The global power metering market is projected to reach $17.8 billion by 2020, at a CAGR of 8.9 per cent from 2015 to 2020, a report said.

Asia-Pacific is the largest market for power meters, added the report entitled report “Power Metering Market by Application (Residential, Commercial & Industrial), by Phase, by type (Smart, Digital, Analog, & Others), & by Region (North America, South America, the Middle East Africa, APAC, & Europe) - Global Trend & Forecast to 2020” from MarketsandMarkets, a global market research firm.

The region, which has done fairly well in the past 10 years, accounted for around 45 per cent 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. Increasing construction and industrial activities, along with the replacement market of old and technologically outdated meters is the key driver of the market. – TradeArabia News Service