“According to the research report published by Polaris Market Research, the global Electricity Meters market was valued at USD 9.88 billion in 2021 and is expected to reach USD 16.98 billion by 2030, to grow at a CAGR of 6.3% during the forecast period.”
During the projected period, primary components such as the rise of smart meters and fast urbanization are anticipated to drive the global industry growth. Smart meter have seen widespread adoption in recent years due to increased regulatory projects to install a smart meter. Smart meter are currently being deployed, depending on location in inquiry.
Furthermore, smart meter installation is becoming mandatory in the European Union, with commercial launch plans established by the Commission for Energy Regulation, among many other legislative bodies. Smart meter provide numerous benefits, including fraud detection, protected supply, prepayment functionality, savings, tariff-based energy offers, self-diagnostics, and peak utilization awareness. As a result of many factors, the global electricity meters market is projected to expand during the forecast period.
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Moreover, smart electric meter provide numerous benefits to electric companies, including real-time databases to avoid power failures, instant and exact monitoring capabilities, and reduction of electricity costs based on market demand. Customers can benefit from these smart meter by receiving continuous updates on their electricity usage, limiting system failures or blackouts, and enabling automatic adjustment of grid integration to control high-priced bills.
Electricity meters are widely used in commercial and industrial applications. Due to the high power requirements, there is growing pressure for increased flexibility and reliability meter. Since features such as remote programmability are necessary for assessing energy consumption, industries saw the use of smart meter before entering the residential sector.
Based on the type, the smart meter segment accounted for the leading share in the market. Smart meters are electronics that precisely monitor the consumption of electricity, gas, and water. These smart meters can transmit usage data through wireless communication systems, radiofrequency electromagnetic radiation (RF), and wireless connectivity, allowing utility organizations to manage energy usage successfully.
Top Key Players:
- ABB
- Aclara Technologies
- Delixi Group Co. Ltd.
- Elster Group GmbH
- General Electric Inc.
- Holley Technology LTD.
- Honeywell
- Iskraemeco
- Itron Inc.
- Jiangsu Linyang
- Landis+Gyr
- Schneider
- Schneider Electric Inc.
- Siemens
- Wasion.
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In August 2021, Siemens Limited and Tata Power Delhi Distribution Limited (Tata Power-DDL) announced a significant implementation of Smart Metering Innovation for over 200,000 Smart Meters in North Delhi. The installation and procurement of Siemens’ cutting-edge EnergyIP Meter Database Management System enable the timely and appropriate collection of electricity meter data, increasing awareness of the consumer network and lower carbon emissions. The AMI program is one of Tata Power-key DDL’s strategic grid structural adjustment initiatives.
Polaris market research has segmented the electricity meters market report based on type, application, and region:
Electricity Meters, Type Outlook (Revenue – USD Billion)
- Single Phase
- Three Phase
- Analog Meter
- Smart Meter
Electricity Meters, Application Outlook (Revenue – USD Billion)
- Residential
- Commercial
- Industrial
- Others
Electricity Meters, Regional Outlook (Revenue – USD Billion)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- UK
- Italy
- Spain
- Netherlands
- Russia
- Asia Pacific
- China
- India
- Japan
- Malaysia
- South Korea
- Indonesia
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
What Does the Report Include?
- The report presents the estimated size of the global Electricity Meters Market at the end of the forecast period. The report also examines current market sizes with forecast analysis.
- The report analyzes the growth rate, valuation, current trends in the industry, and the future potential of key regions.
- The report offers a comprehensive view of the market based on geographic scope, segmentation, and key player financial performance.
- The report contains precise and useful details about factors affecting the growth of the market.
- The report evaluates the leading manufacturers of the global Electricity Meters Market, which consists of its competitive landscape, Peer Group Analysis, & company profile
- For the forecast period, the study examines the growth rate, market size, and valuation.
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