21st October 2019 – 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.
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.
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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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