January 07, 2021
According to the research report titled ‘Global Smart Electricity Meter Market Analysis, 2020‘, available with Market Study Report LLC, global smart electricity meter market is expected to witness 9% CAGR during 2020-2025.
Rising demand for advanced metering infrastructure owing to benefits like voltage measurement, real-time electricity utilization, and connection and disconnection services, is driving the growth of global smart electricity meter market.
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Further, the industry is witnessing significant gains owing to ability of the product to increase energy efficiency and make optimum usage of renewable resources. Additionally, the device keeps track of inflow and outflow of electricity in the system. Also, it reports the surplus and unconsumed energy generated from solar and wind power, which is fed back to the grid, hence benefitting the customers. Moreover, its contribution towards the development of renewable energy in several countries positively influences the global smart electricity meter industry growth.
Global smart electricity meter market analysis sheds light on key drivers, challenges, and opportunities that will influence the expansion of this business space during 2020-2025. Further, it contains comparison of the past records and the current market trends to help the businesses in making strong contingency plans in the upcoming years.
In terms of phase, global smart electricity meter market is fragmented into one phase and three phases. With regards to technology, the market is classified into standard (non-AMR/AMI) meters, automated meter reading (AMR), and advanced metering infrastructure (AMI).
Based on end user spectrum, global smart electricity meter market is segmented into industrial, municipal, residential, and commercial. Among these, the commercial and residential sectors captured significant market share in 2019, owing to rising interest of residential consumers towards saving energy in peak times. Moreover, the spike in residential and commercial construction activities in countries like Saudi Arabia, China, Canada, and others are driving the global smart electricity market.
Major players influencing global smart electricity meter market trends are Hexing Group, Landis+Gyr, Sagemcom Group, Aclara Technologies LLC, Wasion Group, Elster GmbH, ADD Grup, Sensus, Itron, and Kamstrup Metering Solutions Pvt. Ltd.