Power measurement market forecast to exceed $4 billion in revenue within 5 years

Submeters accounted for 65% of global metering revenues in 2012 and are forecast to grow faster than meters with power quality.

08/27/2013


IMS Research (acquired by IHS, Inc.)Strong growth is predicted for the power measurement hardware market, with global revenues amounting to more than $4.2 billion cumulatively over the next five years, according to a new report entitled “The World Market for Power Measurement Trends” from IMS Research, now part of IHS Inc.

Driving strong revenue growth for the global power measurement market are the following factors: increased electricity use, energy-efficiency initiatives, government mandates, more knowledge among building professionals on the benefits of submetering and the increased adoption of system-level control schemes—including building automation and energy-management systems. Submeters accounted for 65% of global metering revenues in 2012 and are forecast to grow faster than meters with power quality. 

IMS Research (acquired by IHS, Inc.)

“Installing submeters allows building owners to allocate costs and understand energy consumption at a department, floor, or even a machine level,” said Nicole Tuggle, smart utilities infrastructure analyst at IHS. “This holds business units accountable for the energy they consume. As energy users become more aware of their usage and how it relates to the costs they incur, there is more motivation to take responsibility for their actions and reduce energy consumption. Additionally, more detailed metering can highlight problem areas in buildings, thus presenting opportunities for cost savings,”

Almost half of global revenue in 2012 for submeters came from manufacturing and industrial applications. However, these sectors in the long term will account for a smaller share of global revenue as faster growth is predicted for numerous commercial applications. For instance, the transportation and infrastructure sector is projected to have the fastest revenue growth for submeters globally, doubling from $40 million in 2012 to more than $80 million by 2017. This is largely being driven by growth in the transportation system in China, where 82 new airports are planned to be built and more than 100 are planned to be expanded under the country’s 12th Five-Year Plan.

Because of strong economic growth and the many energy-efficiency and energy-consumption initiatives in place as a result of the 12th Five-Year Plan, Asia is forecast to have the fastest revenue growth for power measurement equipment during the next five years. However, the Americas region still remains the largest market in revenue terms, accounting for roughly 40 percent of the global power measurement equipment market in 2012. Historically, the Americas region has been the largest market for high-cost power quality meters.

“Many national directives and initiatives promoting energy efficiency and reducing energy consumption are driving the market for power measurement equipment,” Tuggle said. “Strong growth is predicted in the next several years for this market, and revenue is expected to reach roughly $1 billion annually in 2017.”

“The World Market for Power Measurement Trends – 2013” is a part of IMS Research’s comprehensive smart grid portfolio. The portfolio includes dedicated studies on utility metering, grid sensors, and distribution automation, which the firm has been studying for more than 15 years. The report includes tables on submeters, meters with power quality, networking equipment, industry applications, form factor, and market share, along with in-depth analysis and explanation.

See other research posted by Control Engineering.

See other international automation developments.



No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
Each year, a panel of Control Engineering editors and industry expert judges select the System Integrator of the Year Award winners.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Learn how to create value with re-use; gain productivity with lean automation and connectivity, and optimize panel design and construction.
Go deep: Automation tackles offshore oil challenges; Ethernet advice; Wireless robotics; Product exclusives; Digital edition exclusives
Lost in the gray scale? How to get effective HMIs; Best practices: Integrate old and new wireless systems; Smart software, networks; Service provider certifications
Fixing PID: Part 2: Tweaking controller strategy; Machine safety networks; Salary survey and career advice; Smart I/O architecture; Product exclusives
The Ask Control Engineering blog covers all aspects of automation, including motors, drives, sensors, motion control, machine control, and embedded systems.
Look at the basics of industrial wireless technologies, wireless concepts, wireless standards, and wireless best practices with Daniel E. Capano of Diversified Technical Services Inc.
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
This is a blog from the trenches – written by engineers who are implementing and upgrading control systems every day across every industry.
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Case Study Database

Case Study Database

Get more exposure for your case study by uploading it to the Control Engineering case study database, where end-users can identify relevant solutions and explore what the experts are doing to effectively implement a variety of technology and productivity related projects.

These case studies provide examples of how knowledgeable solution providers have used technology, processes and people to create effective and successful implementations in real-world situations. Case studies can be completed by filling out a simple online form where you can outline the project title, abstract, and full story in 1500 words or less; upload photos, videos and a logo.

Click here to visit the Case Study Database and upload your case study.