LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global smart electric meter market to grow to USD 13.16 billion by 2021, at a CAGR of close to 9% over the forecast period, according to their latest report.
The research study by Technavio on the global smart electric meter market for 2017-2021 provides a detailed industry analysis based on the end-users (residential, commercial, and industrial segments) and geography (the Americas, APAC, and EMEA).
Smart electric meters are utility meters that estimate the energy consumption and gauge the consumption patterns at an advanced level. Residential end-users are the biggest adopters of smart electric meters, occupying over 82% of the global shares. Rising living standards and urbanization rates are driving its adoption in the segment.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global smart electric meter market:
- Rising deployment of smart grid projects
- Increase in electricity demand
- Supportive regulatory actions
Rising deployment of smart grid projects
“The global deployment of smart grids is increasing at a rapid pace, with various countries enforcing ambitious smart grid plans to include grid applications like smart electric meters, SCADA systems, IT, and other communication networks,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for power research.
The smart electric meters integrated into smart grid networking systems enable utilities to analyze and map the energy consumption patterns of its customers. The monitoring aids the companies in load forecasting and peak demand management along with risk determination.
Increase in electricity demand
Electricity is a prerequisite for the economic growth of a nation, driving infrastructure and social development. The consumption of electricity has seen a rise, with rapid developments witnessed in a vast majority of the developing countries. The majority of people in developing countries, especially in rural areas, lack access to grid power, which indirectly affects the economic growth. Various governments are integrating smart electric meters to cater to the rising energy requirements and make optimal use of the available energy.
Supportive regulatory actions
“Regulatory authorities from various countries, such as China, Italy, India, and the US, have exhibited interest in the installation of smart electric meters over the years. This is expected to boost the demand for smart meters during the forecast period,” says Thanikachalam.
The constantly evolving government framework and policies about smart electric meter installations are leading to an upsurge in the installation in residential, commercial, and industrial areas. Countries, such as the US and Canada, have witnessed large-scale deployment of smart meters, supported by the constant support from their respective governments.
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