A power meter is an electric device
that measures the amount of energy consumed for billing purposes. It also comes with monitors, so you can better understand your energy usage. The monitoring of the power quality helps to lower the energy costs and to prolong the machine's life. Smart metering is such a complete end to end solution which minimizes the several errors and helps in distributing Quality Power.
The conditions/ environment of operation of power meters are not the same as it was a few decades ago owing to the dynamism of this market. Smart Electricity Meters Market is constantly evolving thus facilitating development of new technologies. Ever-changing technology combined with addition of new product lines are the major drivers for this industry.
The traditional meter usually has a metal disc that rotates as power is consumed. The disc is actually part of an electric motor that rotates at a speed that is proportional to the product of the voltage and the current being supplied.
Electronic Energy Meter is based on Digital Micro Technology (DMT) and uses no moving parts. So the EEM is known as “Static Energy Meter” In EEM the accurate functioning is controlled by a specially designed IC called ASIC (Application Specified Integrated Circuit). ASIC is constructed only for specific applications using Embedded System Technology. Similar ASICs are now used in Washing Machines, Air Conditioners, Automobiles, Digital Camera etc.
Owing to benefits such as reducing energy consumption, more accurate, lower price as well as lower power consumption, power meters are being used across industry verticals. However, Oil and gas, chemical Industry, power generation and water treatment are key end use industries of the Global Smart Electricity Meters Market.
The global market for Smart Electricity Meters
was estimated to be $XX billion in 2017. The global market for Power Metering is estimated to grow at a CAGR of XX% and is forecast to reach $XX billion by 2023. The Smart Meter market is forecast to have the highest growth of XX% during the forecast period 2018-2023.
Asia-Pacific is the leading market for Smart Electricity Meters with China leading the charge. Asia-Pacific region is forecast to have highest growth in the next few years due to growing adoption of power meter in industrial applications. Asia power metering accounts to XX% of the global market for Power Metering and is the fastest growing market followed by Americas. In Americas, Oil & Gas industry as well as Chemical industry is the major end users of Power Meter. North America and Asia together are estimated to occupy a share of more than XX% during 2018-2023.