Digital Power Meter Market size was valued at USD 11.24 Billion in 2023 and is expected to exceed USD 51.37 Billion by 2036, registering over 12.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of digital power meter is assessed at USD 12.48 Billion. The high consumption of electricity requires a digital power meter for keeping records. Global electricity consumption increased from 22,848 TWh in 2019 to 25,300 TWh in 2021 and is continue to grow by 1-2% every year, as per the International Energy Agency (IEA).
The rapid technological advancement in power monitoring management, as well as the expansion of data center infrastructure, is estimated to bring lucrative growth opportunities for the global digital power meter market. Furthermore, digital power meters are required for increasing efficiency and dependability, and to maintain a secure power distribution network. This is poised to favor the market expansion during the forecast period. In addition, the rising cost of traditional meters is propelling the global population to shift towards efficient digital power meters.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
12.4% |
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Base Year Market Size (2023) |
USD 11.24 Billion |
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Forecast Year Market Size (2036) |
USD 51.37 Billion |
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Regional Scope |
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Phase Type (Single Phase, Three Phase)
The three-phase segment in the digital power meter market is attributed to be much higher with a revenue share of 59% by the end of the forecast period. Three-faced digital power meters have found their application in the residential, commercial, and industrial segments. The growth in the number of industries and commercial facilities has increased demand for three-phased digital power meters are beneficial in applications with high energy usage, it is being deployed in every process.
Application (Residential, Commercial, Industrial)
The residential segment is anticipated to hold over39% share of the digital power meter market by 2032. The major factor in the increase in segment value is the rising number of houses around the world that require an efficient energy management system to track the electricity consumed by consumers. The residential sector accounts for almost 30% of global energy consumption. Digital power meters enable homes to track real-time data on energy consumption which helps in planning their consumption and lowering their electricity bills. Also, the increasing focus on saving the environment by effectively using energy and reduction of power usage are other factors that are anticipated to drive digital power meter market growth.
Our in-depth analysis of the global market includes the following segments:
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Phase Type |
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Product Type |
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Technology |
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Application |
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North American Market Forecast
The digital power meter market in the North America is estimated to be the highest with a revenue share of 38% by 2036. The regional growth can majorly be attributed to the increasing government initiatives to improve energy distribution. The increasing R&D investments in new energy storage technologies and the strong presence of market players in the region impels regional market growth.
APAC Market Analysis
The Asia Pacific digital power meter market value is also estimated to grow steadily in the forecast period and hold 24% by the end of it. Rapid industrialization and urbanization especially in countries such as India, China, and Japan have led to an increased demand for digital power meters for efficient power usage. Furthermore, the burgeoning population in the region has led to an increased demand for electricity which requires digital power meters for sustainable energy consumption.
Author Credits: Dhruv Bhatia
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