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The global smart electricity meters industry is being driven by the rapid digitalisation and industrialisation across the globe, especially in emerging economies. Smart electricity meters help consumers track their everyday energy consumption and assist in strategic reduction of energy usage to help them reduce their electricity bills and contribute to energy conservation. In addition, with the escalating environmental consciousness and the growing demand for electricity due to the increasing global population, the governments are increasingly investing in energy conservation solutions, which is also estimated to significantly contribute to the market growth in the forecast period.
The increasing focus of the leading market players to develop smart electricity meters with the latest features is expected to positively catalyse the industry growth in the forecast period. For example, in a press release issued by Itron, Inc. (NASDAQ: ITRI), dated March 2021, the company announced the launch of its eHZ-B residential smart electricity meters for the German market. These meters are equipped with advanced functionalities to contribute to the ongoing energy transition in Germany towards a low carbon and sustainable and affordable energy supply. This would also help in the seamless transition process across the cities through a smart and connected electricity distribution network. In addition, another leading smart electricity meters manufacturer, Honeywell International Inc. (NASDAQ: HON), in a press release dated January 2020, announced its collaboration with Verizon (NYSE: VZ) to speed up the utility sector and simplify the deployment of intelligent sensors and control for the smart electric grid. Honeywell plans to integrate Verizon's Managed Connectivity LTE solutions into smart meters and other devices to connect to the smart electric grid network. These developments are expected to significantly impact the growth of the smart electricity meters industry in the forecast period.
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The major players in the global smart electricity meters market are ABB Ltd., General Electric Company, Holley Technology Ltd., Schneider Electric SE, Siemens AG, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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