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Smart Electricity Meters Market : Key Trends and Future Prospects 2024

Smart electricity meters are an electric device that is used to calculate the amount of energy consumed. Smart electricity meters come with monitors so that energy usage can be easily measured. The monitoring is used to measure the quality of power so that it can lower the energy cost and extend the machine’s life.

 

Smart electricity meters market is raising significantly due to growing role of ‘Cloud’ services in smart metering operations. Smart electricity meters provide significant advantages in various applications such as industrial, commercial and residential among others. The factor driving the growth of the market is the rising demand for efficient data monitoring systems. In addition, renewable energy integration to smart grid infrastructure is the other factor contributing towards the market growth.

 

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The rising numbers of smart cities are anticipated to boost the demand for smart electricity meters, which further add to the overall revenue. Smart electricity meter has several advantages such as responding and identifying to power outages, launching innovative service models, preventing energy thefts, remotely deactivating and activating subscription, implementing innovative tariff schemes, facilitating secured communication and hacking identification among others.

 

Smart electricity meters are used in various sectors such as automobile, oil & gas, mining, water treatment, chemical & petrochemical, pulp & paper, food & beverage and power generation among others. In addition, consumption of smart electricity meters gains momentum in industrial & commercial sectors is set to bolster the global smart electricity meters market. Industrial growth in developing nations of Asia Pacific is one of the major factors driving the market for smart electricity meter. Increase in penetration of advanced metering infrastructure (AMI) is boosting the demand for smart electricity market, globally.

 

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Based on phase, the smart electricity meters market is segmented into three phase and single phase. Among different phase types, three phase have received extensive acceptance in the last few years due to rapid commercialization and industrialization. The three-phase is anticipated to rise at the highest rate. In addition, single phase is the second largest market in phase category in the smart electricity meters market in terms of revenue.

 

Based on the various end use types, the smart electricity meters market is segmented into industrial, commercial and residential. In 2015, the residential segment expected to be the leading market. There are several major factors driving the market for smart electric meters in the residential sector such as a surge in demand for smart end-users which includes energy proficient lighting, nanotechnologies, home control network and electric heat pump among others.

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