Electricity Meters Market Expected to Reach US ~$16.98 Billion and CAGR 6.3% by 2030 – Polaris Market Research
The global electricity meters market size is expected to reach USD 16.98 billion by 2030, according to a new study by Polaris Market Research.
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 meters have seen widespread adoption in recent years due to increased regulatory projects to install smart meters. Smart meters are currently being deployed, depending on the location in inquiry.
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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 meters 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.
Moreover, smart electric meters 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 meters 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.
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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 meters 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.
Market players such as Aclara Technologies, ABB, Delixi Group Co. Ltd., General Electric Inc., Schneider, Holley Technology LTD., Elster Group GmbH, Siemens, Honeywell, Iskraemeco, Itron Inc., Jiangsu Linyang, Landis+Gyr, Schneider Electric, Inc., and Wasion are key players operating in the global market.
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.
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Polaris market research has segmented the electricity meters market report based on type, application, and region:
Electricity Meters, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Single Phase
- Three Phase
- Analog Meter
- Smart Meter
Electricity Meters, Application Outlook (Revenue – USD Billion, 2018 – 2030)
Browse detailed report with in-depth TOC – Electricity Meters Market
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