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.
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.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|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.
Based on Technology:
Amongst all, Advanced Metering Infrastructure (AMI) systems are projected to dominate the Global Smart Electricity Meter Market during 2022-27, primarily due to increasing investments in the expansion of renewable energy networks, coupled with ongoing efforts toward modernization of grid infrastructures by integrating the IoT technology for attaining accurate and real-time power consumption data.
Over the past few years, there's been a paradigm shift from AMR technology to AMI systems since the latter offers two-way communication between customers & utilities to ensure transparency regarding electricity usage with precise & accurate meter readings.
AMIs also offer remote monitoring & control of electricity usage, instant fault detection, etc., and provide features like efficient load management, reduction in energy shortages, & customer service improvement to energy utility companies. Moreover, the high applicability of these systems across data centers and industries like construction, oil & gas, etc., is another crucial aspect attributing to their rising demand worldwide and fueling the overall market growth.
Based on Phase:
Here, three-phase smart electricity meters are expecting the fastest growing demand during 2022-27, primarily due to their burgeoning application in various residential, industrial, and utility establishments, along with commercial buildings like healthcare, hospitality, educational, logistics, etc.
Three-phase smart meters possess high-security features like tamper detection & better connectivity. They can bear more load than one-phase meters and offer the flexibility to split that load into three different phases.
Ongoing investments in the development of energy-intensive industries, coupled with favorable governmental schemes & incentives for grid infrastructure enhancement, are other crucial aspects projected to boost the market for three-phase smart meters in the coming years. Moreover, the surging number of commercial buildings & industries are projecting significant opportunities for the overall growth of the global market through 2027.
Amongst all regions globally, Asia-Pacific is the leading market for smart electricity meters. The growth of the regional market attributes primarily to substantial investments in smart grid technologies & smart city developments, growing establishments of data centers, and the increasing number of IT hubs & commercial institutions. Moreover, the soaring need for reducing the unaccounted electricity losses as well as remotely monitoring & controlling power grids are also driving the smart electricity meter market across Asia-Pacific.
China holds the largest share in the regional market, with the maximum deployment of smart meters both across Asia-Pacific & globally. It owes primarily to its highest installed generation & distribution capacity in the region, coupled with the country's extensive roll-out schemes for smart meters. It, in turn, has resulted in an increased demand for smart electricity meters, thereby augmenting the overall growth of the regional market.
On the other hand, India, Japan, South Korea, & Australia are other major countries across the region with some prominent smart meter roll-outs scheduled for the coming years, i.e., another crucial aspect projected to lead the Asia-Pacific to dominate the market through 2027.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Smart Electricity Meter Market is expecting around 9% CAGR during 2022-27.
A. The rising awareness among people regarding the benefits of smart electricity meters in cost savings, favorable government mandates & incentives for installing smart electricity meters, and massive funding for deploying smart grids across several regions worldwide are the key factors projected to drive the Global Smart Electricity Meter Market during 2022-27.
A. Advanced Metering Infrastructure (AMI) systems are anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Smart Electricity Meter Market in the coming years.