Smart Electric Meter Market Huge Growth Opportunity between 2018–2023
The Smart electric meters can assist the end-users to monitor its electricity consumption data, and thus customize their usage based on the electricity tariff rates. Smart electric meters are intelligent devices, which measure the electrical consumption along with remote meter connection and disconnection, fault detection, reporting, and analysis of the consumed electricity in units on a day-to-day basis.
The global Smart Electric Meter Market is projected to grow from an estimated USD 9.27 Billion in 2018 to USD 11.33 Billion by 2023, at a CAGR of 4.11%, from 2018 to 2023. The market in Asia Pacific is estimated to be the largest market for smart electric meters, followed by the North American and the European market in 2018. This trend is expected to continue until 2023. The growth can be attributed to the rising investments in smart grid projects and increasing upgradation of transmission & distribution infrastructure, triggered by the rising demand for energy.
The implementation of a smart grid is in its initial stages in many developing countries. This implementation of the smart grid is being done to gauge the demand for electricity, a post which they are expected to develop the requisite advanced infrastructure which would also comprise of smart electric meters.
Smart meters can also assist in voltage & power quality monitoring and collection & storage of real-time data in the central system. Hence, a customer can access their energy consumption data anytime and take suitable measures to cut down energy costs. All these allow a reduction in consumption of electricity during peak time as customers can observe, calculate, and analyze their usage to reduce the energy consumption during peak hours, thereby effectively managing energy costs. Such crucial benefits offered by smart electric meters over the conventional meters have attracted the attention of governments and end-users and thus driven the adoption of smart electric meters over the years.
Some of the top players in the smart electric meter market, such as Itron (US), Landis+Gyr (Toshiba Corporation) (Switzerland), Jiangsu Linyang (China), Wasion (China), Aclara Technologies (Hubbell Incorporated) (US), Schneider (France), Siemens (Germany), Honeywell (US), and Iskraemeco (Slovenia).
