Multifunction Meters Market: Global Opportunity Analysis and Industry Forecast, 2021-2030 Market

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:

• COVID-19 pandemic has shut-down the production of various products in the multifunction meter industry attributed to the lockdown in countries worldwide. This has hampered the growth of market from the last few months, and is likely to continue during 2021.
• COVID-19 has already affected the sales of multifunction meter in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
• The major demand for multifunction meter was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are badly affected by the spread of the coronavirus, thereby halting/decreasing the demand for multifunction meter.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. multifunction meter companies can afford a full lockdown only for a few months, after which the players have to modify their investment plans.
• The multifunction meter manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19

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:

• This study presents the analytical depiction of the global Multifunction meters industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Multifunction meters market share.
• The current market is quantitatively analyzed to highlight the global Multifunction Meters market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global multifunction meters market analysis based on competitive intensity and how the competition will take shape in coming years.

 Multifunction Meters Market: Global Opportunity Analysis and Industry Forecast, 2021–2030 Report Highlights