Prachi
Electricity meters are devices used for billing purposes in the energy sector. They record the amount of electric energy consumed by residential, commercial, and industrial users. Advanced meters track electricity usage in intervals ranging from 15 minutes to an hour and communicate directly to the utility for monitoring usage. Traditional electromechanical meters require manual reading by a utility worker whereas smart meters record usage digitally and transmit readings remotely via radio frequency or broadband networks. The adoption of smart grids and need for energy efficiency are driving demand for electricity meters globally.
The Global Electricity Meters Market is estimated to be valued at US$ 9.62 billion in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the electricity meters market are Siemens AG, Itron Inc., Landis+Gyr, Jiangsu Linyang Electronics Co. Ltd., General Electric.
Electricity Meters Market Growth is rapid urbanization and industrialization in emerging nations are fueling electricity demand. As per estimates, over 2 billion people will be added to urban areas by 2050 globally. This is paving way for increased residential and commercial construction activities.
Technological advancements in metering infrastructure such as availability of communication modules, open API framework, and two-way communication protocols are supporting development of smart grids and smart cities. Utilities are investing in AMI systems to optimize power distribution, reduce losses, and enhance customer experience through features like prepaid and time-of-use billing.
Market Trends
– Integration of AMI infrastructure and IoT is enabling provision of value-added energy services through electricity meters. Utilities are leveraging meter data to offer analytics-based solutions for demand response, energy auditing, and distributed energy resource management.
– Adoption of prepaid and flexible pricing models is gaining traction to promote energy access for low-income households and support financial inclusion. Utilities in emerging nations are replacing conventional meters with prepaid smart meters.
Market Opportunities
– Growing focus on renewable energy integration and distributed energy resources presents an opportunity for electricity meters with enhanced data analytics and two-way communication capabilities.
– Emphasis on smart city initiatives provides an impetus to deploy smart metering infrastructure and develop meter data management systems for applications beyond electricity billing. Areas such as e-mobility, water management, and urban planning can benefit.
Impact of COVID-19 on Electricity Meters Market Growth
The COVID-19 pandemic has significantly impacted the electricity meters market. During the initial lockdown phases across major countries globally, the demand for electricity meters witnessed a steep decline due to stopped/delayed deployment and installation activities. The supply chains were disrupted resulting in delayed production and shipment of meters. However, as economies are gradually recovering, the market is expected to regain momentum in coming years. Electricity distribution utilities are now prioritizing installation of smart prepaid and AMI compliant meters to reduce physical meter reading and enable remote disconnect/reconnect of connections. This is expected to boost post-COVID demand. Further, investments in smart grid infrastructure will continue to drive long term growth. To sustain in the dynamic environment, manufacturers are focusing on enhancing meter security, communication capabilities and ensuring compatibility with utility systems.
Geographical Regions with High Electricity Meters Market Value
Asia Pacific region accounts for the largest share in the global electricity meters market in terms of value. This is majorly attributed to large consumer base, increasing electrification rates and robust investments in smart grid projects across major countries such as China, India and Japan. For instance, the Indian government has launched various initiatives like Smart Meter National Programme to install 250 million pre-paid and AMI compatible meters by 2022. This is creating huge demand opportunities for players. North America is another prominent region owing to ongoing grid modernization, integration of renewable energy and deployment of smart city infrastructure in the US and Canada.
Fastest Growing Region for Electricity Meters Market
The Middle East and Africa region is expected to exhibit fastest growth in the electricity meters market during the forecast period. This is due to substantial investments underway for developing smart electricity infrastructure, replacing aging conventional meters and ensuring 100% metering across countries to reduce non-technical losses. Initiatives like Saudi Vision 2030 and Qatar National Vision 2030 focus on deploying smart grids and smart city projects, thereby generating high demand prospects. Additionally, economic diversification driven infrastructure developments in GCC countries will further aid the regional market expansion over the coming years.
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About Author:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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