Intelligent Power Meters Market: Introduction
Power adds to an economy’s progress in multiple ways. Thus, continuous access to power is essential and power must be available within an affordable range. The energy sector throughout the globe has experienced considerable losses in terms of revenues in the last few years. It is only recently that the sector has started returning to slight growth, supported by high oil prices and strong global demand. However, most of the developing countries do not generate enough electricity and power thefts present a critical concern for them. Intelligent Power Meters present a solution to this issue and offer maintained quality of power, control theft and provide superior power metering and billing systems.
Intelligent Power Meters are electronic devices which can track and record the power usage in residential, commercial or industrial sectors. Several industrial organizations are nowadays replacing their traditional power meters with Intelligent Power Meters and are making significant savings in terms of expenses. Intelligent Power Meters are precariously important for continuous monitoring of power systems and can also be used for gathering device data for automation systems in plants. The quality of a power system becomes crucial, especially with increasing loads (computers, variable frequency devices, ballasts etc.) and Intelligent Power Meters can keep a check on this quality by preventing overheating of transformers, motors, capacitors, etc. Intelligent Power Meters are majorly applied for metering of power distribution (feeders, transformers, motors, etc.), quality analysis as well as system loading redistribution.
The Intelligent Power Meters market has witnessed significant adoption in recent years and, is furthermore, expected to witness a boom during the forecast period owing to the increasing demand for energy efficient solutions being witnessed by various business enterprises as well as residential users.
Intelligent Power Meters Market: Market Dynamics
Since the last few years, the energy sector, especially in developing economies, is experiencing losses and sustainability concerns. One of the major reasons behind this is energy theft, which accounts for a substantial portion of energy-related financial losses to economies. Intelligent Power Meters have emerged as a solution to this energy loss and are being considerably adopted in both developing as well as developed economies. Also, increasing concern amongst governments across the globe for environment-friendly and energy-efficient metering solutions is also driving the adoption of intelligent power meters, thereby positively impacting the intelligent power meters market, in terms of revenue. Alongside these benefits, Intelligent Power Meters also present real-time data while reducing electric loads in a more organized and managed manner.
Along with several benefits, there are also a few challenges related to Intelligent Power Meters, which impact the overall market for Intelligent Power Meters in a negative manner. The transition cost (in terms of personnel training, equipment, process development, etc.) for companies implementing Intelligent Power Meters within their existing infrastructure is on the higher end and creates financial stress for the organization. Impact of this challenge will decrease in the coming years, but currently, it restricts growth in the Intelligent Power meters market.
Intelligent Power Meters Market: Segmentation
The global Intelligent Power Meters market can be segmented on the basis of application, end-user and region.
Segmentation for Intelligent Power Meters market by application:
On the basis of application, the Intelligent Power Meters market can be segmented as:
Segmentation for Intelligent Power Meters market by end-user:
On the basis of end-user, the Intelligent Power Meters market can be segmented as:
Currently, Intelligent Power Meters are mostly being adopted for industrial usage and residential purposes. However, owing to the increasing awareness and demand about/for Intelligent Power Meters, the commercial sector is also expected to witness considerable adoption of Intelligent Power meters during the forecast period.
Segmentation for Intelligent Power Meters market by Vertical:
On the basis of industry vertical, the Intelligent Power Meters market can be segmented into:
Intelligent Power Meters Market: Key Players
Some of the key players operating in the Intelligent Power Meters market are Panduit, WEG, ICP Das Co., Ltd., Accuenergy and Eltime Controls, among various others.
Many Tier-1 players (manufacturers and vendors offering Intelligent Power Meters solutions) in the market are focusing on partnering with various technology providers for enhancing their offerings and for strengthening their position in the market.
Intelligent Power Meters Market: Regional Overview
By geography, the Intelligent Power Meters market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others in Asia Pacific, and Middle East & Africa. Among these regions, in terms of value, North America, especially the U.S., is expected to dominate the global Intelligent Power Meters market during the forecast period owing to high adoption of Intelligent Power Meters by various business enterprises across industry verticals, such as manufacturing, telecommunication and BFSI. Asia Pacific (including Japan and China) and Europe are expected to follow North America in the global Intelligent Power Meters market. China is, however, expected to exhibit high growth rate during the forecast period owing to the strong manufacturing sector in the country.
The report covers exhaustive analysis on:
Regional analysis for global Intelligent Power Meters market includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.