Digital Power Meter Market Analysis

Digital Power Meters Segmentation

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: