The popularity of high-end smart electricity meters largely depends on advancements in smart city technologies. Development of smart cities has shifted up on the charter of priorities for regional and state planners. Furthermore, the need to ensure energy optimization and renewable resource utilization has created ripples across the energy sector. Use of smart electricity meters is also a subset of the digital transformation has offset across the globe.
- The tremendous benefits served by these meters, especially to residential users, has given a thrust to the sale of electricity meters. State planning authorities are developing robust channels for smart grid integration. This trend shall directly contribute towards driving sales across the global smart electricity meters industry.
- Use of smart meters helps end-users in reducing their electricity bill, while keeping a check on total electricity consumption. This factor, coupled with provision of subsidies on use of smart meters, has driven demand. Utilities and grid operators are persuading end-users to shift from the use of traditional to smart meters.
- Moreover, availability of performance-oriented, optimized, and scalable smart meters is also an important trend across the smart city industry. Considering the factors stated above, there is no speck of doubt about the inflow of formidable revenues into the kitty of leading sellers of smart electricity meters.
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Global Smart Electricity Meters Market: Snapshot
Efficient usage of energy is currently a trend that all industries are indulged into, as it is paramount to evolve over the dependency on pollution-creating fossil fuel. At the same time, rapid urbanization in a number of countries has propelled the percentage of the development of smart cities, which are equipped with smart electricity meters that can efficiently calculate the consumption of energy and provides details on nodes which can be harnessed to lower the energy costs as well as extend machine’s life.
Smart electric meters are primarily built for the residential building and construction sector, as the installation of these devices help in reducing greenhouse gas emissions by improving peak time savings of energy. European Union has already introduced 20-20-20 policy, which relates to 20 percent increase in energy efficiency, 20 percent reduction in the emission of carbon dioxide, and 20 incremented dependency on renewables by 2020.
In addition to that, the growing emphasis on renewable sources of energy is also expected augment the demand in the global smart electricity meters market. Energy extracted from renewables invariably depend on time and other factors and hence require smart meters to identify intervals of intermittent supply and compensate this loss by controlling energy consumption of different components.
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On the back of substantial promotional activities to spread the adoption of green energy and integration of value chain, the smart electricity meters market is poised to experience extended demand at a notable CAGR during the forecast period of 2016 to 2024. On the other hand, considerable cost of installation, lack of compatibility with various traditional equipment, and lack of awareness among a large consumer base in Asia Pacific is obstructing the market from attaining its true potential.
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