Power Metering Market to Reach $17b

Power Metering Market to Reach $17b Power Metering Market to Reach $17b

The global power metering market is projected to reach $17.8 billion by 2020, at a compound annual growth rate of 8.9% from 2015 to 2020. Asia-Pacific is the largest market for power meters, said a report from MarketsandMarkets, a global market research firm, Trade Arabia reported. The region, which has done fairly well in the past 10 years, accounted for around 45% of the total market share in 2014. The growth rate has scaled up due to an increase in construction spending, rise in industrial activities, and enhancement of the grid infrastructure of the region. Power meters are categorized into three primarily segments, namely, residential, commercial and industrial applications. The major market is captured by the residential application, which includes the utilization of meters in all households including urban and rural. The commercial application is the second major application which is utilized in various commercial places such as hospitals, schools and shopping complexes among others.