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Smart Electricity Meter Market is projected to touch USD 1,977.77 million by 2027, exhibiting growth at a rate of 5.60% in the analysis period of 2020 to 2027. GMI Research report on the smart electricity market provides in-depth analysis regarding the different factors anticipated to be prevalent over the forecast period.
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A smart electricity meter refers to an electric instrument that measures the precised amount of energy consumed by a business, residence, or any electrically-driven device. It is the most authentic source for accurate information of used energy that minimizes the probability of error in the existing billing system. Also, smart meters offer several benefits, such as a reduction in meter reading cost, elimination of billing inefficiencies, and re-joining costs to consumers.
The increasing pace of digitalization and industrialization, conjectured with the rapid adoption of Internet of Things technology across industries, is likely to offer impetus to the global smart electricity meter market growth in the coming years. With the rising incidences of irregular power production, consumers are seeking for smart electricity meters to manage the overall energy consumption by various devices. The significant factors steering the size of global smart electricity meters include the strategic norms enforced by the government to encourage the adoption of smart meters guided by the growing cases of energy theft. Also, the evolving need for streamlined data supervision systems has strengthened the market size. Several countries, such as the U.S. and United Kingdom, have launched various smart meter rollout policies to promote the installation of these devices.
Besides this, the rapidly increasing per-unit electricity prices and mounting population have raised the demand for electricity. Also, the government has enforced several policies to decrease the carbon footprint, which will further raise market growth. Alternately, the increasing agitation towards data privacy and cybersecurity are certain factors that may restrain the smart electricity meter market growth.
The global smart electricity market, on the basis of phase, can be bifurcated into single-phase and three-phase. The three-phase segment is anticipated to capture a significant share in the market growth. The three-phase smart meters are increasingly used in several industries and commercial sectors as they are more economical than the single-phase meters and provide higher energy density.
The residential segment is likely to dominate the overall growth of the global smart electricity market by seizing the largest CAGR over the forecast period. The dominance is attributed to the increasing focus of the government towards the installation of smart electric meters. Augmenting a smart meter in residential places to regularize, record, and reduce energy consumption and electricity bill has paved the way for market growth. The increasing prominence of power management solutions has encouraged the application of advanced electrical and data equipment, thereby stimulating the demand of the market.
By region, the Asia-Pacific region will experience a faster growth rate because of the surging demand for electricity across Asian countries. Moreover, various strategic initiatives launched to encourage the usage of smart electric meters and the intensified investment in innovative grid technologies and smart cities will offer considerable opportunities to the market. China is amongst one of the biggest countries with the highest number of large-scale rollout plans, which has thereby elevated the Smart Electricity Meter market size.
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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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