Analysis of Digital Power Meter Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~12% During 2023-2035 and Attain ~USD 25 Billion by 2035
Research Nester’s recent market research analysis on “Digital Power Meter Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global digital power meter market in terms of market segmentation by phase type, product type, technology, application, and by region.
Growing Deployment of Smart Grids to Promote Global Market Share of Digital Power Meter
The global digital power meter market is estimated to grow majorly on account of the increased number of smart grid projects across the world. The adoption of smart grids in industrial, residential, and commercial applications increases the utilization rate of digital power meters. Moreover, digital power meters help in saving energy and are in lightweight nature which is anticipated to reflect optimistic growth during the forecast period. The growing focus on sustainable usage of electricity and the high investments in electrical installation power meters are other factors that are estimated to bring in lucrative growth opportunities.
Some of the major growth factors and challenges that are associated with the growth of the global digital power meter market are:
Growth Drivers:
· Surge in Investments for Introducing Innovative Power Metering Systems in the Market
· Favorable Government Initiatives Regarding Renewable Energy
Challenges:
The rising concern for risks associated with data security with digital power meters and the low awareness level about the advantages along with the unavailability of funds for the initial stage are some of the major factors anticipated to hamper the global market size of digital power meters.
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By application, the global digital power meter market is segmented into residential, commercial, and industrial. The expansion of the real estate sector has anticipated bringing new projects for housing which is anticipated to create positive opportunities for the utilization of digital power meters. 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 reducing power usage are other factors that are anticipated to drive market growth.
By region, the North American digital power meter market is to generate the highest revenue by the end of 2035. This growth is anticipated by the high spending capacity of the consumers on innovative products that helps in maintaining a sustainable future. Furthermore, the high investments by the United States government in clean energy and R&D activities are estimated to create a positive outlook for market growth.
The European region for charge air coolers market is also anticipated to present magnetic opportunities for growth by 2035 owing to various reasons such as the rising demand and production of electricity.
This report also provides the existing competitive scenario of some of the key players of the global digital power meter market which includes company profiling of Sensus Worldwide Holdings Ltd, Landis+Gyr Group AG, Siemens Aktiengesellschaft, Kamstrup A/S, SAMI Advanced Electronics, Murata Manufacturing Co., Ltd., Simpson Electric, Schneider Electric, General Electric Company, HPL Electric & Power Ltd, and other key players.
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