Australia Power Metering Market to grow at a Significant Rate through 2026
Demand for reliable energy consumption measuring system and huge cost savings is expected to drive the demand for Australia power metering market in forecast period.
According to TechSci Research report, “Australia Power Metering Market By End-User (Residential, Commercial, and Industrial) By Type (Analog Meters, Digital Meters, and Smart Meters) By Phase (Single Phase, Three Phase), By Company, By Region, Forecast & Opportunities, 2026”, Australia power metering market is expected to witness steady growth in the next five years owing to higher demand for energy resources in country. Power metering aids in monitoring and providing solutions in addition with managing entire electrical distribution system. Installation of power metering aids in lower costs and minimal tampering to electricity bills. Power metering systems measures energy consumption and control the quality of the electricity supplied. Consumers can manage the load management by managing the energy usage with the help of power metering systems. Real-time analysis and accuracy in providing output is fueling the global solar photovoltaic market. Power metering takes consumer experience onto next levels by providing the needful insights for minimal wastage of energy and minimal expenditure. Benefit of optimizing power distribution losses across the grid through the data obtained by power metering systems is a positive factor influencing the market growth for power metering in Australia. Development of grid structure to increase the electricity production capacity is aiding the Australia power metering market. Huge energy demand from various end-user industries is driving the market of power metering systems. Surge in environmental concerns is leading to optimization of the power generation and consumption process and managing the wastage to minimal amounts is aiding to the market growth. Advancement of the old grid infrastructure is creating lucrative opportunities for the power metering market growth. Power metering system has lower maintenance costs over the traditional systems for measuring the power consumption. Government regulations to install the advanced versions in place of conventional power measuring devices is boosting the demand for power metering systems in Australia. Direct communications between end-users and companies for enriching consumer experience and reduce the chances of error is a driving factor for power metering market. Moreover, power metering holds fraud detection capabilities, higher energy savings, facility for pre-payment and information on peak consumption hours.
However, privacy issues and standardization of power meters may hamper the market growth for the forecast period.
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Australia power metering market is segmented into end-user, type, phase, region, and company. Based on type, market is further categorised into analog meters, digital meters, and smart meters. Smart meters are expected to hold major market share in the forecast period, 2022-2026. Ability of smart meters to reduce the chances of power blackouts and failures is the major driver for rise in demand for smart meters. Smart meters also aid in elimination of manual monthly reading. Elaborate feedback regarding energy usage and adjusting the electricity usage to control monthly bills are the other two contributing factors for the rise in demand of smart meters in Australia. To decrease the energy emissions smart meters brings the behavioural changes according to requirements. Based on end-user, market is majorly divided into residential, commercial, and industrial. Residential sector is expected to grow at a significant rate during the forecast period. Rising demand for installations of smart meters owing to the transparency in electricity bills and minimal energy loss. Based on phase, market is segmented into single phase and three phase systems. Three phase systems are expected to register faster growth due to applications in industrial and commercial sectors. Also, three phase system is expected to hold more load than the single phase efficiently.
SATEC Powerful Solutions, EDMI Limited, Landis+Gyr, Power Metric, Carel Group, CETA Australia, SBS Private Limited, Utility Relay Company, Smart Metering Services, ADM Australia are the leading players operating in Australia power metering market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several power metering manufacturers are coming up with their technologically advanced offerings.
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“Power metering systems enables integration of emerging technologies such as rooftop solar, energy efficient and storage applications to switch to appliances for drawing power in case of blackouts and adapt according to energy usage is bolstering the power metering market growth in Australia. Energy forecasting capabilities and energy analysis is propeling the market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Australia Power Metering Market By End-User (Residential, Commercial, and Industrial) By Type (Analog Meters, Digital Meters, and Smart Meters) By Phase (Single Phase, Three Phase), By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of Australia power metering market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Australia power metering market.
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