Global Smart Electricity Meters Market is projected to reach USD 49.9 billion by 2025 owing to the increase in demand for energy security since long. Smart meters are the electronic devices that track and record the electricity use in consumers’ homes. Electricity companies are shifting to the advanced, high-tech digital smart meter versions instead of the traditional analog meters that read the monthly reading.
The upgraded electric meters automatically capture the electric consumption information and transmit it to the electric company. They provide quick & accurate measurements of electricity use and eliminate the need for manual meter reading by home visits. Smart electricity meters also make it possible to use power resources more efficiently, enable dynamic pricing that increases or reduces the electricity cost based on demand, avoid the capital expense of building new power plants, and help to optimize income with existing resources.
In-Depth research report on Smart Electricity Meters Market:
The increasing demand for renewable energy followed by the need for effective transmission facilities is predicted to drive smart electricity meters industry in the forecast period. The grid integration of clean energy sources to withstand the energy mix protocol coupled with favorable government regulations to strengthen the deployment of these units will impressively influence the market.
The rising environmental concerns along with national renewable energy targets are predicted to fuel up smart electricity meters market. Also, the rise in public awareness concerning climate change along with strict government regulations related to GHG emissions will stimulate smart electric meter market growth in the coming years.
Smart electricity meters industry is witnessing considerable growth with favorable government guidelines and fiscal incentives. Additionally, benefits like controlled energy consumption, efficient energy management and greater security against electricity theft will boost the market in future. The need for smart meters in every household is yet another driving factor of smart electricity meters market. The growth of smart meters also marks the rise of components and auxiliary equipment market. However, the costly installation rates and less familiarity may restrain the growth of the market. The present expansion of micro-grid networks along with the speedy development of distributed generation technology will encourage the market.
The regulators worldwide have implemented policies comprising incentives, leveraging schemes, feed-in tariffs, and subsidies to promote the deployment of clean energy sources. The government of various economies are focusing on investment for developing residential and commercial infrastructures. They are also determined to make smart cities, which again increases the demand for smart electricity meters and contributes to the market growth.
Smart electricity meters industry is categorized on the basis of phase, end-user and geography. On the basis of phase, the market is divided into single phase, two-phase and three-phase meters. Three-phase meters are expected to dominate the market due to the growing industrial and commercial segment. On the basis of end-user, the market is divided into residential, commercial and industrial.
The residential segment is predicted to hold largest share of smart electricity meters market in future due to the growing population. Geographically, the market is divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is predicted to hold larger share of the market due to the rapid urbanization and growing need for smart electricity meters.
The prominent players in smart electricity meters industry are ItronInc, Landis+Gyr Ltd, GE Energy Company, Elster Group , Sensus USA Inc, Silver Spring, Sensus, Jiangsu Linyang, Echelon, and Holley Metering.
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