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Transparency Market Research delivers key insights on the global electricity meter market. In terms of revenue, the global market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global electricity meter market.
Electricity meters are used in every residential, commercial, and industrial unit. The global market for electricity meters is projected to expand gradually in the near future, with the growing adoption of smart meters. Traditional electricity meters are being replaced by smart electricity meters over the last few years. This shift toward smart meters is expected to increase in the next few years, due to favorable government regulations. Certain countries have made the use of smart meters mandatory, due to various benefits associated with these meters. Reduction in power consumption achieved by using advanced smart meters is also promoting market growth. Europe has already adopted smart meters, and the market in Europe is likely to expand at a rapid pace during the forecast period. The global electricity meter market has been segmented based on technology, type, end-use industry, and region.
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In this research report, TMR mentions that, smart meters is estimated to be the most rapidly expanding product segment of the global electricity meter market between 2019 and 2027. The rising demand for consumer electronic products is a key factor driving the demand for electricity meters across the globe. Increasing demand for reduced electricity billing is also expected to drive the global electricity meter market from 2019 to 2027. Over the last decade, prominent countries in Europe have witnessed an alarming rate of forgeries/counterfeiting in electricity meters. This has augmented the demand for electricity meters, specifically smart meters, in the region.
However, inaccurate electric billing and related data security issues with sub-meters are likely to hinder the global electricity meter market in the near future. High costs associated with larger wafer fabrication are also expected to hamper the global market during the forecast period.
Global Electricity Meter Market: Prominent Regions
Asia Pacific is estimated to present prominent growth opportunities to the electricity meter market in the next few years, owing to the large number of replacements of electricity meters in the region. Also, growth of the real estate industry in the region is fueling the market in Asia Pacific. In developed regions such as North America and Europe, advancements in electricity meters is a significant factor driving the electricity meter markets in these regions. Manufacturers operating in the global electricity meter market, especially those in North America and Europe, are focusing on research and development activities to enhance their technological competence. They are continuously engaged in the production of advanced semiconductor inspection equipment.
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Key manufacturers operating in the global electricity meter are displaying synergies through close cooperation and collaborations in the areas of sales, marketing, and production. These manufacturers are also expanding through organic methods, such as increasing their production capacity, so as to meet the rising demand.
Global Electricity Meter Market: Key Players
Key players operating in the global electricity meter market are ABB Group, Eaton, Honeywell International Inc., GE Energy Company, Itron Inc., Legrand, Siemens, Socomec, STMicroelectronics, and Wasison Group Holdings.