Albany, NY -- (SBWIRE) -- 01/13/2017 -- A new market research report by Transparency Market Research, titled "Smart Electricity Meters Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024", presents an extensive analysis of the smart electricity meters market, by highlighting the trends and drivers impacting the development of this market. The top factors inhibiting the development of market have also been encapsulated. The top segments and sub-segments in the market have also been presented. The extent of this market in key geographies has also been presented. The impact of Porter's five forces on the market's development has also been highlighted through this study.

The global smart electricity meters market is significantly growing owing to the increasing role of cloud services within smart metering operations. There are a number of advantages being provided by smart electricity meters within key application areas, thus providing impetus to the overall development of the market. The other key factors fuelling the development of the market include the growing utilization of smart electricity meters in efficient data monitoring systems. The integration of renewable energy into smart grid infrastructure will also drive the growth of this market. Furthermore, the increasing industrial development in Asia Pacific countries is also amongst the prime factors driving the market's growth. The growing employment of advanced metering infrastructure (AMI) is also positively impacting smart electricity meters' demand.

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The segmentation of the smart electricity meters comes next in the study. In terms of phase, the market is categorized into single phase and three phase. Of these, three phase smart electricity meters are being primarily being utilized from past few years owing to swift industrialization and commercialization. The segment of three phase electricity meters is predicted to grow at the greatest growth rate. The segment of single phase electricity meters will constitute the second position in the market, on the basis of revenue.

In terms of end use type, the market is categorized into residential, commercial, and industrial sectors. Amongst these, the segment of residential led the market in 2015. The reason for the extensive utilization of smart electricity meters within the residential sector include the soaring demand for electric heat pump, home control network, nanotechnology, and energy proficient lighting. By communication technology types, the market is segmented into cellular, radio frequency, power line communication. Of these, the segment of power line communication is poised to rise at the highest growth rate over the forecast period.

Geographically, the report segments the market into Asia Pacific, Europe, North America, and Rest of the World (RoW). Of these, Asia Pacific has emerged as the leader and is followed by North America. In Asia Pacific, China leads the market for smart electricity meters. Swift industrialization and high electricity demand are amongst the prime factor fuelling the growth of this market in Asia Pacific.

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The key players in the market are Itron (U.S.), Siemens AG (Germany), Schneider Electric SE (France), Aclara Technologies LLC (U.S.), and Wasion Group (China), among others.