Market Definition
Smart electricity meters are electronic devices that show accurate readings for electricity usage. They help minimize the peak electricity requirements and enable consumers to monitor & reduce power consumption. Besides, they also help prevent disconnection, removes billing errors, etc.
Many utility companies worldwide are increasingly adopting smart meters as an efficient way to monitor the electricity usage of their customers in order to better determine infrastructure requirements & costs. Moreover, smart electricity meters can provide both utilities & their customers with better means of how usage is affecting their costs and, in turn, help them devise new money-saving strategies.
Market Insights
The Global Smart Electricity Meter Market is projected to register a CAGR of around 9% during the forecast period, 2022-27. The growth of the market is driven primarily by the growing consumer need for accurate billing, massive investments by both private & public players in deploying smart grids, and various energy conservation initiatives worldwide.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 9% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: The UK, France, Germany, Italy, Spain, CIS+ Russia | |
| Asia-Pacific: China, India, Japan, Australia | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, Qatar | |
| Key Companies Profiled |
Landis+Gyr, Itron, Wasion, Hexing, Elster, Sagemcom, Sensus, ADD, Aclara, Kamstrup |
| Unit Denominations | USD Million/Billion |
Rapid urbanization & various ongoing & upcoming smart infrastructural developments worldwide have infused the need for automatic electricity control in order to avoid wastage. As a result, the mounting adoption of smart devices & technologies across various facilities, globally, is boosting the global market. Moreover, the soaring energy prices and rising electricity thefts are other crucial aspects projecting significant growth opportunities for the global market through 2027.
In addition, the introduction of favorable government policies & incentives for adopting smart meters instead of conventional meters to help users/utilities effectively monitor & control the power consumption, coupled with the mounting inclination of people toward using energy-efficient products & services to promote environmental sustainability, is also expected to create profitable opportunities for the Global Smart Electricity Meter Market in the years to come.
