The global smart electricity meters market size is projected to account for USD 18.9 billion by 2027, as per a new report published by Million Insights. It is likely that the market would register 7.8% CAGR over the forecast duration. The demand for energy security is gaining traction in the energy sector. With the advent of renewable energy sources, this demand has been addressed to some extent. However, owing to the limitation in energy sources, it becomes vital to focus on conservation of energy. Intelligent meter solution helps in controlling and analyzing the consumption of power, thereby, it is being increasingly adopted across the world.
By providing real-time consumption and pricing data, smart meters prove to be vital for commercial applications. In addition, smart meters are the fundamental elements of the smart grid network. These intelligent grids are used to control and monitor the transmission systems. In the recent past, there has been rapid initialization of smart grids across different parts of the world, which in turn, offers lucrative growth opportunity.
Considering the rising demand for electricity conservation, governments across the globe are framing stringent regulatory norms. For example, smart electricity metering solutions have been mandated in the European region which has led to an increase in the adoption of smart meters. By 2020, over 70% of the households are projected to have smart electricity meters in Europe. Rising adoption of smart meters is attributed to the benefits such as monitoring of power quality, energy prepayment, time-based pricing and net metering among others.
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Further key findings from the report suggest:
• Increasing smart grid adoption across the various regions is attributing to the growth of the smart electricity meter market.
• In 2019, the residential segment accounted for the highest share in the market. Further, the segment is predicted to continue its dominance over the forecast duration.
• Commercial division is likely to register the noticeable growth over the forecast duration.
• Major players in the market include Itron Inc., Schneider Electric, GENERAL ELECTRIC, Siemens, ABB, Landis+Gyr, Iskraemecod.d and Holley Technology among others.
Million Insights has segmented the global smart electricity meters market based on phase, end use and region:
Smart Electricity Meters Phase Outlook (Revenue, USD Million, 2016 - 2027)
Smart Electricity Meters End-use Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2027)
Smart Electricity Meters Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• South Korea
• South America
• Middle East and Africa (MEA)