According to a report by Grand View Research, Inc.; the global smart electricity meters market is projected to attain a valuation of around USD 49.9 billion by 2025. Growing need to reduce electricity consumption and efforts towards energy conservation can drive the market over the forecast period (2018 to 2025).
Smart electricity meters offer instantaneous data that can be analyzed to control consumption of energy and to stabilize demand for energy among consumers. In addition these meters can support energy suppliers to reduce reaction time in resolving issues related to power failures. Incorporation of smart electricity meters into automated data simulators can forecast future energy requisites based on current levels of energy consumption. Such a dynamic phase change from automatic meter reading to advanced metering infrastructure equipment can offer benefits to consumers and power distributors. Energy production using renewable sources can vary with time. Low power generation can lead to unstable energy productivity. Implementation of smart electricity meters can handle such intermittent supplies and compensate for energy loss. This is considered as the primary driving factor for the global market for smart electricity meters.
High demand for electricity meters capable of analyzing and forecasting energy requirement can impel market growth over the forecast period. Increasing cases of tampering and theft of electricity are expected to augment smart electricity meters market growth in the forthcoming years. Rising awareness regarding benefits of smart electricity meters among consumers over conventional meters can further spur the market growth. Shifting focus of energy suppliers towards environment protection and associated policies and proceedings are estimated to stimulate market development. Significant advantages such as reduction in carbon emissions through integration of cleaner distributed generation and reduction in domestic usage are expected to foster growth of market. Supportive initiatives from governments towards installation of smart electricity meters can also fuel market growth during the forecast period.
Full Research Report On Smart Electricity Meter Market Analysis: https://www.grandviewresearch.com/industry-analysis/smart-meters-market
The worldwide smart electricity meters market can be segregated on the basis of end use and region. Based on end-use the market can be categorized on the basis of commercial, industrial, and residential. The commercial segment includes commercial buildings and aligned infrastructures such as offices, residential lodges, and hotels. The residential segment includes standalone bungalows and suburban/urban apartments. The industrial segment includes processing plants and product manufacturing facilities.
In 2016, the residential segment dominated the global market and accounted for over 75% of market share. This growth can be attributed to increasing number of device requisites to meet the rising energy demand. On the other hand, the commercial segment generated demand for around 16 million units in 2016 owing to administrative framework and awareness regarding control over energy consumption along with aligned expenses.
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Regional segmentation includes Europe, Asia Pacific, North America, South America, and Middle East & Africa. In North America and Europe region, the market is expected to witness sustainable growth during the forecast period attributed to standardized policies and regulatory conditions. In 2016, Europe accounted for nearly 12% of the global market in terms of revenue. Maximum deployment of smart electricity meters in both the regions is anticipated to fuel growth over the forecast period. European governments are expected to focus on controlling the electricity usage by promoting energy conservation practices. Government mandates set for the European Union (EU) along with roll out plans set by commission for energy regulation can propel regional market growth. The residential segment is expected to gain lucrative revenue over the forecast period attributed to high adoption of smart grid proposals in specific areas of constituencies. In addition, policy standardization coupled with government and administrative regulations are expected to spur development of the regional market in the forthcoming years.
The Asia Pacific market for smart meters is projected to follow Europe and is anticipated to grow at a CAGR of around 4.8% during the period. It is likely to be the fastest growing region in terms of revenue in near future. However, its growth rate in terms of volume is expected to be moderate portraying huge growth potential in the region during the forecast period. China is expected to gear up towards sustainable energy management along with substantial reserves for its smart grid implementation during its 13th five year plan (2016 to 2020). This, in turn, is anticipated to propel demand for smart electricity meters in the region.
Some of the leading companies operating in the global smart electricity meters market are Holley Metering Ltd, ABB Ltd, Elster Group, General Electric Company, and Iskraemeco.
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