Global Smart Electricity Meter Market was valued US$9.06 Bn in 2017 and is estimated to reach US$13.12 Bn by 2026 at a CAGR of more than 4.74% during a forecast period.
Global Smart Electricity Meter Market is segmented by Communication Technology Type, by End User, by Phase and by Region.
Smart Electricity Meter Market by communication technology type segment is classified into Radio Frequency, Power Line Communication, and Cellular. End-User segment classified into Residential, Commercial, and Industrial. Phase segment is classified into Single Phase, and Three Phase. Geographically split into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Based on communication technology type power line communication segment is growing at the highest CAGR during the forecast period. Power line communication is projected to dominate the market. The power line communication is the most usually used communication technology due to its benefits such as the use of the existing utility infrastructure of poles & wires, better cost-effectiveness for rural lines and usability in a challenging terrain. The technology is mature with open standards and several vendors in the market.
The residential segment of the smart electric meter market is anticipated to hold the largest market share and grow during the forecast period. The installation of smart electric meters in residential places would help in decreasing the dependence on fossil fuels, as the smart electric meters can assist the consumers to monitor, regularize and decrease their consumptions from the grid, further integrate their consumptions from renewable energy sources such as solar installations. The widespread use of sophisticated electrical, electronic, and data equipment is driven by the rising importance of power management solutions also driving the smart electric meter market.
Based on phase the three phase segment is expected to grow at the highest CAGR and is projected to dominate the market during the forecast period. Three-phase meters are mostly used in industrial applications and in huge commercial applications. The premium bill for the three-phase meters over the single-phase meters, the growth in the number of industries and commercial facilities drive the installations of the three-phase smart electric meters.
The increasing necessity for efficient data monitoring systems, joined with favourable government policies for a smart meter rollout, improved cost savings, growing investment in smart grid projects and increased emphasis on renewable energy sources is driving the market for smart electric meters. The main factor restraining the growth of the smart electric meter market are the delay in smart meter rollout projects and high initial investment acting as a restraint for progress in developing economies.
Asia Pacific is anticipated to be the largest smart electric meter market during the forecast period. The growth in investments in smart grid technologies and smart cities, the increase in the number of data centers, a surge in IT hubs and commercial institutions drive the smart electric meter market in the region. All other regions are following to contribute the growth in Smart Electricity Meter market.
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The report includes detailed profiles of the prominent market players that are trending in the market. Itron, Landis+Gyr, Jiangsu Linyang, Wasion, Aclara Technologies, Schneider, Siemens, Honeywell and Iskraemeco, among others.
Scope of the Global Smart Electricity Meter Market
Global Smart Electricity Meter Market, By Communication Technology Type:
Power Line Communication
Global Smart Electricity Meter Market, By Phase:
Global Smart Electricity Meter Market, By End User:
Global Smart Electricity Meter Market, By Region:
Middle East & Africa
Key Players Operating In Smart Electricity Meter Panels Market:
General Electric Company
Holley Metering Ltd
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