Global Smart Electric Meter Market trend shows a rapid growth by 2023

The global smart electric meter market is projected to grow at a CAGR of 10.4% during the forecast period (2018-2023). The major motivators for the growth of the smart electric meter market includes government funding such as smart city projects by European and Asia- Pacific’s (APAC) government. In India alone, the government has plans to build 90 smart cities by 2022. Along with that, rapid urbanization will increase the demand for better and well-developed cities. As per UN, it is expected that the percentage of the urban population will rise to 66% by 2050 from 52% in 2014. The governments of a number of economies are investing in the smart meter and smart grid projects.

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Another reason for the growth of the global smart electric meter market includes saving of power consumption through smart meters. Smart meters put consumers in control of their energy utilization, allowing them to adopt energy efficient measures that can enable them to save money on their energy bills, thereby increasing their offset price. By seeing the advantages and benefits of smart meters, governments from different countries are taking initiatives and funding for the growth of smart electric meters industry in their country. In the recent years, a number of states have adopted or are considering smart grid related regulations, laws and voluntary, or mandatory requirements.

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The US - According to national renewable energy laboratory, the deployment of smart meters is increasing rapidly across the globe. The US states are pursuing smart meter deployment and 60 million meters are anticipated to be in place by the end of 2019. In spring 2012, Baltimore Gas and Electric (BGE) of Maryland began installing or upgrading around two million electric and gas meters in every home and small businesses in their service area. BGE smart meters enable customers to manage their energy and save money. State of California - According to national renewable energy laboratory, San Diego Gas and Electric has replaced its 1.4 million meters with smart meters at scheduled completion by the end of 2011.

Germany - Digitisation of the Energy Turnaround Act - The new law initiates the roll-out of smart meters and connected infrastructures in Germany and defined roles and tasks for market participants on 8 July 2016. The new Act is based on the Third Energy Package introduced by the EU in 2009. The directives of this package require the EU member states to equip at least 80% of consumers with intelligent metering systems by 2020. The major objective of the new law is to facilitate the implementation of smart meter and smart meter gateway devices. Germany in that respect, implements the European Union Directives, 2009/73/EG and 2009/72/EG into the German law. The act introduces specific and detailed requirements for the design of smart meter devices and for transmission of data.

Global Smart Electric Meter Market - Segment

By Communication Technology

Power Line Communication
Cellular
Radio Frequency

By Phase

Single Phase
Three Phase

By End-User

Residential
Commercial
Industrial

Global Smart Electric Meter Market - Regional

North America

US
Canada

Europe

Germany
UK
France
Spain
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Rest of the World

Middle East & Africa
Latin America

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This release was published on openPR.