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Multifunction meter is an electric meter, often known as an energy meter, is a device that measures how much electricity a building, tenant space, or electrically powered equipment consumes. Electric utilities monitor electric energy delivered to its customers using electric meters put on their premises for billing purposes. A multifunction meter is a hand-held gadget used to monitor electrical systems. Active power, power factor, voltage, current, apparent power, reactive power, phase angle, and active energy are all measured and monitored by a multifunction meter. Multifunction meters are mostly employed in situations where precise, repeatable measurements are required.
COVID-19 Impact Analysis:
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The worldwide multifunction meter market is expected experience rapid growth throughout the forecast period owing to rise in demand to reduce power consumption. In addition, the multifunction meter is extensively utilized in motor control centres, control panels, power distribution panels, switchboards, Genset panels, and other applications, resulting in increased demand for the multifunction meter, which propels the multifunction meter market's growth. The primary restraints to smart meters developments are the difference between the cost-bearing party and the prospective beneficiary, in terms of what the overall cost would be and who would cover it. The total cost of smart meter installation and operation is extremely high. Utilities and customers both invest a lot of money in smart meter rollout. When compared to standard electro-mechanical and electronic meters, the installation expenses for implementing smart electric meters are far too costly.
Organic and inorganic growth strategies
Product launches, product approvals, and other organic growth tactics such as patents and events are being prioritized by a number of companies. Acquisitions, as well as partnerships and collaborations, were seen as inorganic growth tactics in the market. These efforts have paved the road for market players to expand their business and client base. With the increased demand for multifunction meters in the worldwide industry, key participants in the multifunction meter market are expected to benefit from lucrative growth prospects in the future. The smart meter communication infrastructure can also be utilised to remotely regulate distributed energy generation. Because smart electric meters are a component of a virtual power plant, they may be used to track the amount of electricity sent to the grid via distributed generation.
Smart grids and energy efficiency are in high demand
Many underdeveloped nations are still in the early phases of implementing a smart grid. This is being done to monitor electricity demand, after which they are expected to create the necessary sophisticated infrastructure, which will include smart electric meters. Tata Power Delhi Distribution Limited (India) announced its plans to roll-out 18 lakh smart meters by 2025. South Korea is expected to invest USD 24 billion by 2030. The development and deployment of smart grids in a number of nations presents a significant opportunity for the smart electric meter industry, as the latter fully meets the needs of a smart grid system.
Key benefits of the report:
Multifunction Meters Market: Global Opportunity Analysis and Industry Forecast, 2021–2030 Report Highlights
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Key Market Players | Havells Pvt Ltd, SOCOMEC Group, Schneider Electric SE, Larsen & Toubro Limited, TAIK Electric Co., Ltd., Murata Manufacturing Co., Ltd., Siemens AG, MINSUN Technology Co., LTD., Zhejiang Yide Technology Co., Ltd., C&S Electric Limited |
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