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Global Smart Electricity Meters Market to Grow at a CAGR of 8.57% During 2021-2026, Aided by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Smart Electricity Meters Market Report and Forecast 2021-2026’, the market attained a value of USD 10.8 billion in 2020. It is further expected to witness a healthy growth in the forecast period, growing at a CAGR of 8.57% between 2021 and 2026 to reach USD 17.50 billion by 2026.

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.

Market Breakup by Phase, End Use, and Region:

  • The market is categorised based on phase into single-phase and three-phase.
  • Based on end use, the market can be divided into residential, commercial, and industrial.
  • Region-wise, the global market for smart electricity meters can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for smart electricity meters is being driven by the rapid digitalisation and industrialisation.
  • The rising investments in energy conservation strategies have significantly contributed to the market expansion.
  • The rapid implementation of smart electricity meters in the residential sector is also aiding the industry growth.
  • The growing investments by the leading market players in research and development of smart electricity meters are expected to further propel the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for smart electricity meters for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the phases, end uses, and regions of smart electricity meters.
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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