Smart Electricity Meter - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Smart Electricity Meter Market is accounted for $10.22 billion in 2019 and is expected to reach $16.53 billion by 2027 growing at a CAGR of 6.2% during the forecast period. Some of the key factors propelling the market growth include increased need for efficient data monitoring systems coupled with favorable government policies for smart meter rollout, improved cost savings, and increasing emphasis on renewable energy sources globally. However, high initial investment and delay in smart meter rollout projects are likely to hamper the market.
Smart electricity meter is a next generation technology that measures electricity consumption of a home or a building. It is an internet capable device, which not only records daily consumption of energy but also helps in managing energy distribution and provides two-way communication between the building and utility infrastructure. Smart electricity meters simplify the inline communication of electricity suppliers with consumer’s electricity meters eradicating the manual involvement in meter readings. These meters also help the customer in selecting tariff plans made to fit their energy consumption.
By end user, the residential segment is anticipated to grow at the significant rate during the forecast period, due to the widespread use of sophisticated electrical, electronic, and data equipment and growing importance of power management solutions. The installation of smart electric meters in residential places would help in reducing the dependence on fossil fuels, as the smart electric meters can assist the consumers to monitor, regularize, and reduce their consumptions from the grid, and generators, and further integrate their consumptions from renewable energy sources such as solar installations.
On the basis of geography, Asia Pacific is expected to be the significant smart electric meter market during the forecast period. It is the most-populated region in the world and consequently witnesses a high demand for electricity. The rise in investments in smart grid technologies and smart cities, the increase in the number of data centers, and a surge in IT hubs and commercial institutions drive the smart electric meter market in the region. China is the largest country in APAC, owing to the large-scale rollout plans; the country accounted for the highest installed generation and distribution capacity in the Asia Pacific region, resulting in an increased demand for smart electric meters.
Some of the key players in smart electricity meter market include Siemens AG, Silver Spring Networks Inc., ABB, Schneider Electric, Jiangsu Linyang, Honeywell, Aclara, Microchip Technology, Benchmarking, Landis+Gyr (Toshiba Corporation), Networked Energy Services, Holley Metering, Genus Power Infrastructure, General Electric, Wasion Group, Elster Group GmbH, Itron Inc., Sensus USA Inc, Echelon Corp., and Hexing Electric Company Ltd.
Communication Technologies Covered:
• Auto Meter Reading
• Advanced Metering Infrastructure
• GISM (Single Phase)
• GIST (Three Phase)
• GISS (Heavy Consumers)
End Users Covered:
Distribution Channels Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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