metering industry during 2021-2026."
Statistic 5
"In 2020, around 70.98 million units of smart power meters were installed in Europe."
Statistic 6
"India aims to replace 250 million conventional power meters with smart meters by 2022."
Statistic 7
"North America will witness growth in power metering due to their increased preference for efficient power management."
Statistic 8
"The U.S. accounted for the majority of the market share of North America's power metering industry in 2020."
Statistic 9
"Power metering providers are eager to invest in Artificial Intelligence (AI) and Internet of Things (IoT) to offer advanced functionalities."
Statistic 10
"In 2020, residential sector dominated the power metering market with a share of 42.7%."
Statistic 11
"The power metering market in South America is estimated to grow with a CAGR of 8.3% during the period of 2021 to 2026."
Statistic 12
"Power utility companies are attempting to integrate power metering systems with renewable energy sources."
Statistic 13
"By 2025, China aims to install smart meters in 100% of households."
Statistic 14
"Digital power meters generated the highest revenue of USD 3.58 billion in 2020 in the power metering industry."
Statistic 15
"The power metering industry is compacted with key players like ABB, Siemens, Schneider Electric, Eaton Corporation, and Honeywell International, among others."
Statistic 16
"Increasing environmental concerns and government regulations are leading to increased adoption of smart meters in the power metering industry."
Statistic 17
"The electricity sector accounted for about 33% of the power metering market in 2020."
Statistic 18
"The Middle East & Africa is set to exhibit slow growth in the power metering industry due to the slow transition of utilities towards advanced metering solutions."
Statistic 19
"By 2030, 90% of the homes in the UK are expected to have smart meters."
Jannik Lindner
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