Electricity Meters (Smart Meters) Market For Residential, Commercial and Industrial Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 – 2018
Albany, NY -- (SBWIRE) -- 09/30/2015 -- The value chain for electricity meters comprises of power generation firms, as well as TSOs (Transmission System Operators) that are broadly responsible for supplying electricity on low, medium, and high voltage grids respectively.
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Electricity meter, also popularly referred to as a smart meter is an electronic measuring instrument that enables two-way communication and transferring of data between customers and utility players. It is a device that electronically tracks all the consumption in areas of gas, water, electricity, and other essential utility services.
These intelligent energy sustainability devices help to aid in efficient energy management segments ensuring optimized usage. They offer the advantage of informing the customers about their overall usage patterns in low-rate times of the day and seasons, while enabling management of the distribution of peak loads evenly by different utility companies.
The overall smart meter market is driven by operational factors such as, energy sustainability and efficiency, intelligent energy management, and reduced adverse environmental impacts.
Owing to the benefits smart meters offer such as fraud detection, peak consumption knowledge, prepayment facilities, and energy savings; the need for efficient and reliable smart meters has become extremely significant in the global market. Smart meters record the detailed data, collects and stores interval data, and interfaces with other devices, such as in-home displays, smart thermostats and appliances, home-area networks, advanced control systems, and more.
Global Market Scenario
The global electricity meters (Smart Meters) market for residential, commercial and industrial applications states that the demand for smart electricity meters was 25 million units in 2011, and is expected to reach over 148 million units in 2018, growing at a CAGR of 18.7% from 2012 to 2018. Also in terms of revenue, the market was valued at USD 4.0 billion in 2011, and is expected to reach USD 19.8 billion in 2018, growing at a CAGR of 16.5% from 2012 to 2018.
Electricity Meters Market –By Application
The global electricity meters market is sectioned on the basis of applications such as residential meters, commercial meters, and industrial meters. The electricity meters used for residential purposes held the largest market share in 2011. Residential applications accounted for over 81% of global smart meter units in 2011 contributing to only 26.3% of the overall revenue. This growth trend is expected to be more lucrative in the coming years. Likewise the demand
for commercial smart meters is expected to reach 15.8 million units by 2018.
Electricity Meters Market –By Region
The market for smart meters in regions such as North America and Europe has flourished tremendously in the past decade. North America was the leader in the electricity meters market in 2011 as it successively led the global market with its highest demand and consumption.
North America is followed by the Asia-Pacific market that is also likely to experience a remarkable growth. It is expected to be the fastest growing market in the coming years, and is predicted to grow at a CAGR of 20.5% from 2012 to 2018.
Both Asia-Pacific and Europe are new and emerging markets in the world. Other countries like Canada, Germany, Spain, Australia, China, and India are expected to see steady growth in the device market too. Countries like Brazil and the Middle East will also see healthy growth of installed devices in the future.
The global electricity meters market is expected to witness an increasing growth in the future, along with the support of various government incentives and policies.
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Key Questions This Study Will Answer :
What is the market size and potential for Electricity Meters Market products?
Which segment of Electricity Meters Market is growing the fastest? How long will it continue to grow, and at what rate?
What is the greatest challenge faced by the Electricity Meters Market and how can it be overcome?
Are the products and services offered currently meeting customer needs, or are there additional developments needed?
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