- One of the key drivers for the growth of global watt meter market is growth of construction industry across the globe.
- High price and limited accuracy of low cost watt meters is expected to hamper growth.
- North America is expected to be a lucrative region for watt meters.
Watt meter is an instrument used to measure the electric power. The power distribution company utilizes watt meters to measure the amount of power consumed in the residential and commercial sectors. Further in industrial sector watt meter helps to monitor and measure the power consumption in the industry to calculate utility bills. Watt meters can be analog or digital which are used according to type. An analog meter consist of fixed coil, known as current coin and a movable coil known as voltage coil. Analog watt meter, are not very accurate and usually have a low measuring range. In the current market scenario digital watt meters are preferred by the end-users owing to high accuracy, and ease of reading. Watt meter provide true measure of electric power consumer in a DC or AC circuit. Further, with the increasing demand for accuracy and smart measuring methods manufacturers are focusing on innovations.
Electrical energy has become one of the prime energy resource used in almost every field, hence measuring power consumption if becoming important to keep the track of power consumption driving the need for watt meter. One of the key drivers for the growth of global watt meter market is growth of construction industry across the globe. Further, with the increasing energy demand and government investment towards power grid infrastructure development and enabling access to electricity across the developing region such as India, South Africa, Brazil and others is another key enabling factor for the growth of global watt meter market over the forecast period. Furthermore, one of the key trend observed in the global market is adoption and application of smart watt meters across commercial and industrial segment. The growth in demand for smart watt meter is supported by growing investment in smart grids and technological advancement. However, one of the key challenge which is anticipated to hamper the demand is high price and limited accuracy of low cost watt meters.
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With the increasing trend of automation and smart cities key manufacturers across the watt meter market are emphasizing on the designing and development of watt meter with high accuracy, robust and ruggedness for industrial and commercial applications. Continuous adoption of energy management solutions is expected to be another factor contributing towards the growth of global watt meter market.
On the basis of type the global watt meter can be segmented into:
- Analog Watt Meter
- Digital Watt Meter
On the basis of end use sector the global watt meter can be segmented into:
- Commercial & Institutional
On the basis of power type the global watt meter can be segmented into:
- DC power
- AC Power
On the basis of phase the global watt meter can be segmented into:
- Single Phase
- Three Phase
North America is expected to be a lucrative region for watt meter, with the growth surfaced owing to recovery in construction industry and increasing number of housing starts. Further, the market in North America is characterized with development of smart meters. Europe watt meter market follow North America in terms of market volume and is expected to witness moderate growth during the forecast period. Asia Pacific region is expected to witness robust growth during the forecast period owing to urbanization and infrastructural development in India, China and ASEAN Countries. The watt meter market in India has been experiencing significant growth driven by booming urbanization, population growth witch is driving need for accommodation and electricity. Further, government projects such as, ‘Smart City’ in India is expected to contribute towards the growth of digital watt meters. Middle East & Africa and Latin America are expected to manifest high-growth over the forecast period driven by growing investment for infrastructural development and positive economic outlook.
Examples of some of the market participants identified across the value chain of the global Watt Meter market includes
- Siemens Industry Inc.
- HIOKI E.E. CORPORATION
- Bird Technologies
- Itron Inc.
- Schneider Electric SE
- CNAOB ELECTRIC CO., LTD.
- Wuhan Radarking Electronics Corp.
- ZHEJIANG LEOU ELECTRICAL CO., LTD.
- Studebaker Submetering Inc
The research report presents a comprehensive assessment of the Watt Meter market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Watt Meter market report also contains projections using a suitable set of assumptions and methodologies. The Watt Meter market research report provides analysis and information according to Watt Meter market segments such as geographies, application, and industry.