Smart Electricity Meter Market: By Phase (Single Phase and Three Phase), by Communication Technology Type (Advanced Metering Infrastructure (AMI), Auto Meter Reading (AMR)), by End-User Industry (Residential, Commercial, and Industrial), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)
Smart electricity meter market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the smart electricity meter industry aspects.
Smart Electricity Meter Market Overview
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During the forecast period, 2020-2025, the smart electricity meter market is expected to register a 7.50% CAGR and is valued at USD 14.0 billion. The implementation of three-phase smart meters, backed by its cost-effectiveness and higher power density, improves global momentum. Improving rural economic efficiency and usability, the construction of Power Line Communication is gaining traction. Further, the development of performance-oriented, optimized, and scalable Smart Electricity Meters is a significant market trend. Over the forecast period, these factors will augment the global Smart electricity meter market.
Factors Affecting the Smart Electricity Meter Market over the Forecast Period
- The rising need for energy efficiency and the implementation of smart city projects are the main drivers of the global Smart Electricity Meter market.
- The increasing necessity for a cost-saving and operational effective data monitoring system is fuelling the market growth.
- Favorable government policies and programs in the power & energy sector are expected to boost the smart electricity meters market growth.
- Increased demand for Smart Grids and energy conservation in the emerging market generates numerous opportunities for the global smart electricity meter market.
- The smart electricity meter market is expected to face cybersecurity and data piracy in the coming years. In addition, the High cost and security threats are the key restraining factors of the smart electricity meter market.
- The key restraints of the global smart electricity meter market are high costs and security issues. Also, the integration and incompatibility with conventional equipment and lack of awareness among customers hinder the global market.
- Electricity theft and delay in the smart electricity meter rollout project are hampered the market growth.
Impact of COVID-19 on Smart Electricity Meter Market
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The COVID-19 outbreak and the imposition of nationwide lockdowns globally have affected the smart electricity meter market. The pandemic led to halted operations across the industries. However, increasing demand for new establishments will fuel the market, especially in the healthcare power sector. The leading market players are focused on improving their operations to compensate for the effects of COVID-19.
Smart Electricity Meter Market: Scope of the Report
The report outlines the global smart electricity meter market study based on phase, communication technology, and end-use industry.
Based on the phase, the smart electricity meter market has been segmented into –
- Single Phase
- Three Phase
Based on the communication technology, the smart electricity meter market has been segmented into –
- Advanced Metering Infrastructure (AMI)
- Power Line Communication
- Radio Frequency
- Auto Meter Reading (AMR)
Based on the end-user industry, the smart electricity meter market has been segmented into –
- Logistics & Transportation
Smart Electricity Meter Market: Geographical Outlook
The global smart electricity meter market has been segmented into the Asia Pacific, South America, Europe, North America, and the Middle East and Africa. North America dominates in the global smart electricity meter market, followed by the Asia Pacific and Europe. Moreover, Asia Pacific is the fastest-growing region and is expected to project the highest CAGR globally over the forecast period. The region’s primary growth has been driven by many government measures to encourage smart electricity meters and the increasing investment in smart grid technology and smart cities.
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Key Global Smart Electricity Meter Market Competitors
The global smart electricity meter market is highly fragmented, with the presence of a large number of players across the globe. The key players operating in the global smart electricity meter market include–
- The Benchmarking Company
- Itron Incorporated
- Honeywell International Incorporated
- Aclara Technologies LLC
- Wasion Group Limited
- Microchip Technology Incorporated
- Jiangsu Linyang Energy Company Limited
- Schneider Electric
- Siemens AG
- Holley Technology Limited
- Osaki Electric Company Limited
- Neptune technology
The smart electricity meter market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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