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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Metering Market”.
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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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