GVR Report cover Smart Electricity Meters Market Size, Share & Trends Report

Smart Electricity Meters Market Size, Share & Trends Analysis Report By Phase (Single-phase, Three-phase), By End Use (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2020 - 2027

  • Report ID: 978-1-68038-074-3
  • Number of Pages: 100
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2018
  • Industry: Technology

Report Overview

The global smart electricity meters market size was valued at USD 10.0 billion in 2019 and is anticipated to register a CAGR of 7.8% from 2020 to 2027. Smart electricity metering systems are used to lower the peak electricity demand and allow end-users to easily monitor power consumption and reduce it accordingly. Energy suppliers leverage these devices by aligning their benefits of reduction in reaction time to resolve hardware faults and power outages and providing improved customer service delivery due to remote reading conveniences. Since energy production using renewable approaches varies with time, low power generation ultimately results in unstable energy productivity. However, using the metering device helps in compensating for this loss by controlling the energy consumption of various electronic devices since that is capable of handling intermittent supply. Several smart meters rollout schemes in different regions, such as favorable government initiatives being taken in countries including U.S. and U.K., are supporting the installation of these devices, which is expected to play a vital role in industry growth.

Advanced metering infrastructure is a fool-proof system however energy theft is poised to occur either before demand measurement, while demand data is stored, or after the measurement logs have been transmitted to the utility. Tampering comprises numerous deceits, such as sophisticated techniques involving saturating the in-built magnetic components and brute force methods, such as jamming the mechanism deployment.

Asia Pacific smart electricity meters market

These metering systems serve as an appropriate solution for these fraudulent acts. Concentrator meters, which are used to poll the metering devices connected to the substation, aggregate data gathered from multiple metering systems to monitor electricity usage and detect the amount of intermittent energy theft. Additionally, metering control centers offered by advanced infrastructure are capable of handling divergence in the data.

Intelligent metering systems are incorporated into automated data simulators that forecast future energy requisites based on the present energy consumption rates, thereby offering benefits to energy sources as well as consumers. Additionally, attentiveness to environment protection, associated proceedings, and policies are estimated to control the surging levels of radiation emissions, thereby encouraging the use of smart electric metering systems. For instance, in the U.K., administrations have regulated the adoption of smart meters where the Department of Energy and Climate Change (DECC) administers the work progress and systematic, timely installations. Therefore, the market is projected to witness high competition among suppliers as they are striving to differentiate themselves based on quality and cost according to the regulated parameters.

Intelligent electric meters offer analysis and energy forecasting capabilities, which are absent in conventional metering systems. This remote information storage and transference capabilities of such metering systems are anticipated to eradicate future tampering and theft of electricity employing meters. The considerable growth predictions can be accredited to the substantial promotion of green energy and efficient transmission facilities. Integrated presence across the value chain, especially for real-time information sharing regarding usage and tariff rates, is perceived to be a competitive advantage. Increasing awareness among consumers about the benefits of these devices is expected to positively influence the smart electricity meters market growth over the forecast period.

Smart Electricity Meters Market Trends

The usage of smart electricity meters assists in compensating for losses by controlling the energy consumption of various electronic devices. Due to technological advancements and the growing population, the global applicability of fuel has been increasing. The need for managed sustainable energy sources coupled with retreating fossil fuel production is projected to drive the global demand for smart electricity meters over the forecast period. For instance, in August 2021, Siemens Ltd and Tata Power Delhi Distribution Limited (TPDDL) announced a partnership regarding deploying Smart Metering technology for 200,000 smart meters in North Delhi. The EnergyIP Meter Data Management System custom-built by Siemens provides an accurate gathering of electricity meter data. The Advanced Metering Infrastructure (AMI) program initiated by Tata Power-DDL aims to transform the grid.

A smart grid act as an automated monitoring and controlling system, emerging as an improved electrical network over the conventional one. Real-time pricing and consumption data display are the core functionalities provided by Smart Electricity Meter. To provide efficient & secure energy management at regional level, utility suppliers are gradually aiming on the wide-ranging deployment of smart grid systems. Smart Electricity Meter is the fundamental element of smart grid systems; they enable bi-directional communication with data collection points and along the Smart Electricity Meter value chain. For instance, in June 2021, the Electricity Generating Authority of Thailand (EGAT), announced that it undertaking initiatives related to optimize the supply and demand balance on the Thai power grid. The project is expected to be delivered by Hitachi, Ltd, as the system vendor, and built a demand response system design of Chulalongkorn University, including efforts to build a smart grid system that can strengthen increased penetration of renewables.

A major portion of newly installed or replaced electricity meters is expected to be comprised of smart electricity meter owing to the enhanced applicability and functionalities they offer, such as fraud detection, secure supply, awareness of peak consumption, prepayment functionality, self-analysis, energy saving, and energy provides based on expenditure. The increasing focus on extensive offerings by Smart Electricity Meter is estimated to fuel their demand in the future.

Phase Insights

On the basis of phase, the market is segmented into single-phase and three-phase. The three-phase sub-segment is expected to grow at a faster rate than the single-phase. This growth is attributed to its increasing implementation in industrial and commercial applications. The three-phase electric meters are capable of handling more load and provide the flexibility to divide the load into three different phases. 

