Global electrical energy meter market is valued approximately USD 4447.8 million in 2017 and is anticipated to grow with a healthy growth rate of more than 1.8% over the forecast period 2018-2025. Electrical Energy Meter or a watthour meter measures the electrical energy passing through the meter and may be single-phase or poly-phase. Electric energy meter is an electrical equipment that measures the amount of electrical energy used by the consumers. Utilities are one the electrical departments, that install these instruments at various places including commercial buildings, homes, organization, industries to charge for the consumption of electricity by loads such as fans, lights, refrigerator and other home appliances. Rapid urbanization coupled with the increasing demand for electricity are some major forces that strengthen the growth of the electrical energy meter market over the forecast period. However, availability of advanced energy meters is the major factor that impede the growth of the electrical energy meter market.
On the basis of segmentation, the electrical energy meter market is segmented into type and application. Among the type segment, electronic segment holds the leading position in terms and share and revenue owing to its inherent factors such as it provides consumed value along with the other information such as maximum and instantaneous rate of usage demands, power factor, voltage and others. Presently, electric utility companies have been replacing the outdated & traditional analog meters with the new, high-tech electronic meter versions. Also, the dominance of electronic meter is witnessed owing to the high deployment of electronic meters. Lowe power consumption and improved accuracy are some other advantages of electronic meters driving the market growth.
Among the application segment, residential application is the dominant segment in terms to revenue and share. Factors such as rapid urbanization, large number of households and large of total installation that measures the electricity consumption and coveys the voltage and consumption information to the end-users. For instance: As per the United Nations, Megacities (including a total of 13 countries of Asia, Latin America, Africa, Europe and North America) accounted for about 9.9% of urban population in 2011. This is expected to increase and reach up to 13.6% by the end of 2025. Also, about 50% of the population is expected to live in urban areas in Asia by the end of 2020. Such growth witnessed in urban population is expected to increase the adoption of electrical energy meter thereby, promoting the growth of the segment over the forecast period.
Geographically, India holds the leading position in terms of revenue in Asia-Pacific electrical energy meter market. Factors such as high deployment rate of electronic energy meters, increasing demand for energy and rapid urbanization are responsible for the wide adoption of electrical energy meters across the region. For instance: The International Energy Agency estimates that the electricity demand in India will almost triple between 2018-2024. Also, more than 115 million people have gained access to electricity since 2013. Whereas, India holds huge potential and shows substantial growth in terms of demand for electricity. Also, growing focus on categorizing the indicators for the efficient usage of the electricity and rapid development of electricity network are some other major forces that strengthen the growth of the India in Electrical Energy market over the forecast period of 2018-2025.
Market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Global Electrical Energy Meter Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers