Energy Meter market: Segmented by End user (Residential, Commercial, and Industrial); by Phases (Single Phase, and Three Phase) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
An electric meter, often known as an energy meter, is a device that measures how much electricity a building, tenant space, or electrically powered equipment consumes. Electric utilities monitor electric energy delivered to its customers using electric meters put on their premises for billing purposes. When energy savings are required during specific periods, some meters may monitor demand or the maximum amount of electricity used in a given timeframe. Electric tariffs can be modified throughout the day, and usage can be recorded during peak, high-cost hours, and off-peak, low-cost periods, thanks to "time of day" metering. In some regions, meters also feature demand response load shedding relays for high load periods.
The market is expected to rise as a result of rising demand for efficient data monitoring systems, favorable government regulations for smart meter rollout, enhanced cost savings due to smart meter use, making it a compelling argument for adoption, and a global focus on renewable energy sources.
Global Energy Meter Market is segmented by end-user into Residential, Commercial, and Industrial. During the forecast period, the residential segment of the worldwide electric meter market is estimated to hold the biggest market share and increase at the second-fastest rate. The installation of smart electric meters in residential areas would assist consumers in monitoring, regularizing, and lowering their consumption from the grid and generators, as well as further integrating their consumption from renewable energy sources such as solar installations, thereby reducing their reliance on fossil fuels. The expanding relevance of power management systems, which is also driving the electric meter, is pushing the widespread usage of sophisticated electrical, electronic, and data technology.
Global Energy Meter market is divided phases into Single Phase and Three Phase. During the forecast period, the three-phase sector will be the fastest-growing market, and it is expected to dominate the market. Three-phase meters are commonly seen in industrial and big commercial applications. The higher cost of three-phase meters compared to single-phase meters, as well as an increase in the number of industries and commercial facilities are driving the adoption of three-phase smart electric meters.
End-users can utilize smart electric meters to monitor their electricity consumption statistics and modify their usage based on electricity tariff prices. Smart electric meters are clever devices that record electrical consumption daily, as well as remote meter connection and disconnection, defect detection, reporting, and analysis of the consumed electricity in units. Smart meters can also help with voltage and power quality monitoring, as well as real-time data collecting and storage in the central system. As a result, a client can check their energy consumption statistics at any time and implement appropriate energy-saving actions. All of these things help consumers to lower their electricity consumption during peak hours by observing, calculating, and analyzing their usage, allowing them to successfully manage energy expenditures. Smart electric meters’ significant advantages over traditional meters have piqued the interest of governments and end-users, resulting in the widespread deployment of smart electric meters over time.
Demand in developing nations
Many developing nations are still in the early phases of implementing a smart grid. This smart grid implementation is being done to monitor electricity demand, after which they are expected to create the necessary sophisticated infrastructure, which will include smart electric meters. The development and deployment of smart grids in several nations present a significant opportunity for the smart electric meter industry, as the latter fully meets the needs of a smart grid system. The smart electric meter communication infrastructure can also be utilized to remotely regulate distributed electricity generation. Because smart electric meters are part of a virtual power plant, they can be used to measure the amount of electricity sent to the grid via distributed generating. Grid operators may easily integrate renewable and nonrenewable sources to control electricity demand with a perfect balance of energy sources thanks to the tariff management options. All of these characteristics create a major opportunity for the smart electric meters market, as smart electric meters are required to fulfill energy demand and improve operational reliability.
High investment cost
The difference between the cost-bearing party and the prospective beneficiary, in terms of what the total cost would be and who would cover it, is one of the primary roadblocks to smart meter deployment. The total expense of smart meter installation and operation is extremely great. Utilities and customers both invest a lot of money in smart meter rollout. When likened to standard electro-mechanical and electronic meters, the installation cost for implementing smart electric meters is far too costly. Consequently, most utilities are hesitant to transfer their priority to new technology implementation. In many countries, the government does not give subsidies; thus, finance is a major impediment to the adoption of smart electric meters. As a result, countries continue to use old analog meters, putting a brake on the electric meter business.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Energy Meter Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Energy Meter market in Asia Pacific held the largest market share of XX% in the year 2020. During the projected period, Asia Pacific is expected to be the largest smart electric meter market by region. As Asia Pacific is the world's most populous region, there is a large need for electricity. The smart electric meter market in the region is being boosted by an increase in investments in smart grid technologies and smart cities, as well as an increase in the number of data centers and a spike in IT hubs and commercial organizations. Due to large-scale deployment plans, China accounts for the greatest portion; the country has the most installed generating and distribution capacity in the Asia Pacific region, resulting in increased demand for smart electric meters.
|Market size value in 2021
|USD 10.5 billion
|Revenue forecast in 2030
|USD 14.1 billion
|CAGR of 4.2 % from 2021 to 2030
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2030
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|End-user, phase, and Region
|North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
|Key companies profiled
|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), Other Prominent Players.
The Energy Meter market size was estimated at USD 10.5 billion in 2020 and is expected to reach 14.1 billion by 2030.
Key players: 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), Other Prominent Players
Residential segment and Three Phase segment are anticipated to hold the largest Energy Meter market.
Drivers: Cost Saving and Demand in developing nations
An electric meter, often known as an energy meter, is a device that measures how much electricity a building, tenant space, or electrically powered equipment consumes. Electric utilities monitor electric energy delivered to its customers using electric meters put on their premises for billing purposes. When energy savings are required during specific periods, some meters may monitor demand or the maximum amount of electricity used in a given timeframe.
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