Digital Power Meter Market Trends

Growth Drivers

• Surge in the Number of Smart Homes – Smart homes require digital power meters to establish two-way communication between the meter and the central system employed by the utilities and help in managing energy usage. As of January 2023, there were more than 300 million smart homes in the world.
• High Usage of the Internet of Things (IoT) – Rapid advancements in the technologies have enabled people to integrate the Internet of Things (IoT), and artificial intelligence with digital power meters for bringing efficiency in billing and motoring. Recent reports cite that the number of active Internet of Things (IoT) devices will be around 16 billion in 2022 and is expected to increase to 26 billion devices by 2030.
• Rising Environmental Concern – The depleting environmental condition have encouraged the usage of digital power meters that provides real-time data on energy production and consumption. This allows proper and efficient management of energy and electricity.
• Growing Focus on Renewable Energy – With the high investments made in the renewable energy sector, the demand for digital power meters is anticipated to increase. Digital power meters offer energy-efficient solutions and allow automation of energy management which helps in greater efficiency in energy management and cost saving. In 2022, the worldwide investment in renewable energy amounted to around USD 500 billion.

Challenges

• Requirement of Hefty Amounts in the Initial Process – The cost of the installation and deployment of digital power meters are very much costlier when compared to traditional meters. Also, the price of digital power meters is high. This is another growth-hindering factor.
• Rising Concern Regarding Cybersecurity and Data Privacy
• Lack of Awareness in Developing Nations