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Electricity Meters Market Expanding Impressive 18.7% CAGR due to Increasing Need for Reliable Power Systems in Residential and Industrial Spaces
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Governments and other legislative bodies are undertaking various initiatives to ensure smart meter rollouts over the next few years. This is primarily due to the large number of benefits offered by smart electricity meters. Besides accurately determining energy consumption, electricity meters also allow meter reading from remote locations, prepayment options, and fraud detection by implementing and storing time of day usage at periodic intervals. Although smart electricity meters can be tampered with, it requires the modification of storage logs, which is a time intensive and complex activity.
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Depleting fossil fuel resources and increasing dependence on renewable sources of energy has prompted the need for installing smart meters that are capable of controlling energy used by electronic equipments. Electricity meters are equipped to handle and compensate for dwindling electricity supply, which helps improve customer service and is profitable to utility companies as well. However, lack of awareness among end users, and concerns about privacy are expected to restrain market growth over the forecast period.
The value chain for electricity meters comprises of power generation firms as well as TSOs (Transmission System Operators) which are responsible for supplying electricity on high voltage grids and medium to low voltage grids respectively. In addition, smart energy service providers provide energy plans based on tariff and self diagnostics capabilities.
The global electricity meters market has been segmented on the basis of application into residential meters, commercial meters, and industrial meters. In terms of geography, Asia Pacific is expected to lead the market in terms of demand as well as revenue due to various initiatives undertaken to install smart meters in this region. Key market participants include Itron, Landis+Gyr, Jiangsu Linyang Electronics Co., Ltd., Holley Metering Ltd., Sensus, and Elster among others.
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