Global Smart Electricity Meters Market to Reach $15.2 Billion by 2026

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Mar 23, 2022, 05:10 ET

SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Electricity Meters - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE

Global Smart Electricity Meters Market to Reach $15.2 Billion by 2026

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Edition: 18; Released: February 2022
Executive Engagements: 34425
Companies: 16 - Players covered include ABB Ltd; Aclara Technologies LLC; Apator SA.; Circutor SA; EDMI Limited; Honeywell International; EMH metering GmbH & Co. KG; Holley Technology LTD; Iskraemeco d.d.; Itron, Inc.; Jabil, Inc.; Jiangsu Linyang; Kamstrup; Landis+Gyr; OSAKI ELECTRIC CO., LTD.; Schneider Electric, Inc.; Secure Meters Ltd; Sensus, a Xylem Brand; Wasion Group; Xemex; ZPA Smart Energy a.s. and Others.
Coverage: All major geographies and key segments
Segments: Phase (Single-Phase, Three-Phase); Technology (Automatic Meter Reading (AMR), Advanced Metering Infrastructure (AMI)); End-Use (Residential, Commercial, Industrial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Smart Electricity Meters Market to Reach $15.2 Billion by 2026
Smart electricity meters are electronic measurement devices specifically designed for use in electrical energy measuring applications. A smart electricity meter automatically captures the energy consumption patterns of a utility customer and communicates the information for accurate and reliable billing, while considerably decreasing the need for manual meter reads. Use of smart electricity meters was initially focused on the commercial and industrial end-user markets due persistent need for granular-level billing data and accurate rates for customers in these markets. Gradually, the use of smart electricity meters expanded from few large customers of the utility to encompass all the customer classes including residential, commercial and industrial customers. The increasing billing needs and decrease in the prices of smart meters and related technology enabled the use expansion of smart electricity meters.

For utilities aiming to modernize their grid operations with advanced solutions, smart electricity meters have emerged as an effective tool that can flawlessly address their various energy T&D needs in a simple and flexible manner. Smart electricity meter, being a specially designed electronic measurement device, automatically captures energy consumption patterns of a utility customer and seamlessly communicates the captured information for reliable and accurate billing, while considerably decreasing the need for manual meter reads. Besides its innovative capability, smart electricity meters also deliver several high-quality advantages to utilities such as identifying and responding to power outages, prevent energy thefts, roll out innovative service models, implement new & innovative tariff schemes, remotely activate & deactivate the subscription, and enable secured communication & hacking identification, among others.

Amid the COVID-19 crisis, the global market for Smart Electricity Meters estimated at US$11.4 Billion in the year 2022, is projected to reach a revised size of US$15.2 Billion by 2026, growing at a CAGR of 6.7% over the analysis period. Single-Phase, one of the segments analyzed in the report, is projected to record 6.2% CAGR and reach US$11.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Three-Phase segment is readjusted to a revised 7.9% CAGR for the next 7-year period. In the coming years, the growth of smart electricity meters market will be driven by the increasing need for products and services that enable energy conservation; government initiatives to install smart electric meters in order to address issues of energy requirement; the ability of smart electric meters to prevent energy losses due to theft and fraud, and to reduce the costs involved in manual data collection; increasing investments in smart grid establishments; the growing trend of integration of renewable sources to existing power generation grids; rising T&D upgrade initiatives especially in developed economies; increasing investments into construction of commercial establishments such as educational institutions and banking institutions in both developing and developed economies; and emerging growth opportunities in Europe with the ongoing rollouts of smart electricity meter rollouts in countries such as Germany, the UK, France, and Spain. Asia-Pacific and China represent the leading regional markets due to the increasing adoption of smart meters, driven by the need to reduce unaccounted power losses and to introduce tariff plans based on the electricity usage of customers. In North America, smart electricity meters market is mainly emerging from the need to replace existing electric meters, and the planned rollouts of large numbers of new smart electricity meters over the past few years.

Three-Phase Smart Meters to Reach $4.1 Billion by 2026
Global market for Three-Phase Smart Meters is estimated at US$3 Billion in 2022, and is projected to reach US$4.1 Billion by 2026 reflecting a compounded annual growth rate of 7.9% over the analysis period. China constitutes the largest regional market for Three-Phase segment, accounting for 36.0% of the global sales. China is poised to register the fastest compounded annual growth rate of 9.1% over the analysis period, to reach US$1.8 Billion by the close of the analysis period. More

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