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Power measurement poised for market success

Posted: 07 Jun 2013     Print Version  Bookmark and Share

Keywords:power measurement  market analysis  submeters 

A report by IMS Research (part of HIS) entitled "The World Market for Power Measurement Trends," predicts a positive trend for the power measurement hardware market. The report noted that worldwide revenues for the market will reach Rs.22,580.65 crore ($4.2 billion) over the next five years.

Some of the factors that contributed to this strong growth are the 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 per cent of global metering revenues in 2012 and are forecast to grow faster than meters with power quality.

"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,"

Power measurement hardware market

World market for power measurement hardware by product type (in millions of U.S. Dollars)
Source: IMS Research

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 per cent 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."





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