Smart Electric Meter Market to grow to USD 14.26 Billion by 2021, a CAGR of 10%
The smart electric meter market is projected to grow from an estimated USD 8.84 Billion in 2016 to USD 14.26 Billion by 2021, registering a CAGR of 10% from 2016 to 2021. Factors such as growing investments in transmission & distribution infrastructure and renewable energy integration to smart grid are driving the global smart electric meter market.
Residential the key end-user of smart electric meters
Smart electric meters primarily find major end-users in residential facilities. In 2015, the residential end-user segment was the largest segment of the smart electric meter market, and accounted for the largest share of the total market. The meters measure the electricity consumption and communicate this to the central utility system. The installations of these devices in the residential sector helps in reducing CO2 emissions globally as a consumer’s inclination towards peak time savings of energy would increase. The increasing residential construction activities and government mandates like EU 20-20-20 policy, which aims to convert 80% of the installed meter base to smart one, have ensured the growth in the demand for smart electric meters.
Growing inclination toward three phase smart electric meters
Three phase smart electric meters have received widespread acceptance in the past few years due to the rapid industrialization and commercialization. The three-phase smart electric meter market is expected to grow at the highest CAGR during the forecast period. Single-phase meters are less expensive than three phase ones giving three phase meters an edge over them.
Asia-Pacific is expected to dominate the smart electric meter market
The Asia-Pacific is estimated to dominate the market, owing to factors such as industrialization, effective smart grid initiatives, high investments in the upgradation of transmission & distribution infrastructure, energy-efficiency measures, and renewable energy projects. (Source: Markets and Markets, 14th Dec. 2016)