According to Transparency Market Research’s new market research report, titled ‘Electricity Meters Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 – 2018’, governments and many other legislative bodies across the globe are undertaking various initiatives to make sure smart meters are implemented in their own regions, propelling the global electricity meters market over the next few years.
Electricity meters, also commonly known as smart meters, are devices used to measure and monitor energy consumption in households and industrial areas. These devices have existed for years in the industry. In 2011, the demand for smart electricity meters was 25 million units and is further expected to surpass 148 million units in the next four years. Until 2018, the electricity meters market is expected to grow at a CAGR of 18.7% from 2012 to 2018.
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The market is impressively growing due to the need for electricity meters as reliable and efficient power distribution setup systems. As smart meters can be used in both micro and macro-level applications in different industry verticals, they are widely implemented for various purposes. Considering in terms of revenue growth, the electricity meters market is expected to reach US$19.8 billion by 2018 from a global figure of US$4.0 billion in 2011. The CAGR registered in terms of revenue will be 16.5% from 2012 to 2018.
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This report analyzes and forecasts the global demand for electricity smart meters in terms of volume (million units) and revenue (US$ million) from 2012 to 2018. It also explains the key drivers and restraints affecting the market, along with an analysis of their expected impact on the future growth of this industry. It also provides an analysis of the available market opportunities that could drive the electricity meters industry over the forecast period.
Demand for electricity meters is rising due to the major benefits they hold. Energy savings, knowledge of peak consumption, fraud detection, and prepayment facilities are some of the key benefits of electricity meters. Due to these advantages, there is growing awareness among consumers about using electricity meters for controlling electricity usage during peak hours. Such factors are expected to have a positive impact on the demand for smart meters, in turn driving the global electricity meters market over the 2012-2018 forecast period.
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However, on the contrary, consumers have significant concerns regarding smart meter systems due to lack of privacy and standardization. Hence, these factors are expected to deter the market’s growth over the next few years. Some of the major applications of smart meters included in the market analysis are found in the residential, commercial, and industrial sectors.
The report also provides value chain analysis for a better understanding of the supply chain of smart meters, starting from the raw materials to supply of the manufactured products, across various applications. It provides analysis of the various ways adopted by utilities worldwide in an effort to enhance efficiency and reduce operating costs through monitoring of data. According to the report, smart meters are helping the utilities fulfill these needs, promoting growth of smart metering infrastructure across the globe.