Global Digital Power Meter Market 2017-2021

Overview of the global digital power meter market

Technavio’s market research analyst predicts the global digital power meter market to grow steadily at a CAGR of around 5% by 2021. One of the primary drivers for this market is the rise in the deployment of smart grid projects. Smart grids include grid applications such as smart power meters, supervisory control and data acquisition (SCADA) systems, IT, and other communication networks. These devices enable utilities to have complete control and manage the digital assets that are present in the field. The smart grid networking systems enable a utility to analyze and map the energy consumption patterns of its customers, thereby helping in load forecasting and peak demand management along with risk determination. Also, it enables the reduction of power outages by providing detailed information about the functioning status of the power system network. With rapid development in smart grid-related equipment and solutions, management of huge data volumes has become a major concern among power utilities. This development of the smart grid projects worldwide is expected to propel growth in the global digital power meter market during the forecast period.

One of the latest trends gaining traction in this market is the development of global system for mobile communications (GSM)-based automatic meter reading (AMR). The GSM technology also provides services like general packet radio service (GPRS) and short message service (SMS) wirelessly. This technology is less costly and is simple in comparison with the rest of the technologies. It requires less human interaction and has a wide operating distance. Moreover, other technologies like ZigBee, power-line communication (PLC), SCADA, and microwave access (WiMAX) are expected to further propel the growth of the global digital power meter market in the coming years.

Competitive landscape and key vendors