Electricity Meters Market is expected to cross the value of US$ 15.51 Bn by the end of 2031, increased initiatives are likely to work in the favor of the smart meters market in the years to come.
Transparency Market Research delivers key insights on the global electricity meters (smart meters) market. In terms of revenue, the global electricity meters (smart meters) market is estimated to expand at a CAGR of 5.1% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global electricity meters (smart meters) market.
The global electricity meters (smart meters) market is broadly affected by several factors, including increase in adoption of electricity meters (smart meters) in residential houses. Thus, increased use of electricity meters (smart meters) for calculating energy used in various residential, commercial, and industrial sectors is propelling the global electricity meters (smart meters) market.
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Electricity Meters (Smart Meters) Market: Dynamics
Electricity meters (smart meters) plays a significant role in the residential sector, as this meter measures the energy consumed by the consumers. The increasing smart grid investments and the surge in the rate of integration of renewable sources of power generation to the existing grids, in developed economies, are expected to support the growth of the electricity meters (smart meters) market.
The meter measures the electricity consumption and communicates this to the central utility system. Globally, installations of these devices in the residential sector help in the reduction of CO2 emissions, owing to the increased consumer's inclination toward peak time savings of energy.
Residential applications of a smart meter include standalone autonomous houses and suburban/urban apartments. These applications are expected to grow, gradually, due to the factors, such as a regulatory, administrative framework, along with the rise in awareness concerning the reduction of energy consumption and aligned expenses
Moreover, increasing urbanization and inclination toward the focus on developing urban lifestyles led to the expansion of deployment of the smart home technologies and devices, which involves automatic control of electricity, light, and energy to avoid the wastage. Hence, the increasing adoption of smart home devices and technologies across the homes globally is further expected to foster the use of electricity meters (smart meters) in the residential segment.
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Electricity Meters (Smart Meters) Market: Prominent Regions
The North America region is anticipated to hold a significant market share in the electricity meters (smart meters) market, owing to the early start of adoption of smart meters in countries such as the United States and Canada.
The Asia Pacific region is anticipated to witness substantial growth due to rise of investments in smart grid technologies and supportive government policies. China is leading the region in smart electricity meter installations in the region.
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Electricity Meters (Smart Meters) Market: Key Players
Key players operating in the global electricity meters (smart meters) market are Itron Inc., 14.2. Landis+Gyr (Toshiba Corporation), Jiangsu Linyang, Wasion, Aclara Technologies (Hubbell Incorporated), Schneider Electric, Siemens AG, Honeywell International Inc, Echelon and Holley Metering.
With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Electricity Meters Market , Smart electricity meters Market , Electricity Meters Industry Analysis , Electricity Meters Market Size , Smart Meters Market
Nov 07, 2022
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