The global smart electricity meters market is projected to reach a value of USD 16,066.58 million by 2025, growing at a CAGR of 7.8%. Increasing regulatory initiatives for the installation of smart electricity meters in various regions around the globe are likely to spur the market demand over the forecast period acting as a key driver of the smart electricity meters market.
Adroit Market Research report on Global Smart Electricity Meters Market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2015 to 2017, with the base year of estimation as 2018 and forecast from 2019 to 2025. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the Global Smart Electricity Meters Market have been studied in detail.
Smart electricity metering systems are used to reduce peak electricity demand and make it easy for end-users to track and reduce power usage. Energy suppliers exploit these tools by aligning their reaction time reduction benefits to resolve equipment faults and power outages and enhancing customer service quality due to remote read conveniences. Because the use of sustainable approaches to energy production differs over time, low power generation eventually results in unstable efficiency. Having the metering system, however, helps to compensate for this loss by monitoring the energy usage of different electronic devices, since this can accommodate intermittent supplies. Several smart meter implementation schemes in different regions, such as favorable policy measures being taken in countries like the United States and the United Kingdom, promote the development of such tools, which are expected to play a vital role in the growth of the industry.
The global smart electricity meters market has been segmented on the basis of phase, end-user, and region. Based on phase, the global smart electricity meters market is categorized into single-phase and three-phase. On the basis of end-user, the global smart electricity meters market is segmented into residential, commercial and industrial.
The regional Asia-Pacific market held a major role in 2018. Regional market dominance is due to early adoption of cutting-edge technologies. Additional factors such as, with a large reserve for smart grid deployment, China is moving towards sustainable energy management.
Major players operating in the market for smart electricity meters include Schneider Electric, Inc., ABB, Itron Inc., Holley Technology Ltd., Iskraemeco d.d., Siemens, General Electric, Elster Group GmbH and Landis+Gyr.
Key Segments of the Global Smart Electricity Meters Market
Phase Overview, 2015-2025 (USD Million)
End-user Overview, 2015-2025 (USD Million)
Regional Overview, 2015-2025 (USD Million)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)