An electricity meter or also referred to as an electric meter is a device that measures the amount of electric energy consumed by a residence or a business or an electrically powered device. Electric meters are installed at customers’ premises for billing and monitoring purposes. The most common billing unit in electricity meters is kilowatt-hour. Smart meters have transitioned from AMR (Automatic Meter Reading) to AMI (Advanced Metering Infrastructure) capabilities. AMR systems employ one-way communication to collect meter data and utilize radio frequency, and therefore do not require physically viewing the meter. Functionalities of this technology include tamper detection, data aggregation, meter diagnostics, and lead profiling among others.
Market Statistics:
The global electricity meters market is expected to surpass US$ 82,818.6 Mn in terms of value by the end of 2028.
Global Electricity Meters Market: Drivers
Rising need for energy efficiency is expected to drive growth of the global electricity meters market during the forecast period
Smart meters are expected to result in lowering peak electricity demand since end users will have the provision of viewing and reducing daily power consumption. This is estimated to reduce the stress on existing power generation plants and allow better resource usage and optimization. The benefits of smart metering are not restricted to the household level but are expected to resonate across the value chain. Government mandates to increase energy efficiency are the key driver for establishing smart metering and smart grids on a large scale. The EU’s 20/20/20 Plan which is targeted for the year 2020 can be outlined as follows: 20% reduction in Greenhouse Gas (GHG) emissions, 20% increase in energy efficiency, and 20% energy share from renewable resources. Another technique of combating climate change is increasing the usage of renewable energy sources such as solar and wind power. Since energy production using these avenues varies with time, low power generation results in a corresponding reduction in electricity availability in households. Hence, these factors are expected to drive growth of the global electricity meters market in the near future.
Global Electricity Meters Market: Opportunities
Rising need for efficient data monitoring systems can provide major business opportunities
Smart electricity meters provide various benefits including real-time monitoring of electric system, dynamic pricing, optimization of existing sources, and efficient use of power resources. Furthermore, smart electric meter helps in efficient data monitoring thereby opening avenues for opportunities. Major companies in the market can provide novel solutions and enhance market presence.
Global Electricity Meters Market: Recent Developments
In January 2020, Landis+Gyr, a Switzerland based company introduced Revelo electric meters with advanced grid sensing technology.
In January 2020, Itron, a U.S. based technology company launched a 4G LTE smart metering solution that provides broad territory coverage, low latency, and network longevity using 4G LTE technology.
In March 2019, Wasion Group signed contract with Guizhou Power Grid Corporation to deliver items such as communications and terminal products, smart meters, and smart power solutions.
Global Electricity Meters Market: Restraints
High initial investment is expected to hamper the global electricity meters market growth over the forecast period
Installing smart meters require high capital investment. Smart electricity meters are highly advanced and offer various cutting-edge benefits. As a result of this, the initial installation price of smart meters is significantly higher than conventional electricity meters. Moreover, due to high price, the adoption of smart electricity meters is very low in emerging economies such as India, China, Indonesia, and Brazil. Hence, these factors are expected to hamper the global electricity meters market growth over the forecast period.
Global Electricity Meters Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has caused global turmoil in financial and commodity markets. Globally, as of 6:36pm CEST, 4 October 2021, there have been 234,809,103 confirmed cases of COVID-19, including 4,800,375 deaths, reported to WHO. As of 2 October 2021, a total of 6,188,903,420 vaccine doses have been administered. Smart metering is expected to benefit consumers as it offers real-time energy consumption and bi-directional communication with energy suppliers for accurate billing and analysis. Thus, post Covid-19 there has been an increase in the adoption of smart electric meters. For instance, in September 2020, Indian state utility Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Ltd (MPWZ) ordered 350,000 Omnimesh modules from U.K-based CyanConnode.
To know the latest trends and insights prevalent in the Global Electricity Meters Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/electricity-meters-market-4770
Key Takeaways:
- The global electricity meters market was valued at US$ 22,687.1 Mn in 2020 and is forecast to reach a value of US$ 82,818.6 Mn by 2028 at a CAGR of 18.7% between 2021 and 2028.
Market Trends:
North America Trends
Among regions, North America is expected to witness significant growth in the global electricity meters market during the forecast period. This is owing to increasing replacement of conventional electricity meters with smart meters across the region. Furthermore, increasing adoption of electric motors in communication technology is expected to boost the regional market growth over the forecast period.
Asia Pacific Trends
Asia Pacific is expected to register a significant growth rate in the global electricity meters market during the forecast period. This is owing to rising urbanization and industrialization in emerging economies such as India and China across the region. Furthermore, rising adoption of smart electric meters in the commercial sector is expected to accelerate the regional market growth in the near future.
Global Electricity Meters Market: Competitive Landscape
Key players operating in the global electricity meters market are Siemens AG, Holley Metering Ltd., Schneider Electric SA, Itron, General Electric, Landis+Gyr, Delixi Group Co. Ltd., and Jiangsu Linyang Electronics Co., Ltd.
Key Developments
In January 2019, Siemens AG and Kamstrup jointly launched a smart metering solution, which includes 250,000 electricity meters, a data management system, and a remote reading system to the Irish Energy company ESB networks.
Major market players are focused on contracts and deals, in order to gain a competitive edge in the market. For instance, in August 2019, Itron entered into a deal with Western Power, an Australian government-owned utility, to connect around 240,000 electricity meters.