The growing number of industries and commercial buildings is expected to drive the installation of three-phase electric meters. Further, the benefit of flexibility provided by the three-phase electric meters is paving the way for these meters in residential applications. Furthermore, single-phase electric meters are mainly used for residential buildings where the electricity load is lesser than in commercial buildings, as they are less expensive and affordable for residential consumers.

End-use Insights

The end-user segment comprises residential, commercial, and industrial sub-segments. The residential end-use segment includes suburban/urban apartments and standalone bungalows. The commercial end-use section consists of all commercial buildings and aligned infrastructures such as hotels, residential lodges, small to large shopping complexes, and offices. The industrial segment involves product manufacturing facilities and processing plants.

Global smart electricity meters market

The commercial end-use segment is anticipated to demonstrate healthy growth over the forecast period. Growth in this domain is attributed to the regulatory, and administrative framework, and surging awareness regarding reducing energy consumption and aligned expenses. The residential end-use sector dominated the global market in 2019, owing to the growing device requisites to meet energy demand. For instance, according to the U.S. Energy Information Administration, U.S. electric utilities had nearly 86.8 million smart metering infrastructure installations, in 2018, where approximately 88% were for residential customers.

Regional Insights

Asia Pacific region has the maximum deployment of smart electricity metering systems on account of the regulatory conditions and standardized policies. Further, the Asia Pacific smart meters market is also expected to demonstrate substantial growth and is expected to expand at a revenue-based CAGR of 9.1% from 2020 to 2027. China is gearing toward sustainable energy management with substantial reserves for smart grid implementation.

The substantial growth prospects of smart electricity meter market can be attributed to factors such as significant promotion of green energy, efficient transmission facilities, and integrated presence across the value chain, especially for sharing real-time information pertaining to the usage and tariff rates. These factors are perceived to offer the market a competitive advantage. regional markets, such as Europe and Asia Pacific, are expected to emerge as the major attractive markets.

Smart meters are also anticipated to facilitate enhanced grid management and are principal focus areas for smart grid projects. The residential sector is projected to emerge as the most lucrative segment for this market owing to the growing smart grid adoption proposals in selected areas along with government and administrative regulations and policy standardization in constituencies. The deployment of these metering systems enables domestic customers to utilize varied significant features, such as enabling the reduction of peak purchases, demand response, and direct load control. It thereby applies downward pressure on energy prices in spot markets, potentially lowering carbon emissions through the integration of cleaner distributed generation, offsetting the need for a new generation through Transmission and Distribution (T&D) capacity, and reducing domestic usage.

Government of developing countries is taking various initiatives to digitalize the electricity meter and to automate transfer, processing, management, and utilization of metering data. According to the Fitch Solutions, a U.S. based credit rating agency, stated that China is expected to dominate in smart grid technologies owing to strong government support and substantial level of investments into research and development of smart grid technologies. For instance, in the late 2019, the State Grid Corporation of China (SGCC) announced the Universal Power Internet of Things, which plans to transform country’s power grid by integrating 5G and artificial intelligence (AI). And about 57 construction projects and 25 other pilot projects are initiated as part of the plan. They are expected to be completed in two phases by 2021 and 2024 in two individual phases, although some delays are expected in the completion of projects due to amid pandemic.  

Key Companies & Market Share Insights

The key industry participants in the market include ABB; GENERAL ELECTRIC; Holley Technology LTD.; Elster Group GmbH; Iskraemeco d.d.; Itron Inc.; Landis+Gyr; Schneider Electric, Inc.; and Siemens.

Vendors in the market are focusing on increasing the customer base to gain a competitive edge in the market and are taking numerous strategic initiatives, such as partnerships, acquisitions and mergers, and collaborations with other key players. For instance, in October 2018, Portland General Electric Co. built smart grids in three Oregon towns of Hillsboro, Portland, to deliver advanced automation distribution technologies to improve service quality and thus increase the adoption of smart electric meters. Also, in August 2017, Aclara Technologies LLC, a global solution provider of smart infrastructure solutions acquired the majority equity interest in General Electric Philippines Meter and Instrument Co., Inc., to develop a joint venture called GEPMICI, to expand electric distribution in the Philippines.

Smart Electricity Meters Market Report Scope

Report Attribute

Details

Market size value in 2020

?

Revenue forecast in 2027

?

Growth rate

CAGR of % from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million/billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Radio frequency, application, end-use, and region

Regional scope

North America, Europe, Asia Pacific, South America, MEA

Country scope

U.S., Canada, Mexico, Germany, U.K., France, Spain, Italy, Netherlands, China, Japan, South Korea, and Brazil

Key companies profiled

ABB; GENERAL ELECTRIC; Holley Technology LTD.; Elster Group GmbH; Inc Iskraemeco d.d.; Itron Inc.; Landis+Gyr; Schneider Electric, Inc.; Siemens

Customization scope

Free report customization (equivalent to up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts volume and revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Grand View Research has segmented the global smart electricity meters market report based on phase, end use, and region:

  • Phase Outlook (Revenue, USD Million, 2016 - 2027)

    • Single-phase

    • Three-phase

  • End-use Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2027)

    • Residential

    • Commercial

    • Industrial

  • Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2027)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

      • Netherlands

    • Asia Pacific

      • China

      • Japan

      • South Korea

    • South America

      • Brazil

    • Middle East and Africa (MEA)

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