Digital Power Meter Market Size

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.