Worldwide Demand for Electricity Meters Market is poised to Grow Sluggishly at a CAGR of 18.7% by 2028| Coherent Market Insights

 

Electricity Meters Market 

Electricity Metres are devices that are used to measure electric energy use in industrial, residential, and commercial settings. Traditional electrical Metres employed electromechanical induction; but, in recent years, electronic, smart, or digital Metres have gained favour. Smart Metres, which offer two-way communication, are an alternative to traditional energy Metres. They interact directly with the electrical provider, removing the need for human readings. AMR (Automatic Meter Reading) capabilities have been replaced by AMI (Advanced Metering Infrastructure) capabilities in smart Metres.

Because of increased legislative attempts to install smart Metres, smart Metres have seen widespread adoption in recent years. Smart Metres are now being deployed, depending on the locality in question. Furthermore, smart metre installation has become required in the European Union, with deployment plans established by the Commission for Energy Regulation, among other legislative agencies. Smart Metres have several benefits, including fraud detection, safe supply, prepayment capabilities, energy savings, tariff-based energy offers, self-diagnostics, and peak usage monitoring. As a result of these reasons, the worldwide electricity Metres market is likely to increase throughout the forecast period.

According to Coherent Market Insights, The global Electricity Meters Market is estimated to be valued at US$ 25,001.2 million in 2021 and is expected to exhibit a CAGR of 18.7 % over the forecast period (2021-2028).

Global industrialisation is predicted to drive the growth of the global electricity Metres market over the forecast period. Electricity Metres are widely utilised in commercial and industrial settings. Because of the high power needs, there is a continuing demand for Metres with great flexibility and resilience. Because of capabilities such as remote programmability, which are crucial for analysing energy usage, industries saw the use of smart Metres before they entered the residential sector. Furthermore, rapid urbanisation and increased demand for consumer electronics are likely to drive development in the worldwide electricity Metres market throughout the forecast period.

Rising smart grid developments may provide commercial prospects. Many nations have begun to spend heavily in smart grid initiatives aimed at replacing traditional electricity networks. Smart grids are an improvement over traditional electricity networks in that they operate as an automated monitoring and regulating system. The primary features supplied by smart Metres, which are envisioned on a bigger scale in the form of the grid, are dynamic pricing and consumption statistics. A number of pilots have been conducted as a precursor to the construction of a full-scale grid, with particularly favourable regulatory conditions in Europe and North America.

Growing emphasis on renewable energy sources has the potential to generate attractive growth prospects. Many countries have begun to invest in smart grids since they assist to conserve energy. Many renewable energy projects are being implemented in order to improve efficiency and execute effective power transmission. Major market players can seize these chances by offering unique solutions and gain a competitive advantage.

Major Companies covered are- Siemens AG, Holley Metering Ltd., Schneider Electric SA, Itron, General Electric, Landis+Gyr, Delixi Group Co. Ltd., and Jiangsu Linyang Electronics Co., Ltd.

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