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Electricity meters are devices used to measure and monitor energy consumption in households as well as industrial spaces. These devices have evolved from legacy systems that were electromechanical in nature, to solid state meters that provide two-way communication capabilities along with accurately measuring and reporting energy demand. 
 
Governments and other legislative bodies are undertaking various initiatives to ensure smart meter rollouts over the next few years. This is primarily due to the large number of benefits offered by smart electricity meters. Besides accurately determining energy consumption, electricity meters also allow meter reading from remote locations, prepayment options, and fraud detection by implementing and storing time of day usage at periodic intervals. Although smart electricity meters can be tampered with, it requires the modification of storage logs, which is a time intensive and complex activity. 
 
Depleting fossil fuel resources and increasing dependence on renewable sources of energy has prompted the need for installing smart meters that are capable of controlling energy used by electronic equipments. Electricity meters are equipped to handle and compensate for dwindling electricity supply, which helps improve customer service and is profitable to utility companies as well. However, lack of awareness among end users, and concerns about privacy are expected to restrain market growth over the forecast period. 
 
The value chain for electricity meters comprises of power generation firms as well as TSOs (Transmission System Operators) which are responsible for supplying electricity on high voltage grids and medium to low voltage grids respectively. In addition, smart energy service providers provide energy plans based on tariff and self diagnostics capabilities. 
 
The global electricity meters market has been segmented on the basis of application into residential meters, commercial meters, and industrial meters. In terms of geography, Asia Pacific is expected to lead the market in terms of demand as well as revenue due to various initiatives undertaken to install smart meters in this region. Key market participants include Itron, Landis+Gyr, Jiangsu Linyang Electronics Co., Ltd., Holley Metering Ltd., Sensus, and Elster among others.

Necessity of Electricity in Industrial and Household Spaces to Boost Electricity Meters Market

Electricity meters are appliances used in households and industrial spaces to calculate and control power consumption. These instruments have developed from legacy electromechanical systems to solid state meters that offers two-way communication capacities together with precise measurement of energy demand and its reporting. Growing popularity of these devices are likely to add to the growth of the global electricity meters market in the near future.

Different measures to facilitate smart meter implementations in the next few years are being pursued by governments and other legislative bodies. This is partly due to the massive number of advantages that smart electricity meters bring. These increased initiatives are likely to work in favor of the global electricity meters market in the years to come. Electricity meters also allow meter reading from remote places, pre - payment opportunities, and fraud prevention. It also offers accurate calculation of energy usage, by implementing and storing daily use time at regular intervals. While it is possible to manipulate smart electricity meters, it involves changing storage logs, which is a time-consuming and complex operation. The benefits of these meters are expected to foster development of the global electricity meters market in the near future.

Favorable Government Measures and Need to Reduce Peak Demand to Foster Growth

Smart energy metering systems are capable of reducing the peak demand for electricity. It can also enable end-users to accurately control and decrease energy consumption. Energy suppliers utilize these devices by aligning the benefits of reaction time reduction to overcome hardware failures and power outages. It also helps them to provide improved customer service due to remote reading comforts. Since renewable energy production changes with time, low energy production eventually results in unstable productivity of energy. However, by monitoring the energy usage of different electronic devices, the use of a metering device attempts to compensate for this deficit, as it is able to manage intermittent supplies. The installation of these devices, which is set to perform a crucial role in the development of the industry, is backed by many smart meter rollout schemes in various regions. It is facilitated in the form of favorable government measures in countries like the U.S. and U.K. These factors are likely to foster growth of the global electricity meters market in the near future.

Favorable regulatory conditions are expected to aid in increasing smart meter rollouts over the next few years. Initiatives from governments, other regulatory organizations, as well as electricity utility companies are expected to drive the market over the forecast period. Mandates are set by these legislative bodies in order to prevent energy theft, ensure secure electricity supply, and monitor and control power consumption in households, as well as commercial and industrial locations. Moreover, in countries such as China, there has been significant activity toward up gradation of meters, distribution networks, transmission systems, and generating capabilities and this is aiding the growth of smart meters. Additionally, the high degree of energy efficiency provided by smart electricity meters is expected to positively impact the industry. Globally, the penetration rate of smart meters varies across different regions due to varying impact of regulatory factors. For instance, until now the maximum impact of regulations regarding smart meters was seen in European and North American regions; however; the trend is anticipated to shift increasingly toward Asia Pacific over the coming years. Further, there is a huge opportunity for growth of smart meters in regions such as Latin America, Middle East and Africa as these regions are experiencing huge surge in electricity demand owing to development in economic conditions. Thus, these regions are anticipated to increasingly adapt advanced technology in order to meet energy security needs. Rise in demand and installation of smart grids and advanced metering infrastructure are important global market trends providing strong impetus to the growth of smart meters. Further, the smart meters offer enhanced accuracy, two-way communication medium between utility and meters, real-time data feeds, monitoring of power quality and automated outage detection among other features. Utilities are continuously seeking for ways to reduce the operating costs and enhance the efficiency through monitoring of data. Smart meters are aiding this effort by the utilities and thus the utilities themselves are promoting the growth of smart metering infrastructure. Increasing penetration of machine-to-machine technology in both home and industrial smart meter uses is further anticipated to positively impact the growth of smart meters market.   
 
This report analyzes and forecasts the global demand for electricity smart meters in terms of volumes (million units) and revenues (USD million) from 2011 to 2018. The report explains the 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.
 
For the purpose of this study, we have considered only smart meters and not traditional electricity meters as all technological focus was dedicated to smart meter technology. All market dynamics, estimates, forecasts and competitive analysis included in the study pertain only to smart meters.
 
The report includes value chain analysis for better understanding of the supply chain of smart meters starting from the raw material to the actual meters across various applications. It also includes Porter’s five forces analysis to evaluate the degree of competitiveness in the market.
 
The report includes an extensive competitive landscape starting from the market share of the global smart meters market to company profiles of the major participants operating in the global market. Key market participants profiled in this report include Itron, Landis+Gyr, Holley Metering Ltd., Jiangsu Linyang Electronics Co., Ltd., General Electric, and so on. The market players are profiled with attributes such as company overview, financial overview, business strategies and recent developments in the field of smart meter technology.
 
The report segments the global electricity meters market as:
 
Electricity Meters Market, by Application:
  • Residential
  • Commercia
  • Industrial
Electricity Meters Market, by Geography:
  • North America
  • EMEA (Europe, the Middle East, and Africa)
  • Asia Pacific
  • Rest of the World (RoW)

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