Smart Electricity Meter Market
GMI Research encounters the increasing digitalization and industrializations is the major factor fueling the smart electricity meter market. The market is projected to expand at a CAGR OF 4%, reaching a value of USD 13,625 Million by 2027. Smart electric meters are energy-efficient and cost-effective electronic devices, which reduces the chances of electricity failure and blackout.
Increasing adoption of IoT devices, rising incidences of energy theft, and emerging need for effective data monitoring systems are the major factors driving the smart electricity meter market. Government across the world have enforced various initiatives to encourage the adoption of smart electricity meters to minimize carbon footprint. Growing use of smart electricity meters in the residential industry to automatically measure the energy consumed by consumers and increasing investment in smart grids will further propel the Smart Electricity Meter Market share.
By Phase, the three-phase segment is forecast to expand at a faster CAGR over the forecast period, owing to their growing adoption across commercial sectors. The three-phase meters are cheaper than the single-phase meters and offer higher power density.
By End-User, the residential segment is predicted to lead the market over the forecast period owing to the increasing installation of smart meters in residential sectors to reduce electricity bill, monitor and regularize energy consumption.
By region, the Asia-Pacific region is anticipated to expand at a higher CAGR during the forecast period, owing to the growing use of smart electric meters. As per the Smart Electricity Meter Market forecast, growing demand for electricity across the Asian countries has strengthened the market growth.
Leading players operating in the market include Landis+Gyr (Toshiba Corporation), The Benchmarking Company, Itron Inc., Aclara Technologies LLC, Iskraemeco, d.d., Honeywell International Inc., Microchip Technology Inc., Wasion Group, Jiangsu Linyang Energy Co. Ltd., and Schneider Electric among others.
Key Developments:
In 2020, Itron Inc., collaborated with Bidgely, an artificial intelligence-powered SaaS company to maximize consumer satisfaction, and improve customer engagement and experience.
In 2020, Honeywell International Inc., entered in a partnership with Verizon’s Managed Connectivity LTE solution. This partnership helped Honeywell to offer a wireless networking platform to its target customers.
Smart Electricity Meter Market Segmentation:
Smart Electricity Meter Market by Phase
• Single Phase
• Three Phase
Smart Electricity Meter Market by Communication Technology Type
• Power Line Communication
• Radio Frequency
• Cellular
Smart Electricity Meter Market by End-User
• Residential
• Commercial
• Industrial
Smart Electricity Meter Market by Region:
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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